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Transit Access, Proximity to NYC Spark Investor Interest in Rare Bulk Condominium Sale
LARCHMONT, N.Y., Mar. 23, 2018 – Commercial real estate services firm Cushman & Wakefield, Inc. today announced the successful bulk condominium sale of The Cambium, an upscale condominium community located in the affluent Village of Larchmont in Westchester County, N.Y. Convenient to New York City and surrounding areas via I-95, nearby Metro-North rail access, and other major roadways, The Cambium’s remaining unsold units were purchased by the private equity division of an international financial institution.
The condominium community comprises of seven stories of residential units – 147 one- and two-bedroom residences inclusive of two penthouse levels – over an enclosed parking garage of three stories. Seventy-seven units were involved in the sale.
“The offering – a rare bulk condominium sale outside of the Manhattan market, and in one of the most desirable towns in Westchester County – spurred robust interest from institutional as well as private investors,” observed Kevin Donner, Cushman & Wakefield executive managing director, Capital Markets. “When investors seek acquisitions in the New York metro area, markets with the most convenient public transit options are consistently at the top of their list. The Cambium’s appeal to investors is further enhanced by the very high barrier to entry in the area’s housing market.”
Donner is a member of the Cushman & Wakefield team that served as exclusive agent for the seller, a privately held development partnership. The team also included Adam Spies, Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer and Ryan Dowd.
“The privately held developer did an amazing job of constructing and positioning the property, and initializing the unit sales’ potential, which created a unique opportunity for the buyer to pick up the bulk purchase and complete the sell-out,” noted Whitmer, Cushman & Wakefield executive director.
“The attraction of The Cambium is enhanced by Larchmont itself, which offers close proximity to New York City, an excellent school system, walkability to a Metro North rail stop, a charming shopping district, and Zagat-rated restaurants,” added Dowd, Cushman & Wakefield Capital Markets assistant director.
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm with 45,000 employees in more than 70 countries helping occupiers and investors optimize the value of their real estate. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $6 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
Evelyn Weiss Francisco