PRESS RELEASE: IPA Arranges $26.5 Million Bulk Condominium Sale in Yonkers

YONKERS, N.Y. – Institutional Property Advisors (IPA), a multifamily brokerage division of Marcus & Millichap serving the needs of institutional and major private investors, has arranged the bulk  sale of the remaining 90 units in Tower I at Monarch at Ridge Hill,  a 163-unit luxury condominium complex located in the heart of Westchester County. The sales price of $26.5 million equates to $294,712 per unit.

IPA senior vice president investments Victor Nolletti, IPA senior vice president investments Steve Witten and Jacob Levy, a Marcus & Millichap first vice president investments, advised the seller, Horizon at Ridge Hill LLC. Nolletti, Witten and Levy also advised the buyer, UOB Eagle Rock Multifamily Property Fund LP.  J.D. Parker, first vice president in Marcus & Millichap’s Manhattan office, is the firm’s broker of record in the state of New York.

Built in 2007, Monarch at Ridge Hill is located just 11 miles from the George Washington Bridge and only 16 miles from Manhattan’s Upper West Side.

Monarch at Ridge Hill is a “New Urbanism” residential development that combines traditional planning and modern technology.  Nestled within a hilltop village with sophisticated shopping, dining and entertainment, the property is set in a pedestrian-friendly neighborhood with a mix of open spaces, everyday conveniences and activities within a five-minute walk.  The mid-rise steel, concrete and glass building features high-quality luxury interior finishes, expansive residences with private balconies and spectacular views.

Tower I is part of a master development that provides walking access to healthcare, Whole Foods, high-end retail stores and restaurants of every variety. 

TAGS: Investment