The transaction closed on Thursday, Aug. 8, according to George Lambros and Patrick Colwell, senior directors of the Metropolitan Area Financial Services Group of Cushman & Wakefield, who represented Reckson Associates Realty Corp. in the transaction. Austin Corporate Properties of Rye Brook, NY served as a consultant for Caspi Development in the deal.

The buyer, Caspi Development, is mainly known for its residential development projects, such as the Classic in Hartsdale and other housing ventures in the area. However, the firm did build the Sutton Park office project in Valhalla that is now owned by Louis Dreyfus Property Group and also currently owns a five-star hotel property in Manhattan.

The 235-245 Main St. office complex is located in downtown White Plains and totals approximately 157,000 sf. Both buildings are six stories and share a common wall and have a unique Art Deco architecture that was the craze in the 1920s. The buildings are currently 95 percent leased and have 49 tenants, including the Bank of New York and Chicago Title Co. The 235 Main St. property, built in 1926, totals 84,874 sf. The 245 Main St. building was opened in 1980 and totals 71,720 sf.

Reckson Associates Realty Corp. had owned the building complex for the past six years but sold the property due to the fact that it didn't fit in with the property profile of its core portfolio. Reckson officials had confirmed some time ago that the 235-245 Main St. complex was under contract for sale.

C&W's Lambros and Colwell agree that the commercial investment market is hot in Westchester County. "The appetite for income producing assets compared to alternative investment vehicles is enormous," Lambros says. "The returns on real estate far outperform the returns on other investments."

He added that the value of 235-245 Main St. rose during the contract for purchase process. The strong value of the building is being bolstered in part by the enormous commercial activity surrounding the property, including Cappelli Enterprises' City Center at White Plains retail and residential apartment project now under construction across the street.

Colwell points to the pending sale of another Westchester property as evidence of a rather strong capital investment market in the county. He notes Cushman & Wakefield is brokering the sale of 33 Main St. in Elmsford, NY and that property, a class B or B+ building, has attracted multiple bidders. A prospective deal on that 63,500-sf property, also known as the Crosswest building, located on Route 9A and nearby I-287 is now under contract.

Instant Insights /

Caspi Buys White Plains Office Complex for $18.5M

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