Redwood Realty Completes $15.5M Sale in Tuckahoe, NY

Tribune Archives Leave a Comment

TUCKAHOE, NY — July 8, 2021 — Redwood Realty Advisors is pleased to announce that it has completed the sale of a multifamily property in Tuckahoe, N.Y. The 50-unit property sold for $15,500,000 or $310,000 per unit.

At a cap rate of 5.14%, the sale price reflects the still strong appetite for assets in high barrier-to-entry markets such as Tuckahoe. “Even in a post-Covid19 environment, the Westchester County and Hudson Valley multifamily markets continue to garner very high interest from both local buyers and those based in New York City,” said Michael Scrima, a director at Redwood Realty Advisors. Scrima and fellow Director Thomas Gorman Jr. represented the seller in the transaction.

The seller was looking to exit out of his lone multifamily asset and focus on his main business involving industrial properties, whereas the buyer wanted to diversify her stock portfolio with a real estate asset that would generate good, steady income. “The Redwood Realty team was able to assist the seller in taking advantage of the extremely low interest rate environment that we continue to find ourselves in,” added Gorman.

Sale Highlights:

Redwood Realty Advisors Director Michael Scrima

Redwood Realty Advisors Director Thomas Gorman Jr.

50 Units ~ $310,000 / unit

38,900 square feet ~ $398 PPSF

Cap Rate: 5.14%

Buyer: Antonietta Gentile

Seller: Giulio Monaco

About Redwood Realty Advisors

Redwood Realty Advisors is a brokerage and advisory firm that focuses exclusively on multifamily assets. Our team is composed of experienced senior advisors who have proven results in the multifamily investment sector. We pride ourselves on providing our institutional and private clients with our extensive industry experience, hands-on involvement with every transaction, market knowledge and market leading underwriting. For more information on Redwood Realty Advisors, please visit us at www.redwoodrealtyadvisors.com.

# # #

Media Source: Gina Zamparelli

TribuneRedwood Realty Completes $15.5M Sale in Tuckahoe, NY

Leave a Reply

This comment will be displayed anonymously. Your name and email address will not be published.

Comments that are off topic will be removed. If you want a topic to be covered, email me at: ehezi@hush.com

This site uses Akismet to reduce spam. Learn how your comment data is processed.