White Plains, NY CBRE facilitated the sale of 77 W Post Rd., a 4.22-acre development site to White Plains Hospital, a member of the Montefiore Health System, for a total consideration of $38 million. The CBRE team of Jeffrey Dunne, David Gavin, Eric Apfel, Jeremy Neuer, Steve Bardsley, Stuart MacKenzie and Zach McHale represented the seller, The Gotham Organization and Grid Properties.
The site is located between the northern edge of Scarsdale and White Plains Hospital.
Dunne said, “The offering represented a highly unique opportunity to buy a 4+ acre site, representing nearly an entire city block in the heart of Downtown White Plains with exceptional proximity to Scarsdale.”
New York tri-state multifamily investors are increasingly reallocating capital to less-regulated markets across the U.S. as rent control and legislative risk erode returns at home. With over 60% of New York City’s rental housing stock classified as rent-stabilized, the traditional value-add model — buying under-performing buildings,