(For more retail coverage, click GlobeSt.com/RETAIL.)

YONKERS-YNR Management of Bayside has purchased the leasehold interest in the Yonkers Shopping Center on Central Avenue here for $11.8 million. CB Richard Ellis reports the Queens-based firm paid $209.36 per sf in the transaction. The seller of the leasehold interest on the 56,361-sf property was not disclosed.

The one-story shopping center is 92% leased and is anchored by a 28,054-sf Staples store. Other major retail tenants include Lucille Roberts, which leases a 9,000-sf store and Outback Steakhouse, which leases 6,743 sf of space at the center.

The property is located on a 6.3-acre parcel that operates under a leasehold agreement that expires in 2047, CBRE officials say. The shopping center was originally built in 1972 and was renovated eight years ago.

Jeffrey Dunne and Ryan Bassett of the CBRE’s New York Tri-State Region Institutional Group represented the seller in the transaction.

“Yonkers Shopping Center caters to a densely populated affluent consumer base and offers a stable cash flow with the opportunity to increase the below market shop space tenant rents to market rates over time,” Dunne states. “YNR Management should fare well with this asset.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.