(Read more on the multifamily market.)

YONKERS-A sale of two parcels of land that currently house four single-family homes will be developed into luxury condominium and rental units. GFI Realty Services Inc. of New York City brokered the sale of 1171 and 1189 Warburton Ave. in the city’s waterfront district to ET Management & Realty Corp. of New York City.

Eric Jacobov, senior broker at GFI Realty, represented the buyer, Jose Espinal, president of ET Management & Realty. Jacobov also represented the sellers: Dominic Loguidice, a local accountant and real estate investor and Adam Ginsburg of GDC Properties of Hawthorne, NY. “Yonkers is hosting one of the largest redevelopment programs in the New York City metropolitan area with more than $3 billion in projected development,” Jacobov says. “Mr. Espinal is planning the construction of luxury condos and rental units on the land.”

The two properties were assembled for sale and combined total 1.5 acres that could accommodate approximately 165,000 sf of residential development or about 120 housing units, he adds. Loguidice had owned 1189 Warburton Ave., which has three single-family homes situated on the parcel, while GDC Properties was the owner of 1171 Warburton Ave., which presently has one single-family home on the property. Espinal could not be reached for comment by deadline.

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