Northpath Investments Acquires Office Building In Westchester For $20M
2-4 Westchester Park Drive, White Plains, Westchester, NY, USA
$20,000,000
$90/SF
Building Size
222,198 SF
Asset Type
Office
Closing
Feb 8, 2021
About this deal
AI
Northpath Investments has acquired the office property located at 2-4 Westchester Park Drive in Westchester. The transaction, which took place on February 9, 2021, was facilitated by a team of brokers including Kevin Donner, Adam Spies, Frank DiTommaso, David Bernhaut, Gary Gabriel, Andy Merin, Al Mirin, John Alascio, Sridhar Vankayala, Chuck Kohaut, TJ Sullivan, and Maya Steinberger from CushWake. The property, spanning 222,198 square feet, was sold by Heritage Realty Services for a price of $20,000,000, resulting in a price per square foot of $90.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $20,000,000
- Address: 2-4 Westchester Park Drive
- Market: Westchester
Notable individuals involved in the deal include Al Mirin, Adam Spies, Gary Gabriel, Andy Merin, Frank DiTommaso, John Alascio, Kevin Donner, and David Bernhaut. Northpath Investments acted as the buyer, while Heritage Realty Services represented the seller. The involvement of multiple brokers from the CushWake team highlights the collaborative nature of this transaction.
On the Map
$20,000,000
$90/SF
Office
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Players
West Harrison Office Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.79%
Cash-on-Cash
-0.23%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93