NYC
group buys ground lease for Yonkers retail center
By
ALEX PHILIPPIDIS :: February 8, 2007
YNR
Management of New York City has snapped up the remaining
40 years on a ground lease for the Yonkers retail center
on Central Park Avenue that is anchored by Staples.
YNR paid $11.8 million, or $209.36 per square foot, to
buy the leasehold interest for the Yonkers Shopping Center
from a family partnership represented by Jeffrey Dunne
and Ryan Bassett of CB Richard Ellis’ New York Tri-State
Region Institutional Group.
“Yonkers has a lot of density of people, and most
retail does quite well in Yonkers, and there’s not
a lot of good retail to buy,” Dunne said.
Completed in 1972, the 56,361-square-foot center is 92
percent leased. Tenants include a 9,000-square-foot Lucille
Roberts fitness center and a 6,743-square-foot Outback
Steakhouse restaurant, in addition to the 28,054-square-foot
Staples, which replaced a Waldbaum’s supermarket
as the center’s anchor in 1999.
CB Richard Ellis announced the deal earlier this week.
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