Cuddy and Langtry of CBRE represent seller in $10.75 million industrial building sale

An affiliate of Mile Square Transportation Inc., a regional bus transportation company, has purchased 700 Nepperhan Ave. for $10.75 million. The property had served as the Precision Valve Corp. headquarters since 1952. The sale of the industrial property on eight acres marks one of the largest industrial property sales in Westchester County this year. William Cuddy, Jr., executive vice president, and Kevin Langtry, senior associate, of CBRE's Westchester office, represented Precision Valve as its exclusive sales agent. James Veneruso, Esq., partner at Venerso, Curto, Schwartz & Curto, LLP, served as counsel for seller. Bernard Stachel of Tamerlain Realty Corp. was procuring the broker and Paul Meyer, Jr., Esq. served as counsel for purchaser. "This deal closed within two months of contract signing, which included bank financing. In real estate time frames, that is considered lightning fast for a transaction of this size. It could not have been done without the professional support of our brokerage colleagues and the outstanding performance from counsel. The transaction involved 11 separate real estate parcels," said Langtry. "Sales to commercial users are an indicator of recovery in the commercial market," said Cuddy. John Abplanalp, president of Precision Valve said, "We're extremely pleased to have found a successful Yonkers-based company to take our place at 700 Nepperhan. Harry Rodriguez of Mile Square Transportation is a remarkable success story and I cannot emphasize enough how great it was to work through this sale with him. The sale marks the end of a long history for us, but the start of a new chapter. I'm glad that the property will be continuing to generate jobs for the city of Yonkers."