The Reel

Follow us:

A blog for breaking sales and neighborhood real estate news.

A pre-war Tudor-style apartment building at 155 Garth Road, located between Popham and Harney Road in Scarsdale, New York, was sold in an all cash transaction valued at $10,375,000.

The brick five-story building is approximately 59,783 square feet and sits on a 520’ x 135’ lot. The building was built in 1923 and has recently been renovated with new kitchens and bathrooms and upgrades to the common areas. There are 39 units, including 3 one-bedroom units, 26 two-bedroom units, and 10 three-bedroom units. All units have a working fireplace and two bathrooms. The transaction occurred at a capitalization rate of 5.25% and a price per unit cost of $266,000.   

First Vice President of Sales John Barrett along with Vice President of Sales Swain Weiner and Associate Darragh Clarke exclusively represented the seller, Laurel Capital, and found the undisclosed buyer.

"The property has significant upside due to its very strong location and the small amount of available rental product on Garth Road. Of the 16 residential buildings nearby, all but 2 were converted to either co-op in the 1980’s or condominium form of ownership in the 1990’s. There is very strong demand for such high quality rental units in the current market,” said John Barrett.

“There was an extraordinary high level of interest in the property; we received well over 40 offers from both operators and condominium converters. The buyer plans to operate the property as a rental property in the future,” added Swain Weiner.

Click here for press release

Neighborhoods: Westchester County