The real estate development business in Yonkers hit a record high with the recent sale of two buildings totaling 130,000 square feet of office space in Yonkers for a selling price of $36.6 million.
Robert Martin Company, one of the largest real estate firms in Westchester County, announced the sale of 3 Executive Boulevard and 3 Odell Plaza on April 29. The properties cost approximately $280 per square foot, which is a new record price for suburban Westchester County office sales.
“We are not the company we were nearly 65 years ago,” Robert Martin Company President Greg Berger says. “Real estate development and management today is far more demanding and complex. The tenants’ needs are changing with the times, and we remain uniquely positioned with our portfolio and strong personnel to accommodate their requirements and additional demand.
“We value our core competencies that successfully got us this far and will continue pursuing those strategic opportunities that will propel us into the future,” he adds.
The properties are leased through 2032 to Montefiore Medical Center, a subsidiary of Montefiore Health System and one of the largest healthcare systems in the New York City region. The properties are also part of Robert Martin’s South Westchester Executive Park, where the company owns and operates nine buildings totaling 650,000 square feet of industrial space.
“Today’s announcement reflects Robert Martin’s continued formula for success, which is seizing upon emerging business opportunities — developing, managing, or selling — that enhance the value of the company’s overall portfolio,” Robert Martin Company CEO Tim Jones says.
“These are two strong assets leased by one of the region’s leading healthcare providers, but by selling the buildings at a premium, we are providing a greater financial return for the firm as we look towards strengthening our investments in high-growth sectors in the Westchester market such as flex/industrial space and multifamily residential rentals,” he adds.