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ARMONK, NY-A three-acre parcel at 44 Bedford Rd. here has changed hands. Antares Armonk Square LLC, an affiliate of Antares Investment Partners, acquired the property for $6.75 million. The seller was HP Pembroke Square LP.

The Greenwich, CT-based Antares now plans to demolish six small vacant retail buildings currently at the site to make way for a $31.5-million retail/condo project. The firm still requires municipal approvals. Antares hopes to begin construction in the next 90 days, says Antares vice president Erik Dowling.

Dowling says the project, to be called Armonk Square, will be a two-story development, with approximately 30,000 sf of retail on the ground floor and 30,000 of residential space that would accommodate 21 condominium units. "We are going to build out for the maximum FAR, which allows for 60,000 sf." He adds that the condominium units will sell on average for approximately $700,000.

Antares has secured $26.4 million in construction financing from Anglo Irish Bank. The deal closed March 9. Antares represented itself. Dowling says that Antares is pursuing the project because, while Armonk is an affluent community "it suffers from a lack of retail." He says that Antares believes it can attract national credit tenants to Armonk Square.

Instant Insights /

Antares Affiliate Will Build $32M Condo/Retail Project in Armonk

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