Local Investors Acquire Office Property In White Plains, NY For $7.1M

A medical office property located at 280 Dobbs Ferry Rd. in White Plains, NY was recently sold in a closed transaction. The property, spanning 31,328 square feet, was sold for a price of $7,100,000, resulting in a price per square foot of $226. This sale took place in the Westchester market, and the property falls under the office asset type.

Summary of transaction details

• Property Type: Office
• Sale Price: $7,100,000
• Square Footage: 31,328
• Price per Square Foot: $226
• Address: 280 Dobbs Ferry Rd. White Plains, NY
• Market: Westchester

Jared Stone, from the Klein Commercial Team at Houlihan Lawrence Commercial, played a pivotal role in this transaction. Representing both the seller and buyer, Jared Stone facilitated the deal between the local investors. The selling price of the property was $7,100,000, resulting in a cap rate of 7.25%.

With the current market environment and the recent increase in interest rates, investors are adopting a cautious "wait and see" approach. However, due to the limited availability of properties on the market, well-located assets with significant in-place income like this medical office property tend to attract attention from 1031 exchange and all-cash buyers who can be aggressive in terms of pricing and timing. This particular deal, involving an all-cash transaction, was finalized within three months.

If you are interested in selling a property or would like more insight into the Westchester County market in New York, Jared Stone and the Klein Commercial Team at Houlihan Lawrence Commercial are available to provide assistance. You can reach out to Jared Stone at [email protected].