Condo conversion eyed in N.Y.

Location to benefit from 'waterfront revitalization'

Don't miss the real estate event of the summer
Join 4,000 real estate pros at Connect SF, Aug 7‑11, 2017

Diplomat Gardens L.P. recently sold a 108-unit apartment complex in Piermont, N.Y., for a price of $13.3 million. The property, Diplomat Gardens, comprises 88,708 square feet in five buildings, and includes a 2,000-square-foot health club. The address is 60 Route 9W. Marcus & Millichap negotiated the deal, which represented a price of $123,148 per unit. The buyer's identity was not disclosed. "In this off-market transaction, we targeted many institutional investors from all over the country who are looking to break into the burgeoning Rockland County marketplace for condo conversion opportunities," Jeffrey Gorodensky, a senior investment associate in Marcus & Millichap's New Jersey office, said in a statement. "Investor interest in Rockland County commercial real estate has grown significantly because of ongoing waterfront revitalization efforts. In addition, Rockland County is a bedroom community to four of the largest MSAs along the East Coast: New York City, We...