2975 Westchester Ave, Purchase, New York
July, 2017: Jamie Schwartz, Executive Vice President of GHP Office Realty, LLC, an affiliate of Houlihan-Parnes Realtors, LLC, was the sole broker who arranged for the sale of 2975 Westchester Avenue, Purchase, New York to an entity controlled by the Schur family of Greenwich, CT.
2975 Westchester Avenue is a class-A, 5-story, approximately 120,000 square foot, investment grade office/medical building. The property is presently 85% occupied with 17 tenants and located on 8.24 +/- acres with beautifully landscaped grounds and elegantly renovated lobby and common areas. The property is located in the Town of Purchase, Village of Harrison. It easily accesses I-95 to both Connecticut and New York and I-287 in Westchester. Built in 1985 and purchased by the Seller 2003, the building had been renovated most recently in 2016. Amenities include a full-service café, approximately 600 on-site parking spaces and an on-site stop for the B-line bus shuttle to the Metro-North train stations both in Rye and White Plains.
“This off market deal was made possible due to the relationships between all the parties involved in the transaction. The Purchaser previously acquired 399 Knollwood Road, White Plains, NY in 2015 from the Seller and hired GHP as its exclusive leasing agent and marketing advisor. We crafted and executed a successful leasing and marketing program, which, in combination with the Purchaser’s capital investment and Schur Management’s commitment to the tenants there, resulted in bringing occupancy up to 96% from 85% when it was acquired. We intend to replicate that success with 2975 as well.” Schwartz stated. He continued “2975 Westchester Avenue’s proximity to restaurants, hotels and shopping in Rye Brook, Portchester, Rye, Greenwich and White Plains as well as the tightening office/medical space market on the I-287 corridor made the acquisition of the building a compelling investment for the Purchaser.”
Schur Management Company, Ltd., led by Principal Billy Schur, will manage the property and Schwartz of GHP will be its exclusive leasing agent. There are currently several units available at 2975 Westchester Avenue from 1,300 rsf to 5,000 rsf. Office and Medical uses are allowed. For more information please contact Jamie Schwartz at (914) 641-4345 or firstname.lastname@example.org.
The Schur family has been involved in real estate since the 1930’s. Members of two previous generations built, owned and operated apartment buildings in the Bronx, many of which are still under the supervision of Schur Management today. In 1972 Lawrence Schur established Schur Management Company, Ltd. to manage residential buildings in the Bronx. The portfolio was expanded to include commercial properties. In 1987, William Schur entered the business and in 1990 he expanded company services to include a construction affiliate. Schur Management currently manages several properties for both private and institutional owners as well as property it owns.