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 Yonkers, NY - NAI Friedland Realty announces the sale of a 48,000 sq. ft., fully leased flex building at 220-230 Ferris Avenue in White Plains.
The building was purchased for $3,862,500 by Mitch Benerofe, of Benerofe Properties, and partners as a long term investment. Peter Cokin, Friedland executive vice president, represented both the buyer and seller over the course of 12 months.
The three-story concrete building sits on one of the few industrial streets in White Plains, making it highly attractive to tenants. Cokin, who had maintained a 20-year business relationship with the building owner, was approached to quietly locate potential buyers. In addition to finding a qualified purchaser, Cokin assisted the seller and purchaser in analyzing the numerous space and lease terms for long-term tenants during the negotiation process.
“In addition to its long-term space and lease agreements, the building has a rear parking lot that is on leased railroad property. We assume, but are not certain, that the railroad lease will continue long-term,” explains Cokin. “The purchaser needed time to decide whether the purchase was worth the complications and risks.”
“The relationship that Peter Cokin built with the building owner, who now lives in Florida and travels extensively, enabled him to find the right purchaser and to help all parties navigate their way through a complicated sale process,” says Stephen Oder, the company's Chief Executive Officer.
NAI Friedland Realty Inc. is located at 656 Central Park Avenue in Yonkers and can be reached at 914-968-8500, www.friedlandrealty.com.
About NAI Friedland Realty Inc.
NAI Friedland Realty Inc., founded in 1970, is a full service commercial real estate firm in metropolitan New York, including Westchester, the five boroughs, Long Island, Connecticut, and New Jersey. Headquartered in Yonkers, New York, Friedland also maintains a satellite office in Manhattan. Friedland is a member of NAI, the only managed network of commercial real estate firms in the world.
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