Houlihan Lawrence Commercial is proud to announce the sale of 612 E. Grassy Sprain Road, Yonkers, NY, for $4,350,000.
This rare 5+ acre site was marketed and sold as one of the last development opportunities in lower Westchester, with views of the Sprain Lake golf course and the Sprain Lake reservoir. The property was improved with an estate home and several accessory buildings, previously used as offices for an international shipping company. The site was rezoned by the seller and sold to a national homebuilder, subject to site plan approval for 28 townhomes. The sale price equated to a land price of over $155,000 per townhouse unit.
Both the seller and purchaser were represented by Garry Klein, Regional Manager of Houlihan Lawrence Commercial. Mr. Klein negotiated the transaction and consulted to the seller since 2019 to obtain the rezone and then the site plan and all municipal approvals.
“It was a long road to get this special and unique development site fully entitled and closed, but it is not unusual for these types of land deals to take multiple years,” Mr. Klein said.
Mr. Klein holds a MS in City & Regional Planning from Pratt Institute and is well-versed in land use, zoning and municipal approvals.
