CBRE Broker Handles $9.5 Million Disposition of Yonkers Cinema Site

CBRE Broker Handles $9.5 Million Disposition of Yonkers Cinema Site

CBRE Group, Inc. has facilitated the $9.5 million sale of a property located at 1219 Yonkers Avenue in Yonkers, New York. The site, formerly occupied by a movie theater, has been acquired with the intention of redeveloping the location into a multifamily residential project.

The transaction underscores the ongoing trend of repurposing outdated commercial real estate for residential use in suburban markets. By selling the property for a specific use as a multifamily development site, the deal highlights the demand for housing inventory in the area. CBRE acted as the broker in the arrangement, connecting the seller with the buyer seeking to capitalize on the land’s potential.

As a major player in the real estate services sector, CBRE Group, Inc. continues to be active in facilitating capital markets transactions and advisory services. The company’s stock was recently trading at $152.10, reflecting a slight increase of roughly 0.2% from the previous close of $151.79. With a market capitalization of approximately $44.26 billion, the firm remains a significant entity in the commercial real estate landscape, operating across advisory, project management, and investment segments globally.

What to watch

• Future filings regarding proposed zoning or construction permits for the new multifamily development at 1219 Yonkers Avenue.
• CBRE’s future transaction volume in the New York suburban adaptive reuse sector.

Source: original release