Westchester Development Site
Approved for 42 Units
Appraised Value $6,700,000
Minimum Bid $1,900,000
346,267 (7.94 acres)
How to Participate
Download Brochure Click Here
Purchase Due Diligence
No Longer Available
FINAL INSPECTION this Thursday, December 1 at 1pm.
Call (212) 867-3333 to confirm attendance.
Bid & Win!
Auction Location and Time
Wednesday, December 14
45 East 45th Street (At Madison Avenue) New York, NY
Registration Begins at 6pm
Auction Commences at 7pm
MINIMUM BID $1,900,000
The auction sale of this property represents a unique opportunity for a developer to invest in and complete this partially-improved development project at a very low basis. The seller purchased this property for over $5 million and then expended over $9.5 million to design, entitle and improve it -- bringing seller's basis to over $14.5 million.
At a rare auction on Wednesday, December 14, the property isguaranteed to be sold to the highest bidder at any price equal to or above just $1.9 million.
That is equivalent to about $45,000 per buildable unit or just $18 per buildable square foot!
The 7.94-acre (346,267 sf) property is located at 39 Morrow Avenue, in Yonkers (Westchester County), NY, lying directly on the Scarsdale/Yonkers border. The property is a partially-improved development with current approvals in place to construct a private, gated, 42-unit townhouse-style condominium development and 1,790 sf community center (or clubhouse).
Significant site work and improvements have been made to the property by the seller. Condominium offering plans have also been filed and approved by the State of New York's Office of Attorney General for the construction of the 42 townhomes, each of which is planned to be approximately 2,500 sf and will consist of 3 bedrooms and 2.5 baths on 3 levels, including space for an elevator.
This Minimum Bid auction represents a rare opportunity to purchase the property, which is guaranteed to be sold to the highest bidder at the auction at any price equal to or above $1.9 million.
Broker participation invited -- click link at bottom of page.
10% Buyer's Premium.
Click immediately below to download Brochure for more information. Call 212-867-3333 to arrange an inspection.
Click below to download registration form