NAR Chief Economist Says Mortgage Rates’ Fast Rise Hurt Housing Market
Part of the delay in recovery is because the Federal Reserve has changed its outlook and appears to be on pause for a longer period.
The office buildings were all built in the 1970s and early 1980s and are currently approximately 50% vacant.
WHITE PLAINS—Five underperforming office buildings formerly known as “The Exchange” on Westchester Avenue were sold to a partnership of Rose Equities and Garden Commercial for $37 million.
The Rose-Garden entity “White Plains 700 Westchester LLC” announced the deal on Monday (June 2). The buildings: 701, 707, 709, 711 and 777 Westchester Ave. total 676,113 square feet of office space located at the intersection of Westchester and Bryant avenues.
The office buildings were all built in the 1970s and early 1980s and are currently approximately 50% vacant. The portfolio sits on a 55-acre campus and has more than 2,500 feet of frontage along I-287.
There was a proposal a few years ago to begin the conversion of at least one of the buildings at The Exchange (701 Westchester Ave.) to residential use, however, that plan failed to move forward after it received strong local opposition from a number of neighborhood organizations.
Rose Equities is headquartered in New York City, while Garden Commercial hails from Short Hills, NJ.
According to the announcement, the portfolio was acquired “for general investment purposes.” CBRE represented the seller in the transaction.
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