20 Mount Vernon Avenue

Property

The 15 Unit Free Market Portfolio in Yonkers and Mt Vernon NY consists of two sites: 20 & 22 Mount Vernon Ave, Mt Vernon NY (10 Units) and 186 Ashburton Ave, Yonkers NY (5 Units). All three properties have one retail on the ground level and apartments above. All units are Free Market.

Strategy

The listing broker, Matthew Cawley was marketing just 186 Ashburton Avenue, Yonkers NY for the client.  The building was extensively marketed through internal email distribution lists and placement on a national commercial listing platform, generating multiple offers for the individual property.  Unbeknownst to the owner, the cost to break out the individual property was too high to sell as an individual holding as the building was one of three buildings in a cross-collateralized loan.  The sellers then contracted the listing broker Matthew Cawley to sell the multi-city portfolio and made the deal contingent on a buyer purchasing all three buildings and assuming the debt to save on prepayment costs.

Result

Upon the remarketing of the entire portfolio under the new terms as provided by the seller, the listing broker Matthew Cawley was able to again procure multiple bids for the owners which lead to a highly qualified local group under a 1031 exchange being selected.  Due to the drastic change in the market through an increase and interest rates, the deal was renegotiated to a higher price than originally agreed to as the assumable debt became more attractive.  The listing broker was able to provide all necessary documents required by the bank and the buyer to complete the assumption in a timely manner. The deal was closed on June 23rd, 2022.