Redwood Realty Advisors’ NY team completes three transactions totaling $5 million
Yonkers, NY — Redwood Realty Advisors’ New York team closed three separate sales in Yonkers, last month. The three transactions included a total of 42 apartment units and one commercial space that sold for a combined purchase price of $5 million. Investment associates Michael Scrima and Thomas Gorman spearheaded the three deals for Redwood Realty. “Each of these assignments involved overcoming a particular challenge to meet the sellers’ objectives, and our New York team used their deep market knowledge and expertise to find buyers for each unique situation,” said Thomas McConnell, CCIM, managing partner at Redwood Realty. “There continues to be strong buyer demand for assets in Yonkers, which is a very supply constrained market with vacancies that are currently at 2.4%.” The three transactions included: • A 23-unit portfolio, including three separate buildings in central Yonkers, that sold for $2.9 million. The team successfully found a buyer who was capable of purchasing the
three properties at one time, as well as taking over a business located in one of the buildings. The final purchase price was higher than the client’s original expectations. • A 10-unit apartment building that sold for $1 million. The NY team was able to uncover a buyer who was willing to pay an aggressive price and close within 30 days. Showings for the property were extremely discrete as the long-time owner did not want to alert the tenants to the sale until after the transaction was complete. • A 9-unit apartment building that sold for $1.1 million. In this case, the NY team worked closely with Redwood’s New Jersey team to identify various replacement properties so the seller could complete a 1031 Exchange within a 90-day window.