YESTER-DEALS
Value of Crosswest more than doubled in past 9 years
By
ALEX PHILIPPIDIS :: January 27, 2007
Last week D&D reported on SL
Green’s $32 million purchase of Crosswest Office
Center (399 Knollwood Road) in Greenburgh (White Plains
address) from Robert P. Weisz.
But neither that story, nor my follow-up to appear in
Monday’s upcoming Business Journal (Jan. 29 issue),
included perhaps the most interesting thing about the
deal:
In just nine years, the value of Crosswest more than doubled.
Weisz bought Crosswest in 2004 from Ivy Realty L.L.C.
in Montvale, N.J. And Ivy paid just $15.6 million to buy
the building in 1998 from an entity of Lehman Brothers,
according to a story I wrote at the time that Ivy posted
on its Web site, and which I stumbled upon Friday
afternoon while surfing the ‘Net.
That story was a reminder of how much things have changed
in the Westchester office market since 1998. Back then
the market was emerging from years of institutional owners
and high vacancy rates.
“From a vacancy perspective, Westchester is weaker
than the other sub-markets in the metropolitan area. But
from all the other properties - quality of life, road
system, proximity to New York City - Westchester is at
least as strong a sub-market as the others. The vacancy
rate does not reflect the other factors which bode well
for acquiring and adding value to properties in Westchester,”
Ivy’s Anthony DiTommaso said at the time.
He turned out to be right.
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