JLL Capital Markets facilitates $30.75 million sale of 1 North Main St. to KABR Group

Port Chester, NY JLL Capital Markets has arranged KABR Group’s $30.675 million acquisition of 1 North Main St., a newly constructed mixed-use multifamily and retail development.

The acquisition was facilitated by JLL Capital Markets, which represented the seller, an entity affiliated with G&S Investors and Robert Martin Company, which developed the property between 2020 and 2022. KABR Group acquired the asset as part of its strategy to further expand the firm’s multifamily presence in established downtown markets in the New York metropolitan area. 

The JLL team was led by senior managing directors Jose Cruz, Jeffrey Julien and Steve Simonelli and director Austin Pierce.

The $30.675 million transaction underscores KABR Group’s commitment to investing in vibrant, transit-oriented communities and signals a new chapter in the revitalization of downtown. The deal was financed by the Ari Klein team at Webster Bank, further demonstrating strong institutional support for the project. 1 North Main St., completed in 2022, features five stories of market-rate apartments and 7,630 s/f of ground-floor retail, ideally situated less than 350 ft. from the Port Chester Metro North Station and across from The Waterfront at Port Chester.

1 North Main St. benefits from a PILOT (Payment In Lieu Of Taxes) agreement with the City of Port Chester, providing long-term tax advantages and supporting the property’s financial stability.

“1 North Main St. represents a unique opportunity to acquire brand new construction in an undersupplied yet rapidly growing market,” said Cruz. “The property’s location within a Qualified Opportunity Zone, combined with its transit-oriented positioning and long-term tax benefits, made it an attractive asset for investors seeking stable cash flow and growth potential.”

“KABR Group is excited to be part of Port Chester’s renaissance,” said Ken Pasternak, chairman of KABR Group. “This acquisition is a testament to our belief in the future of downtown Port Chester and our commitment to taking newly constructed multifamily buildings to the next level—delivering exceptional living experiences and supporting the growth of dynamic urban communities.”

1 North Main St.  offers residents transit connectivity, with direct Metro North access to Grand Central Station in just 40 minutes, and immediate proximity to I-95 and I-287 for travel throughout the tri-state area. The property has a Walk Score of 97, earning a “Walker’s Paradise” designation, and is surrounded by strong demographics, including an average household income of $192,863 and an average home value of $1,154,475 within a five-mile radius.

1 North Main St.’s diverse unit mix includes studio, one-, and two-bedroom apartments, all market-rate, designed to capture peak rents in the village’s strengthening rental market.