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“Homebuying momentum is building after nearly two years of suppressed home sales,” said NAR Chief Economist Lawrence Yun.
PORT CHESTER—The eight-year-old The Mariner multifamily property here at 21 Willett Ave. has been sold in a deal valued at $32.25 million.
The transaction was reported by Bethesda, MD-based brokerage firm Walker & Dunlop Inc., which represented the seller—institutional investors advised by J.P. Morgan Asset Management—in the deal. The firm did not identify the buyer of the 100-unit Class A property located along the Byram River and Port Chester’s Riverwalk Promenade.
The property opened in 2012 following the neighborhood’s comprehensive redevelopment, which rapidly transformed the streetscape into a destination for retail, entertainment and living. Originally planned as a condominium, the LEED Silver Certified property comprises 100 spacious units and features a best-in-class amenity package, Walker & Dunlop stated.
Walker & Dunlop’s team was led by managing directors Thomas Walsh and Joseph Garibaldi. The team served as broker and advisor for the disposition.
“Institutionally developed, owned, and maintained, The Mariner is considered one of Westchester County’s premier residential assets,” Walsh said. “This sale represented a very rare opportunity to acquire an institutional caliber boutique luxury residential asset in one of the nation’s highest barriers to entry metropolitan areas, and we were pleased to play a part in the transaction.”
The Mariner is within walking distance of Port Chester’s Metro-North Train Station and features community amenities that include a fitness studio, social lounge, concierge service, and a landscaped roof overlooking Downtown Port Chester with sweeping views of the Long Island Sound and Port Chester’s active recreational marina. The condominium-grade units average more than 1,000 square feet and feature premium fixtures and finishes, including high ceilings, hardwood floors and quartz countertops.
“Homebuying momentum is building after nearly two years of suppressed home sales,” said NAR Chief Economist Lawrence Yun.
Most of the counties in the HGAR market area are considered “high-cost areas” by the FHFA.
NAR officials noted yesterday that the court heard from all parties as well as objectors and the Department of Justice. Once arguments concluded, the court quickly ruled to grant final approval.
Outdoor space was especially important to movers to the Midwest, while movers to the Northeast were particularly driven by the need for more square footage and a better work commute.
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