News:
Brokerage
Posted: August 24, 2021
Robert Martin Co. sells Tarrytown office bldg. for $8.85 million; RM Friedland is broker
Tarrytown, NY Robert Martin Company, one of the largest real estate management and development firms in Westchester County, has completed the sale of 555 White Plains Rd.
The sale price was $8.85 million.
The five-story office building, which is located on 4.2 acres of property, was previously occupied by Tappan Zee Constructors LLC during the construction of the Mario M. Cuomo Bridge. The building, which was built in 1971, has been vacant since August 2020. Robert Martin acquired the building in May 2017 for $5.48 million.
RM Friedland brokers Chris O’Callaghan, managing director, office division; John Barrett, managing director, investment sales, and Jillian Reiner, real estate salesperson, office division represented Robert Martin Co.
“This asset sale is in keeping with our strategy of shifting capital to invest in areas of high growth potential such as industrial/warehouse properties and multi-family residential development,” said Tim Jones, CEO of Robert Martin Company.
Tags:
Brokerage
MORE FROM Brokerage
Dogtopia joins growing tenant mix at Brunswick Shopping Center
North Brunswick, NJ Dogtopia, a leading provider of dog daycare, boarding and spa services, has signed a lease to open a new 5,081 s/f location at Brunswick Shopping Center. The new location further
Quick Hits
Columns and Thought Leadership
Multi-generational multifamily owners - who’s in and who’s out - by Shallini Mehra and Amit Doshi
Many long-time property owners are divesting from their rent stabilized properties at an increasingly rapid pace. This trend has gained momentum primarily due to the unyielding permanence of rent laws over the past six years and the increasing operating costs that continue to outstrip rent growth. In addition, the judiciary’s elongated timeline in processing evictions and tenant rent challenges,
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
Navigating the changing landscape of hotel Property Improvement Plans and conversion brands - by Andrew Cameron
When owners are due for a significant Property Improvement Plan (PIP), they must carefully evaluate what the best course of action is. Over the past five years, major hotel brands have become significantly more flexible with their PIP schedules.
Artificial intelligence in lending - by Lindsay Mesh Lotito
Artificial intelligence (AI) is beginning to help transform lending by enhancing decision-making, improving risk management and streamlining operations. With AI-powered tools that analyze vast amounts of data, lenders are able to assess borrower creditworthiness more accurately and efficiently. AI can evaluate a wide range of factors,
.gif)