CBRE announced the sale of 1219 Yonkers Avenue in Yonkers, New York, a vacant land parcel positioned for multifamily residential development in one of Westchester County’s most dynamic growth corridors. The site, located one block from the Mount Vernon West Metro-North station, was acquired by Stagg Group from 1219 Yonkers Avenue LLC, a joint venture of Aubrey Capital LLC and Empire General Contracting Inc., for $9.5 million.
The CBRE team of William V. Cuddy Jr. and Jacqueline Novotny spearheaded the marketing campaign for the property and represented Aubrey Capital in the negotiations.
“The demand for quality new residential product is insatiable,” said Cuddy. “Market fundamentals are compelling. Homes with multimodal transportation options in dynamic neighborhoods continue to outperform expectations.”
Situated along Yonkers Avenue, the site benefits from immediate access to Metro-North commuter rail service, major highways and employment centers throughout Westchester County and New York City. The property generated significant interest from developers seeking to deliver new housing in well-connected suburban markets.
“We are seeing strong demand for development sites that offer transit accessibility, favorable demographics and a supportive environment for new residential development,” Novotny said. “This transaction highlights the confidence that developers have in Yonkers and its transformation into a destination for residential investment.”
