News: Brokerage

Kintzer of Royal Properties sells 2,200 s/f Starbucks property; Mor NY Realty represents buyer

Elmsford, NY Royal Properties, Inc. brokered the sale of a net leased Starbucks property located at 280 East Main St. (Rte. 119). The property sold at a 3.6% cap rate, which according to CoStar, is a record low for Westchester County NNN sales.

In 2018, Starbucks signed a 10-year lease for the newly built 2,200 s/f building with a drive-thru. This location is directly in front of The Apex @ 290, an 81-unit residential development along Rte. 119 sharing a traffic light with Burger King and Auto Nation Jaguar & Land Rover. Other neighboring retailers include Staples, BJ’s Wholesale Club, Tesla, PGA Superstore, HomeGoods, Dunkin’, Five Below, Chipotle and more. This location has visibility with over 20,000 cars per day, access to the Saw Mill Pkwy. and I-287, plus parking for over 40 vehicles.

“We had a great deal of interest is this asset,” said Jeff Kintzer, principal of Royal Properties, who represented the seller, a private 1031 investor. “My client was very patient until we received an offer that was too hard to pass up.”

Nir Mor of Mor NY Realty represented the buyer, a Westchester based investor.

Starbucks will continue to serve as a primary coffee option for residents and employees in the area. There are approximately 108,867 people living within a three-mile radius and an additional 85,857 people working in the area.

MORE FROM Brokerage

REALM, DelShah Capital and A.M. Properties acquire 377,000 s/f CitySpire office condominium

Manhattan, NY REALM, in partnership with DelShah Capital and A.M. Properties, acquired  CitySpire, a 377,000 s/f office condominium comprising 24 floors within the 70-story tower at 156 W 56th St. in Midtown. Adjacent to Central Park with transit access and amenities, CitySpire is a Class A office asset located in one of the city’s most sought-after office corridors.
READ ON THE GO
DIGITAL EDITIONS
Subscribe
Columns and Thought Leadership
Tri-state capital  migrates nationally amid  regulation pressure - by Reese Weaver

Tri-state capital migrates nationally amid regulation pressure - by Reese Weaver

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,

The death of the generic offering memorandum: What buyers expect in 2025 - by Kimberly Zar Bloorian

The death of the generic offering memorandum: What buyers expect in 2025 - by Kimberly Zar Bloorian

There was a time when an offering memorandum (OM) was pretty bare bones, some photos, a few bullet points on income, and a rent roll thrown in at the back. That used to get the job done. Not anymore. In 2025, buyers are sharper, faster, and more selective. They’re looking
A fresh start - by Shallini Mehra and Amit Doshi

A fresh start - by Shallini Mehra and Amit Doshi

For the past several years, the New York City multifamily housing market has been defined by disruption. The combined impact of the HSTPA rent laws and a sharply higher interest rate environment has fundamentally reduced
The anticipated effect of Basel III and ISO 20022 implementation on commercial real estate - by Michael Zysman

The anticipated effect of Basel III and ISO 20022 implementation on commercial real estate - by Michael Zysman

July 1, 2025 is the deadline for US banks to begin to adopt Basel III banking standards and July 14, 2025 is the deadline for U.S. banks to adopt ISO 20022 messaging standards. Both will have a significant effect on the banking and commercial real estate (CRE) finance sectors.