Condo conversion eyed in N.Y.

Location to benefit from 'waterfront revitalization'

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...