Redwood Realty’s NY Team Inks Over $50M Deals in January

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Following on the heels of a strong year of multifamily in 2021, January is off to a robust start. Redwood Realty Advisors is pleased to announce that its New York office has brokered more than $50 million in transactions during January – a record one-month pace for the New York investment sales team. “It remains an incredibly vibrant sales market, and we are extremely pleased with the performance of our New York office in being able to source new deals in a market where buyers remain hungry for quality assets,” said Thomas McConnell, CCIM, Managing Partner of Redwood Realty Advisors.

Thomas McConnell

Two notable transactions to highlight are the $8,700,000 million sale of Wolfs Lane in Pelham and the $10,150,000 sale of the Adare and Glenmare Apartments in Nyack. The Glenmare and The Adare are two adjacent buildings that combined feature 35 luxury units with on-site parking. Centrally located in Downtown Nyack, this is a popular tourist destination with a location that also offers quick and easy access to I-87. These buildings exemplify a true trophy asset in Rockland County with an irreplaceable location in a highly sought-after market.

Wolfs Lane is a mixed-use property with 34 units and eight storefronts totaling 36,405 sf. Located in one of the most affluent communities in Westchester County, this property presented a tremendous opportunity to acquire an investment property located in the heart of Pelham. This property features large units and is conveniently located on Pelham’s main thoroughfare, two blocks away from the Pelham train station and one block from access to the Hutchinson River Parkway.

Redwood Realty Advisors Thomas Gorman, Jr. and Michael Scrima spearheaded the deals on behalf of the New York office. “Both of these transactions are unique and that’s why the approach to each sale needed to be tailored appropriately. For Pelham, it is an older building with immense upside in a premier location. This transaction had plenty of obstacles to get to the finish line, so in this case our network was essential. “ Nyack, on the other hand, is newer construction and turn-key. We have our finger on the pulse of these markets, which allowed us to identify the right buyer quickly,” said Gorman.

Scrima added, “New York is an extremely fast-paced market. We pride ourselves on the straightforward approach we take that helps us build rapport with clients and get them the results they want and need, whether they are looking to buy or sell assets.”

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