Pleasantville, NY Houlihan Lawrence Commercial, a division of Houlihan Lawrence, has brokered the sale of 3 Campus Dr., a 31,000 s/f mixed- use property.
The seller was represented by John Barrett and Chris O’Callaghan of RMFriedland. The buyer was represented by Jared Stone of Houlihan Lawrence Commercial. The property sold for $2.75 million.
The buyer is a local real estate investor with properties throughout northern Westchester. This transaction was a sale-leaseback with the seller downsizing to 13,000 s/f of office space.
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,