DOBBS FERRY, NY-Coolidge Equities Ltd. has purchased Osborn Manor and Hastings Terraces, rental apartment communities here and in Hastings-on-Hudson respectively, for $26.2 million. Coolidge is an entity controlled by White Plains-based real estate investment firm Houlihan-Parnes/iCap Realty Advisors LLC.
Osborn Manor was built in 1953 and contains 78 units in 10 buildings. Hastings Terraces is a 120-unit development, constructed in 1949-1950, that features two six-story buildings.
Jeffrey Dunne, vice chairman, and Patrick Bisceglia, first vice president, of CB Richard Ellis' New York Tri-State Investment Team represented the seller and procured the buyer. The seller was not disclosed. Sheldon and Fred Stahl of Coolidge Equities handled the acquisition on behalf of the buyer. Attorney Thomas Leslie of Thacher Proffitt & Wood of White Plains represented Coolidge Equities.
Dunne says that Coolidge Equities bested nearly 25 bidders. "It is hard to find multifamily housing in Westchester County. New ownership should fare well with these well-located, irreplaceable properties, particularly with their planned capital investment program."
Coolidge's Sheldon Stahl says the new ownership plans to undertake significant upgrades to the building systems, apartments and public areas at both properties. The firm was attracted to the developments due to their proximity to the Hudson River, Metro North train stations and quality school systems, he adds.
In conjunction with the deal, Houlihan-Parnes/iCap Realty Advisors placed a new $20-million first mortgage on the portfolio on behalf of Coolidge Equities. Sheldon and Fred Stahl negotiated the mortgage transaction. Houlihan-Parnes was represented by Elizabeth Smith of Goldberg, Weprin & Ustin LLP. The lenders were represented by the law firm Thacher Proffitt & Wood.
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