SCARSDALE, NY-Frederick Fish Investment Co. of Englewood, NJ has purchased the Heathcoate Tavern property at 2-4 Weaver St. here for $4.7 million. The three-story building consists of the 6,000-sf Heathcoate Tavern and 3,000 sf of fully leased office space.
NAI Friedland Realty officials explain that the property was sold by Piedmont Realty of Scarsdale, a partnership between Jim Sullivan and Jan Fabry that also operates the restaurant. The deal was structured as a sale-leaseback 1031 exchange.
Stephen Oder, chief executive officer of NAI Friedland Realty, says Frederick Fish Investment is considering developing residential space on the existing parking lot, which totals approximately a half an acre. Also on that parcel is a freestanding two-story, 2,023-sf building that would be razed if the residential plan is approved.
Although no formal plans have been filed with the Village of Scarsdale, the preliminary proposal calls for the construction of 24 units of age-restricted (55 years old and older) housing on the site located at the Five Corners. Oder, along with Robin Herko and Joan Simon of NAI Friedland Realty represented the buyer and the seller. The investment company purchased the site by using the proceeds from the November 2004 sale of the Lodi Shopping Center, an 83,000-sf property anchored by A&P Supermarket, to Vornado Realty Trust, Friedland officials say.
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