The Real Deal New York

NJ developer sells 8-building Sleepy Hollow portfolio for $10.7M

February 27, 2019 03:28PM

An eight-building, mixed-use portfolio in Sleepy Hollow has been sold for $10.7 million, LoHud reported. Developer William Procida, president of Englewood Cliffs, New Jersey-based Procida Funding & Advisors, bought the properties — seven of which are on Cortland Street and one of which is at 76 Beekman Avenue — and others in early 2017 when their previous owners filed for bankruptcy, according to the outlet. The portfolio comprises 63 apartments and eight retail spaces. A team from Marcus & Millichap’s Manhattan office represented Procida and brought in the buyer, a Chestnut Ridge-based limited liability company, according to LoHud. “Properties near Westchester train stations are fast becoming the most ‘in-demand’ asset class, and this was an extremely rare opportunity to own a ‘value add’ asset in a Westchester river town,” Marcus & Millichap’s team said in a statement. Procida, who late last year spoke with LoHud about his plans to spruce up Sleepy Hollow’s downtown, declined to discuss why he decided to sell the buildings. [LoHud]