Friedkin Property Group Expands in New York With $113M Buy
CBRE represented the seller and procured the buyer.
Friedkin Property Group has acquired Windsor at The Gramercy, a 260-unit Class A community located in White Plains, N.Y. GID Development Group sold the asset for $113 million. A CBRE team facilitated the sale on behalf of the seller and procured the buyer. According to Yardi Matrix, the partially affordable asset last traded in 2006 for $78 million.
The controlled-access community dates back to 2003 and spans roughly 2 acres, featuring one- and two-bedroom floorplans. The property features a fitness center, heated pool, playground, dog park, theatre room, billiards rooms and rental office. In-unit amenities include washers and dryers, as well as microwave ovens in select units.
The eight-story Windsor at The Gramercy is adjacent to the White Plains CBD and J Harvey Turnure Memorial Park, connecting the site to various dining options, retail centers and entertainment venues. The property is less than a mile away from the White Plains Metro North Train Station and Transportation Center, granting a short commute to Grand Central Terminal.
Value-add opportunities in New York
The CBRE team that negotiated the sale of Windsor at The Gramercy was led by Vice Chairman Jeff Dunne, Vice President Eric Apfel and Stuart MacKenzie, Executive Vice President Jeremy Neuer and Senior Associate Zach McHale.
Acknowledging the metro’s potential, Dunne stated in prepared remarks that New York City offers compelling value to investors in terms of yield, durability of incomes and constrained supply growth. In July, CBRE negotiated the $415 million sale of a 455-unit luxury property in Lincoln Square, on behalf of A&E Real Estate.