Massey Knakal Sells 191-Unit Apartment Building In White Plains
Anapartment building at 235 South Lexington Avenue, located on the corner of South Lexington and Maple Avenues in White Plains, New York, was sold in an all-cash transaction valued at $24,250,000.
The 13-story, 191-unit elevator serviced building contains approximately 222,155 square feet and sits on an 80,586 square foot lot. It consists of 186 residential units, five office suites, and 209 on-site parking spaces. The residential unit mix comprises three studio units, 97 one-bedroom units, 74 two-bedroom units, and 12 three-bedroom units. The building features four elevators and an on-site laundry facility. The sale price equates to approximately $109 per square foot, a 5.9% capitalization rate, and $130,376 per residential unit.
This property offers tremendous upside potential and is centrally located one block from White Plains Hospital and near City Center on Mamaroneck Avenue. The Metro-North station is less than one mile away and the Bronx River Parkway and I-287 are in close proximity as well.
“This represents one of the largest sales transactions to occur in Westchester County in the recent past,” said Massey Knakal’s Thomas A. Donovan, who exclusively handled this transaction. “There is tremendous growth potential for this neighborhood, which is highlighted by the development of an approximately 250,000 square foot retail center nearby,” he continued.
Massey Knakal specializes in the sale of investment and user properties in the New York Metropolitan area. Since 1988, our agents have closed over 4,700 transactions having a market value in excess of $19 billion.