New York City Investors Buy Hartsdale Rental Building

Tribeca Associates is a New York City based commercial real estate, asset management and investment company, while partner Vintage Group is a real estate operations and investment firm that is also headquartered in Manhattan. The seller of the property was a private partnership.

"The property is nestled within a row of cooperative building towers," says Bill Brodsky, principal of Tribeca Associates. "It's the only rental apartment building within the group, making it extremely attractive to young professional families who would prefer to rent an apartment rather than purchase a co-op."

Gary Podell, principal and managing director of Vintage Group, adds, "We are attracted to assets that can benefit significantly from a new vision, an injection of capital, and professional management. The Hartsdale property fits our specifications to the letter."

The new owners say they plan to undertake "significant capital improvements and an aggressive plan of management and maintenance" to reposition the property as a luxury rental building. They further explain that the acquisition was a significant investment opportunity because the multifamily sector is heating up. Interest rates are driving prospective suburban homeowners away from single family, condominium and cooperative ownership and into upscale rental properties, they note. The property is located in the heart of the Hartsdale business district, near the Hartsdale Metro North railroad station and the Scarsdale Golf Club.