Equity Residential Buys Tarrytown Complex for $61 Mil

TARRYTOWN, NY-Commercial brokerage firm CB Richard Ellis reports that the 300-unit rental townhome community Talleyrand Crescent has changed hands for $61 million, making the deal the largest real estate investment sale thus far in 2001 in Westchester County.

The CB Richard Ellis Tri-State Investment Team led by Senior Vice President Jeffrey R. Dunne and Senior Vice President Chris McManus brokered the transaction. The seller was Talleyrand Partners, LP, an affiliate of Cappelli Enterprises of Valhalla. The buyer was Equity Residential Properties Trust, a REIT based in Chicago. CB Richard Ellis sold the property on behalf of Talleyrand Partners and procured the buyer.

‘The interest level, as would be expected for a property of this caliber, was extremely high which is reflected in the impressive price per sf of $238.40,” Dunne says. “The property’s excellent location within this prestigious area combined with the extremely limited inventory of competitive units or suitable multifamily residential development sites, made this asset one of the most attractive investment opportunities in the market.”

Dunne relates that Equity Residential bested several other suitors for the property. He did not reveal the identity of the other prospective buyers for the development, which is currently more than 95% occupied.

He adds that Cappelli, who is undertaking a number of major new developments in Westchester and the Catskill region of New York State, felt the market was right to sell the property. Officials with Cappelli Enterprises could not be reached for comment at press time.

Talleyrand Crescent is nearby the Tappan Zee Bridge and the Hudson River shoreline in the heart of the Route 119 commercial district that features a number of major national and regional headquarters facilities for firms such as: Bayer, Regeneron Pharmaceutical, KLM Airlines and others.

The property is located on a 22-acre site adjacent to TGI Fridays and the Talleyrand Office Park, which is owned by Reckson Associates Realty Corp. The project features colonial-style townhomes built in 1997-1998 that offer such amenities as optional lofts, vaulted ceilings and private two car garages.

CB Richard Ellis reveals that it is also marketing a number of other notable properties in the Westchester-Connecticut area including, Plaza 25, a 124-unit high rise apartment building in White Plains currently owned by Mack-Cali Realty Corp., and a 116,000-sf portfolio of office buildings in Westport, CT, which are the property of SSR Realty Advisors.