Klein and Stone of Houlihan Lawrence Commercial sell 18,000 s/f retail

Yonkers, NY Houlihan Lawrence Commercial brokered the sale of 465-479 South Bdwy. for $4.7 million.

The seller was exclusively represented by Garry Klein, regional manager and the purchaser, a regional investor, was represented by Jared Stone, associate broker; of Klein Stone Commercial at Houlihan Lawrence.

The single-story retail property consists of nine storefronts, totaling over 18,000 s/f, and sold for over $260 per s/f. The anchor tenant Snipes is bolstered by a roster of long-term tenants including Yonkers Paint & Hardware and other neighborhood retailers. The property is located in the Central Subdistrict of the South Bdwy.District, which is undergoing a revitalization and has long-term future development potential.

“The purchaser saw tremendous upside and future rent growth both due to upcoming lease renewals and in their plans to upgrade the building and the tenancy, enabling us to achieve the seller’s pricing expectations,” said Klein. “Dealing with a professional investment group that owned other retail assets in the area made this a real strategic fit for the purchaser,” said Stone.