CBRE announced the sale of 1219 Yonkers Avenue in Yonkers, NY, a vacant land parcel positioned for multifamily residential development in one of Westchester County’s most dynamic growth corridors. The site, located one block from the Mount Vernon West Metro-North station, offers a gateway opportunity to the City of Yonkers. The property was acquired by Stagg Group from 1219 Yonkers Avenue LLC, a joint venture of Aubrey Capital LLC and Empire General Contracting Inc. for $9.5 million.
The CBRE team of William V. Cuddy, Jr. and Jacqueline Novotny spearheaded the marketing campaign for the property and represented Aubrey Capital in the negotiations.
“The demand for quality new residential product is insatiable,” said Cuddy. “Market fundamentals are compelling. Homes with multimodal transportation options in dynamic neighborhoods continue to outperform expectations.”
Situated along Yonkers Avenue, the site benefits from immediate access to Metro-North commuter rail service, major highways and employment centers throughout Westchester County and New York City. The property generated significant interest from developers seeking to deliver new housing in well-connected suburban markets.
“We are seeing strong demand for development sites that offer transit accessibility, favorable demographics and a supportive environment for new residential development,” said Novotny. “This transaction highlights the confidence that developers have in Yonkers and its transformation into a destination for residential investment.”
Yonkers continues to attract multifamily developers and institutional investors due to its proximity to New York City, extensive transportation infrastructure, expanding residential population and ongoing public and private investment. With transit-oriented development a key driver of housing growth across the region, Yonkers has emerged as one of the most active and attractive markets for new multifamily development in Westchester County.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm and a premier provider of critical infrastructure services. The company has more than 155,000 employees serving clients in more than 100 countries. CBRE serves clients through four business segments: Advisory (leasing, sales, debt origination, mortgage servicing, valuations); Building Operations & Experience (facilities management, property management, flex space & experience, critical infrastructure); Project Management (program management, project management, cost consulting); Real Estate Investments (investment management, development). Please visit our website at www.cbre.com.