Jack Terzi buys former Babies ‘R’ Us building in Yonkers for $12.5M

Real estate investor Jack Terzi’s JTRE Holdings has shelled out $12.5 million for a 40,000-square-foot, two-story building in Yonkers, according to Royal Properties, a Bronxville-based retail brokerage and consultancy that handled the deal. The building, which sits on 2.62 acres of land, was previously home to a Babies “R” Us that closed last year after sister company Toys “R” Us filed for bankruptcy. Royal Properties’ Karnit Mosberg and Jeff Kintzer brokered the sale of the building at 2700 Central Park Avenue. “We had a tremendous amount of interest in this property and were able to exceed our client’s asking price,” Mosberg said in a statement. It was not immediately clear who the seller was for the property. The Real Deal reported in February on landlords in the Tri-State area trying various strategies to transform old retail spaces. [Royal Properties]