Acquisitions

660 White Plains Road - Tarrytown, NY

Amount: Acquisition

GHP Office Realty, a major owner of Class A office properties in the New York area is pleased to announce that, along with a group of private investors, it has acquired one of the largest and most iconic office buildings in Westchester County – 660 White Plains Road in Tarrytown. The six-story building is 280,000 square feet and is presently 85% occupied with more than 30 tenants. The pyramid shaped building is visible from the New York State Thruway, I-287, the Sprain Brook Parkway; it is 2 miles from the Tappan Zee Bridge and 30 minutes north of New York City. The building was purchased at a substantial discount to replacement cost. The purchasers intend to initiate a substantial capital campaign to restore the building to a premier position as one of the most sought after properties in the suburban New York Area. The property was one of the last speculative office buildings built in Westchester. GHP principal Andrew Greenspan confirmed that the new owners are intent on bringing their considerable expertise and resources to the property. “We live and work in Westchester. We are headquartered in Westchester. We own and manage a dozen other properties nearby. We have the capital plan and “know how” to restore this property to the highest level.” Greenspan added that renovation plans will include upgraded landscaping, lighting, parking lots, renovated lobbies and common areas, new state of the art fitness center, modernized food service and a revamped building and mechanical systems. “The acquisition of 660 White Plains Road is a natural extension of what we do,” he added. Westchester County Executive Robert P. Astorino thanked GHP for its commitment to the County. “GHP’s plan to upgrade and renovate the iconic pyramid building in Tarrytown underscores Westchester’s value as the smart place for business with its access to talent, commerce and quality of life. In the past two years, GHP has focused its acquisition activity in Westchester, and I want to thank GHP for its strong and ongoing investment in our County.” Mortgage Financing was provided by James Houlihan and Bryan Houlihan of Houlihan-Parnes Realtors, LLC. Andrew Merin of Cushman & Wakefield’s Capital Markets Team represented the seller. The purchaser was represented by Andrew Albstein, Esq of Goldberg Weprin Finkel Goldstein, LLP. Title was provided by John Martin, Esq of the All New York Title Agency.

 

375 Executive Blvd., Elmsford, NY

Amount: Acquisition

GHP Office Realty, LLC, a major owner of office, flex and retail properties in the tri-state region, is pleased to announce its acquisition of the 81,500 square foot property consisting of 75,000 square feet of 16’ high, 40-foot column spacing warehouse space with four loading docks and two drive-in doors and 6,500 square feet of office space. The building is situated in the 88-acre Cross Westchester Executive Park. The GHP acquisition team was led by Andrew Greenspan, Principal of GHP and Jamie Schwartz, Executive Vice President. Greenspan stated, “This is the second flex building we have acquired in the last two years. We were attracted to the deal because there is a dearth of flex space in Westchester County and especially on the west side of the County. The County of Westchester will lease back approximately 23,000 square feet from us leaving 58,500 square feet available for lease to warehouse, flex, medical, laboratory, technology and/or office users looking to be in the Elmsford area close to I-287, I-87 and The Sprain Brook Parkway.” Greenspan continued, “We are planning to invest several million dollars into the building to bring it up to date and make it more energy efficient, including installing a new roof.” Adam Rodriguez, Esq., Director of Real Estate, Office of the County Executive, and David L. Vutera, Esq., Senior Assistant County Attorney represented Westchester County in the transaction. Steven C. Hirsch, Esq. of Hirsch & Gibaldi LLP provided legal representation and Gerrard F. Canavan of Stewart Title Company provided title services for GHP.

 

319 East Bloomfield Street, Rome, NY

Amount: $3,800,000

Ed Graf of Houlihan-Parnes Realtors, LLC has arranged for the acquisition of a 160-unit garden style apartment complex in Rome, New York. The all brick complex sits on over seven acres and contains one, two, and three bedroom apartments. It is located at 319 E. Bloomfield Street, Rome, New York. The purchase price for the property is in the amount of $3,800,000.The transaction was handled by Steve Tierney of Woods, Oviatt, Gilman L.P.P.

 

7 Highview Terrace, Somers, NY

Amount: Acquisition

Michael J. Karger of Houlihan-Parnes Properties is pleased to announce the closing of 7 Highview Terrace in Somers, New York – a 3,000 s/f residence. Karger acted as the buyer’s agent. This transaction represents a leap into the single family residential real estate brokerage market for the mostly multi-family and commercial real estate company. Karger’s extensive knowledge in the areas of title insurance, deal-making, and of the Westchester and Putnam town and school districts will allow him to grow this niche market at Houlihan-Parnes Properties

 

2649 & 2651 Strang Boulevard, Yorktown Heights, NY

Amount: Acquisition

GHP Office Realty, LLC, a major owner of office, flex and retail properties in the tri-state region, is pleased to announce that an extensive $6 million capital program is underway. The 26-acre campus, now known as the Northern Westchester Executive Park, is a 220,000 square foot property consisting of 2649 Strang Boulevard, a 68,000 square foot, three-story medical office building. 2651 Strang Boulevard is a one-story 150,000 square foot technology/medical/laboratory/call center building, which also houses Mercy College’s Yorktown Campus.

The renovation work at 2649 Strang Boulevard has commenced and will include a new state-of-the-art fitness center for tenants of the Park as well as a café that will serve breakfast, lunch, and other hot and cold items. The newly renovated common areas of 2649 Strang, which boasts a beautiful three-story atrium, will have new wood flooring, carpeting, wall paper, paint, updated stairways and railings and new elevator lobby areas. There will be new signage throughout the Park. 2649 Strang’s current tenant roster contains some of the highest quality healthcare providers such as ENT & Allergy Associates, Hudson Valley Hematology, North Shore-Long Island JHS, Northern Westchester County Dental, Hudson Valley Oral Surgery and Dialysis Clinic, Inc. Vacant suites have been renovated and there are currently availabilities of 1,000 square feet up to 12,000 square feet.

Renovations have also commenced at 2651 Strang Boulevard, a one-story flex type building, which is also home to Mercy College’s Yorktown campus, including demolition of 100,000 square feet of flex, office, medical, lab, technology and call center space with a very low loss factor. New windows and a state-of-the-art heating and ventilating system are being installed, earning the building an EngeryStar rating. Utility costs to tenants will be drastically reduced and approximately 30% lower than other similar buildings in the market. Also available for tenants of 2651 Strang will be monument signage, exclusive entrances and awning branding. There is currently 5,000 square feet up to 100,000 square available for lease.

 

20 Saugatuck Avenue, Westport, CT

Amount: $2,000,000

GHP Office Realty, LLC announces the recent purchase of 20 Saugatuck Avenue in Westport, Connecticut. The currently vacant Retail Shopping Center is 19,000 Square Feet.

The Owners are planning to undergo a $2,000,000 capital improvement project to create a Class A multi-tenant shopping center. The capital improvement project includes the following upgrades to the center: installation of a new modern glass façade, new awning, new signage, installation of new mechanicals and gas service, new landscaping, the parking lot will be resurfaced and re-striped, and the roof will be resurfaced.

Andrew Greenspan, principal of GHP Office Realty, says that 20 Saugatuck Avenue offers a unique opportunity to Class A retailers because of the limited availability of retail locations in the market that can offer up to 19,000 square feet of space.

20 Saugatuck Avenue is conveniently located off of I-95, half a mile from the Westport Metro North Train Station and less than a 10 minute drive from Main Street in downtown Westport. The waterfront section of Westport known as Saugatuck is filled with retail, commercial, and residential space, creating an ideal neighborhood feel.

The owners have hired GHP Office Realty, LLC as the exclusive agent for the center. To inquire about available space please contact Meghan McEvoy at 914-641-4280.

 

2649 & 2651 Strang Boulevard, Yorktown Heights, NY

Amount: Acquisition

GHP Office Realty, LLC, a major owner of office, flex and retail properties in the tri-state region, is pleased to announce its acquisition of the 209,000 square foot property consisting of 2649 Strang Boulevard, a 66,267 square foot, three-story office/medical building and 2651 Strang Boulevard, a one-story 142,811 square foot technology/medical/laboratory building. The buildings are situated in a beautiful campus setting on approximately 26 acres and are currently 40% occupied.

The GHP acquisition team was led by Andrew Greenspan, Principal of GHP, Jamie Schwartz, Executive Vice President, Mike Cinicolo, Vice President of Operations, Andrea Lofaro, Director of Administration and Harrison Lyss, Associate. Greenspan stated, “The unique nature of the product type made this deal attractive to GHP and its partners. We are creating the only large block of Class A one-story technology, laboratory, medical or flex space in Westchester. We will retrofit the former Blue Cross/Blue Shield space and create individual units for corporate, hospital, computer or entrepreneurial companies.”

2649 Strang Boulevard boasts some of the highest quality healthcare providers that includes ENT & Allergy Associates, Hudson Valley Hematology, North Shore-Long Island JHS, Northern Westchester County Dental, Hudson Valley Oral Surgery and Dialysis Clinic, Inc. 2651 Strang Boulevard is home to Mercy College’s Yorktown campus.

Jamie Schwartz added “We are planning to invest $6 million into the buildings to bring them up to date and make them more energy efficient. We have approximately 100,000 square feet of technology, medical or laboratory space at 2651 Strang Boulevard. We believe this type of space is in short supply in Westchester County and are optimistic about our leasing prospects. Additionally, there are a number of small units available at 2649 Strang, which is the premiere office and medical building in the area.”

Elizabeth Smith, Esq. of Goldberg Weprin Finkel Goldstein LLP provided legal representation and Jim Maloney of The Great American Title Company provided title services for GHP.

 

94 Beekman Avenue, Sleepy Hollow, NY

Amount: Acquisition

Michael J. Karger of Houlihan Parnes Properties and GHP Office Realty is pleased to announce the acquisition of 94 Beekman Avenue in Sleepy Hollow, New York.

Located in the bustling Beekman Avenue, the 4,000 square feet building consists of a grocery store with a long-term lease and two apartment units above.

Due to the property’s ideal location and the long term extensive revitalization plan in the Village of Sleepy Hollow the Principals of GHP believe the real estate will prove to be a worthy investment.

 

Classic Condos, Stamford, CT

Amount: Acquisition

A partnership that includes members of Houlihan-Parnes Realtors has purchased the remaining 12 unsold condominium apartments at the Classic Condominium in Stamford, CT, located at 25 Forest Street. The purchaser was represented by Rob Ocko of Harrington, Ocko & Monk, LLP. The high-rise property features 1, 2, 3 bedroom and Penthouse apartments, an indoor pool, indoor underground parking, a fitness center, and a lounge for residents. Some of the newly purchased apartments are under renovation. They will eventually be marketed for sale.

 

Tower Plaza, Norwalk, CT

Amount: Acquisition

GHP Office Realty has recently acquired 120 New Canaan Avenue, Norwalk CT as part of a 1031 like kind tax exchange. The property is a 1 story 24,732 square foot shopping center and offers abundant on-site parking. The building is in an ideal location right off of exit 38 on the Merritt Parkway and is in close proximity to Route 7 and Interstate 95. There are currently retail and medical suites available ranging from 1,500-3,250 square feet. The principals of GHP, Andrew Greenspan and James J. Houlihan, saw this acquisition as an opportunity to and add value through capital improvements and their experienced management and leasing team. The center is currently occupied by 8 tenants including Café Madrid, Banana Nails, A.S. Fine Foods, Rite Aid, State of the Art Cleaners, La Bella Salon, Liz Sue Bagels II, and Little Tokyo.

 

81 Main Street, Dobbs Ferry, NY

Amount: Acquisition

GHP Office Realty is pleased to announce the acquisition of 81 Main Street, Dobbs Ferry, New York.

Located in the heart of downtown, the currently vacant bank building built in 1923 is approximately 5,000+ square feet with 36’ high ceilings. Due to the property’s close proximity to Metro North and the Saw Mill River Parkway the Principals of GHP, Andrew Greenspan and James J. Houlihan, believe the investment will be a great opportunity to capitalize on the growing restaurant and retail market in the area.

The architecture of 81 Main serves as a priceless backdrop for a new restaurant, bar, or high-end professional suite. The property offers vaulted ceilings, unique plaster detailing, and a fully intact vault to serve as a wine cellar or private dining room. Additionally, the high ceilings make it possible to create a mezzanine level perfect for private functions and extra seating.

The asset also provides great upside through the potential redevelopment of the property. An addition of another fourteen feet could create ground floor retail and 3 floors of desirable apartment units above. It is estimated that at least seven residential units could be created through this redevelopment plan.

 

475 West Broadway, Monticello, NY

Amount: Acquisition

Ed Graf of Houlihan-Parnes Realtors, LLC has arranged for the acquisition of a 69 unit, multi-family property, located at 475 West Broadway, Monticello, New York. The asset is composed of 10 two-story, brick-row-house style buildings. The complex was constructed in 1965.

New ownership has an extensive capital investment program planned for the newly minted Woodlands Village.

The transaction was handled by Steve Tierney of Woods, Oviatt, Gilman L.P.P.

 

76 Shaker Heights Drive, Monticello, NY

Amount: Acquisition

Ed Graf of Houlihan-Parnes Realtors, LLC has arranged for the acquisition of a 176 unit, multi-family property, located at 76 Shaker Heights Drive, Monticello, New York. The 9-building garden-style apartment complex was built in 1970.

The property had been owned by a commercial savings bank. Graf of Houlihan-Parnes, spent 1 ½ years negotiating the purchase. New ownership has an extensive capital investment program planned for the newly minted Monticello Meadows.

The transaction was handled by Steve Tierney of Woods, Oviatt, Gilman LPP.

 

37 & 37A Saw Mill River Road, Hawthorne, NY

Amount: $2,050,000

Houlihan-Parnes Realtors, LLC., represented by Craig Weitz & Jerry Houlihan, is pleased to announce the purchase of the “Skyline Plaza” office building, located at 37 and 37A Saw Mill River Road (Route 9A), Hawthorne, NY. The property is improved with 20,575 square feet three-story office building built in 1984 and an attached two-story 2,608 square feet office structure. The buildings currently have 12 tenant spaces and the one-acre parcel has 86 parking spaces on-site.

Weitz and Houlihan negotiated the purchase of the property from a local Bank who also provided financing with a 5-year mortgage. Edward Friedman, Esq. of Novick-Edelstein handled the sale for the purchaser.

 

83 East Avenue, Norwalk, CT

Amount: Acquisition

On February 6th, 2013, GHP Office Realty has acquired 83 East Avenue, Norwalk CT. The property is 3 stories, 40,000 square feet and offers abundant on-site parking and the uniqueness of pre-built turn key medical office suites. The building is in an ideal location close to Norwalk Hospital, Metro North Railroad, exit 16 on I-95 and Route 7. There are currently suites available ranging from 300-3,000 square feet and have all recently been upgraded. The property is undergoing extensive capital improvements including a new lobby, bathrooms, elevators, landscaping, exterior lighting and painting. The principals of GHP, Andrew Greenspan and James J. Houlihan believe the investment will be a great opportunity to turn around an undermanaged property and add value through both capital improvements as well as an experienced management and leasing team. Bryan Houlihan, Associate Director, commented, “We have already begun multiple lease renewals with current tenants and have seen increased interest in the vacant space over the past few weeks.” This product fills an underserviced niche of “plug ‘n go” medical offices.

 

1775 Grand Concourse, Bronx, NY

Amount: Acquisition

James J. Houlihan of Houlihan-Parnes Realtors, LLC and Sam Jemal, Joseph Jemal and David Jemal of JJ Operating Corp., are pleased to announce the joint acquisition of a 300,000 square foot building located at 1775 Grand Concourse in the Bronx, New York. 220,000 square feet will be available for lease and Verizon will occupy two levels totaling 80,000 square feet for their central switching gear.

The building has recently been rezoned and approved for parking on the lower level, for retail and office use on the 4th level, which is at street grade to the Grand Concourse, and for office uses on floors 5-8. The floors feature 40,000 square foot floor plates and are ideal for large users. There is already a tremendous amount of interest in the building. The partners plan to spend $5,000,000 in building renovations, which will include new lobby elevators, retail fronts, indoor parking garage, and new building HVAC.

James Houlihan, Sam Jemal, and their partners acquired a similar building 12 years ago at Fordham Road and the Grand Concourse. The former Alexander's department store was converted into a multi-tenant, retail and office building and has been 100% leased since inception.

The partners intend to create an identical environment at 1775 Grand Concourse. The building is located just north of the Cross Bronx Expressway at East 175th Street. The building is well-serviced by public transportation. There is a subway station on the B&D lines of the NYC transit system at 175th Street, directly in front of the building. There are also bus routes, Bx1 & Bx2, along the 6-lane Grand Concourse, and the #4 elevated train is located three blocks away on Jerome Avenue. The building will present a unique opportunity to both existing tenants in the Bronx and tenants who are looking for space in the Bronx. The building will be a fully renovated, professionally run, Class A building with attractive rents.

 

122-134 Mamaroneck Ave., Mamaroneck, NY

Amount: Acquisition

Richard Hendey of Houlihan Parnes Realtors, LLC represented the purchaser in the acquisition of 122-134 Mamaroneck Ave located in Mamaroneck NY. The building is currently comprised of seven retail stores adding up to a total of 5500 square feet. There is currently one vacancy. The purchaser plans to file for an expansion and total renovation of the building including a new façade and store fronts. 122-134 Mamaroneck Ave was purchased by a group of investors who are currently seeking retail tenants who could benefit from getting involved in the planning stages of this project. This site possesses unique qualities such as a view of the Mamaroneck Harbor and a large yard located to the rear of the site which abuts the Emelin Theater parking lot.

 

380 Chenango Street and 13 Pearne Street, Binghamton, New York

Amount: Acquisition

Ed Graf and Ted Sannella of Houlihan-Parnes Realtors, LLC have arranged for the acquisition of a 257 unit, multi-family property, located at 380 Chenango Street and 13 Pearne Street, Binghamton, New York. The property consists of 22 buildings, a maintenance shop, garage and four storage areas. The buildings are brick, low rise/ garden apartments and were built in 1962. The transaction was handled by Steve Tierney of Woods, Oviatt, Gilman L.P.P

 

1 Delaware Avenue, Endicott, NY

Amount: Acquisition

Ed Graf and Ted Sannella of Houlihan-Parnes arranged the acquisition of a non-peforming note from a commercial bank. The mixed-use property is located in the Binghamton, New York area. The property consists of 90 multi-family units, plus a 26,000 commercial building. The asset has occupancy problems (50% occupied) and is in need of capital improvements.

 

587-621 East Boston Post Rd.

Amount: $2,600,000

Jim Coleman of Houlihan-Parnes Realtors, LLC has arranged for the acquisition of The Post Road Center, located at 587-621 East Boston Post Road, Mamaroneck, NY. This neighborhood strip center was built in 1966 and consists of 16,000 square feet. The property is fully occupied with 13 tenants. Such notable tenants are the Circle Swim Shop, Edible Arrangements, Mamaroneck Flowers, Post Restaurant, and Pizza Gourmet. The center has ample on-site parking and street parking. The acquisition was completed on an all cash basis to complete a tax free exchange. The new owners plan to make upgrades to the property and consider the purchase a long term opportunity.

 

3301 Coors Blvd NW, Albuquerque, New Mexico (Ladera Shopping Center)

Amount: Acquisition

Ed Graf and Ted Sannella of Houlihan-Parnes Realtors, LLC have arranged for the acquisition of The Ladera Shopping Center, located at 3301 Coors Boulevard NW, Albuquerque, New Mexico. The Retail Shopping Center was built in 1986, and consists of 128,712 square feet. The Center is currently 95% occupied by 23 national, regional and local tenants including John Brooks Supermarket, Dollar Tree, Taco Cabana, Bank of Albuquerque, Planet Fitness, the UPS Store, Supercuts, H & R Block, and T-Mobile. Burger King has executed a long term ground lease and will commence rent November 2009. The buyers assumed the existing financing of $8,962,000 at 5.25% interest only through the maturity of the loan on January 1, 2016.

 

Binghamton, New York - portfolio consisting of 111 units

Amount: $1,500,000

Ed Graf and Ted Sannella of Houlihan-Parnes Realtors, LLC have arranged for the acquisition of a multi-family portfolio in Binghamton. The portfolio consists of 111 units and is located at 88-90 Henry Street, 777 Chenango, 7-9 Eaton, 10 Florence St. 27 Tompkins Street and 30 Webster, in Binghamton, New York. The complexes are all within a three mile radius of one another. The purchase price for the portfolio was for $1,500,000.The transaction was handled by Steve Tierney of Woods, Oviatt, Gilman L.P.P

 

426-438 Mamaroneck Ave. - Mamaroneck, NY

Amount: Acquisition

Houlihan-Parnes Realtors, LLC have arranged for the acquisition of a two story 10,250 square foot building located at 426-438 Mamaroneck Ave in Mamaroneck NY. The property is occupied by two restaurants, four stores and six offices. Rich Hendey of Houlihan-Parnes negotiated the transaction, with Jim Coleman and Mike Schwartz also of Houlihan-Parnes arranging the financing. The acquisition financing was placed with Signature Bank. Both parties in the purchase were not disclosed.

 

45 South Main Street, Unionville, CT

Amount: $5,450,000

Ed Graf and Ted Sannella of Houlihan-Parnes Realtors, LLC have arranged for the acquisition of The River’s Edge Shopping Plaza. The property is located at 45 South Main Street, Unionville CT. The 2.23 acre Shopping Center consists of a two-story retail and office building containing approximately 51,628 square feet. The Center is “anchored” by CVS. Other on-site tenants include Verizon Wireless, Valley Fitness Center, Peoples Choice Pizza, and Quest Diagnostics. The property was purchased for $5,450,000.

 

40 Garden Street, Poughkeepsie, NY

Amount: $2,485,000

Jerry Houlihan and Jim Coleman of Houlihan-Parnes Realtors, LLC have arranged the acquisition of a 5-story 27,000 square foot office building in downtown Poughkeepsie, N.Y for an investment group headed by Houlihan-Parnes. The property is located at 40 Garden Street at the southwest corner of Mill Street (Route 44) and Garden Street and contains on-site parking. The buildings’ tenants include Stewart Title, Chase Bank & the Poughkeepsie Teachers union.

 

801 Encino Place NE Albuquerque

Amount: $4,850,000

Ed Graf and Ted Sannella of Houlihan-Parnes Realtors, LLC have arranged for the acquisition of Medical Arts Square. The 51,800 square foot medical office property is located at 801 Encino Place NE Albuquerque. The property was purchased for $4,850,000.

 

Multi-family portfolio consisting of 602 apartments in 13 locations

Amount: $14,700,000

Ed Graf and Ted Sannella of Houlihan-Parnes Realtors, LLC have arranged the acquisition of a multi-family portfolio consisting of 602 apartments. The package consists of 13 locations: Binghamton, Endicott, Endwell, and Johnson City. The amount of sale was for $14,700,000. The buyer was represented in the transaction by Steven Tierney of Woods, Oviatt, Gilman L.P.P.

 

378 Jericho Turnpike, Syosset, Long Island

Amount: Acquisition

Houlihan Parnes Realtors, Scarsdale, NY, CLK Management of Great Neck, NY and Menowitz Management, Elmhurst, NY announces the acquisition of the retail property located at 378 Jericho Turnpike, Syosset, Long Island. The property located at the corner of Jericho Turnpike and South Oyster Bay Road, which includes a Bank of America Branch, is a prime retail corner that the group will redevelop. 378 Jericho Turnpike is located within 1 mile of 2.1 million sq.ft at Crossways and Gateways office parks which are also owned by the group.

 

Horseshoe Bay, Texas

Amount: $47,000,000

Houlihan-Parnes Realtors has arranged through International Bank of Commerce (IBC) an acquisition and development loan in conjunction with a purchase of 1,617 acres in Horseshoe Bay, Texas (Austin/ San Antonio area). The development when completed will consist of an 18 Hole Jack Nicklaus Signature Golf Course and over 1,300 single family detached lots. The initial acquisition advance was $17 million and the development loan provides for future advances on competitive terms to complete the golf course and phase one infrastructure.

 

303-313 Central Park Avenue, Scarsdale, NY

Amount: Acquisition

Houlihan-Parnes Realtors recently purchased and building for retail and office use located on Central Park Avenue in Westchester, NY. The building has a toltal of 25,000 square feet and is ready for office, medical or retail use.