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NGKF Capital Markets is now entertaining purchase offers for The Highlands at Rye at 131-151 Purchase Street, an 108-unit apartment complex with ground-floor retail and office space. The 90,000-square-foot property, which is centrally located on the main shopping thoroughfare that runs into downtown Rye and directly across the Rye train station, is 98 percent leased.
The Highlands at Rye comprises 66 one-bedroom units, 32 two-bedroom units and 9 three-bedroom units. The complex also has four ground-floor retail spaces along charming Purchase Street, as well as one office unit. In addition, the offering includes an 8,900-square-foot, one-story building that abuts the property lot, which is leased to an auto body repair business that retains development rights.
Built in 1925, the meticulously restored garden courtyard building offers original historic detail such as crown moldings, hardwood floors and prewar architecture alongside modern amenities and updates like on-site laundry, fitness center and parking lot. A majority of the units have been fully renovated with top in class finishes. Plans are in place for a rooftop terrace. The commute to Westchester Airport is 15 minutes by car and to Grand Central, 35 minutes by train.
“This is an exceptionally rare property to go on the market given its enviable location and its meticulous restoration,” said NGKF Capital Markets Senior Managing Director Stephen Westerberg, who is marketing the property with Managing Director Paul Gojkovich. “Lenders are already indicating hyper aggressive multi-family financing terms because of the property’s rent roll stability and Rye’s strong market fundamentals.”
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank (NGKF) is one of the world’s leading commercial real estate advisory firms. Together with its affiliates and London-based partner Knight Frank, NGKF employs more than 11,000 professionals, operating from more than 340 offices in established and emerging property markets on five continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. Its integrated services platform includes leasing advisory, global corporate services, investment sales and capital markets, consulting, program and project management, property and facilities management, and valuation services. A major force in the real estate marketplace, NGKF serves the local and global property requirements of tenants, landlords, investors and developers worldwide. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc. (NASDAQ: BGCP), a leading global brokerage company primarily servicing the wholesale financial and real estate markets. For further information, visit www.bgcpartners.com.