Argo Real Estate has acquired West Shore Towers, a 164-unit waterfront community located at 101 Gedney St. in Nyack, NY. The company acquired the property for $45 million and secured $42.5 million in acquisition financing arranged by Jacob Kahn, Marko Kazanjian, and Max Herzog of IPA Capital Markets, a division of Marcus & Millichap.
The property includes three six-story residential towers totaling 203,546 square feet with direct Hudson River frontage and unobstructed water views. It benefits from proximity to downtown Nyack’s retail and dining corridor and access to regional transportation networks.
“This acquisition represents exactly the type of irreplaceable yet historically challenged asset that aligns with our value-creation strategy,” said Mark Moskowitz, president and CEO of Argo Real Estate. “West Shore Towers provides compelling entry into the fundamentally undersupplied Rockland County market while leveraging our proven expertise in operational improvement and long-term asset preservation.”
Argo plans a $6-million capital improvement program focused on addressing current operational inefficiencies and leasing existing vacancies.
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