Yorktown Heights, NY Houlihan Lawrence Commercial, a division of Houlihan Lawrence, brokered the sale of 1.6 acres of vacant land on Saw Mill River Rd.
The 1.6-acre site, which is located in the highway commercial zone, is directly across from the Yorktown Green Shopping Center and was purchased on an as-is, non-contingent basis.
The site was previously approved for construction of a bank with a drive-through. However, those approvals have lapsed. The purchaser is a developer who will be submitting an application to the town for approvals for a commercial freestanding building.
The seller was represented by Garry Klein, regional manager of Houlihan Lawrence Commercial and the purchaser was represented by Feirstein Properties.
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,