Barrett of Massey Knakal brokers $7.75 million sale

Two retail buildings at 181-205 and 212-218 East Hartsdale Ave. were sold by Massey Knakal Realty Services for $7.75 million. The 87' x 80' two-story and 200' x 60' one-story properties, respectively, are located next to the Hartsdale Metro North Rail Station and the Hartsdale/Scarsdale exit off the Bronx River Parkway. Combined, they contain 20,645 s/f including 14 units, 13 of which are retail spaces and one that is an office. There are currently no vacancies. The transaction occurred at a capitalization rate of 6%. The properties were sold to an investor who had to satisfy a 1031 exchange. "It's rare that properties at the rail stations ever trade on the open market, they're usually passed from one generation to another. In less then 90 days we were able to bring 30 offers to ownership, many of which were offers at or above the listing price," said Massey Knakal broker John Barrett, who represented the seller.