Atkins Companies And Denholtz Properties Acquire Office Building In Chappaqua For $40M
480 North Bedford Road
$40,000,000
$81/SF
Building Size
490,000 SF
Asset Type
Office
Closing
Apr 6, 2023
About this deal
AI
The ±490,000-square foot office property located at 480 N Bedford Road in Chappaqua has been sold for a total price of $40,000,000. The property, which is anchored by Northern Westchester Hospital [Northwell Health] and CareMount Medical, features 12 additional tenants and is conveniently situated directly off the Saw Mill River Parkway in the Hamlet of Chappaqua.
Summary of transaction details
- Property Type: Office
- Transaction Amount: $40,000,000
- Square Footage: 490,000
- Price per Square Foot: $82
- Market: Chappaqua
The successful sale was facilitated by Atkins Companies' Corey A. Atkins and Denholtz Properties' Steve Denholtz, representing the buyers, and brokered by Matthew Tarpley, Jake Gorin, and Michael Fioravanti from H2C. The sellers, Summit Development Partners, were advised by H2C's healthcare real estate team on the monetization of the property.
On the Map
$40,000,000
$81/SF
Office
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Players
Market Office Market Snapshot
Boundary boundary · Office · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.40%
Cash-on-Cash
-0.11%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93