Today CBRE representatives, led by Jeff Dunne, Eric Apfel, Jeremy Neuer, Stuart MacKenzie and Zach McHale, announced the $113 million sale of Windsor to The Gramercy, a 260-unit multi-family community in White Plains , NY.
CBRE represented the seller, GID, an institutional investment manager with more than $28.5 billion in assets under management, while providing the buyer, Friedkin Property Group, a private real estate investment group based in San Francisco, CA with a national portfolio spanning 13 states. .
Built in 2003, Windsor at The Gramercy is an eight-story, multi-family Class A community located adjacent to the White Plains CBD, next to J Harvey Turnure Memorial Park. The property offers residents first-class amenities, including a sophisticated lounge with fireplace, heated outdoor pool, fitness center, private dog park, billiards room, and theater.
The property is within walking distance of dozens of restaurants (including Serafina, BLT Steak and Mulino’s), premier shopping including The Westchester Mall (anchored by Neiman Marcus and Nordstrom), Whole Foods and Stop & Shop, and is less than one mile from White Plains Metro North Station and transportation hub with a 47-minute ride to
Grand Central Terminal.
CBRE’s Jeff Dunne said, “We are delighted to represent GID in the sale of this institutional-grade asset. The offer has attracted strong interest due to its central location in White Plains and the opportunity to add value by renovating apartments and upgrading amenities to contemporary tastes of residents. While southern markets are experiencing a significant slowdown in rental and transaction growth, the New York City Subway still offers attractive value to investors in terms of yield, revenue sustainability and limited supply growth.
CBRE’s Eric Apfel added, “White Plains sits at the center of Westchester’s dense wealth corridor, surrounded by 10 of the county’s wealthiest towns. It’s both the closest northern suburb to America’s largest economic center and extraordinary access to Westchester-based Fortune-500 employers like Regeneron, IBM, PepsiCo, Mastercard, Morgan Stanley, Siemens, Danone and more. Again.
CBRE Institutional Properties is currently marketing for sale: Halstead Milford, a 246-unit garden-style community in Milford, CT; Pond View Land, a 204-unit development site in Farmington, CT; Reserve41, a 164-unit garden-style community in Norwalk, CT; Six Points at Bloomfield Station, a 176-unit apartment community in Bloomfield, NJ; The Essex, a 158-unit property in Bellville, NJ; Canter Green, a 153-unit Class A apartment community in Union, NJ; and Lofts22, a 70-unit community in Bayonne, NJ.