Westchester Multifamily Investor Adds to Portfolio with Yonkers Duo
ERG Commercial Real Estate, a New York-based commercial real estate investment sales firm, has sold two adjacent multifamily buildings in Yonkers, NY for $4.55 million.
The four-story buildings, at 502 and 508 Van Cortlandt Park Ave. in the McLean Heights neighborhood, feature 46 units and total 38,948 square feet. The buildings were built in 1927 and 1922.
ERG managing director Ryan Lewis represented both the undisclosed buyer, a local investor who owns several multifamily properties in Yonkers, and the undisclosed seller.
“The property was fully rent stabilized and had 14 vacant units at the time of the closing,” said Lewis. “Given that properties of this size do not come up for sale in Yonkers too often, the deal appealed to the buyer who already has a substantial multifamily portfolio in the area.”