Harrison New York Apartment Building Acquired by Local Real Estate Investment Partnership

Larchmont, NY, August 12, 2015 --(PR.com)-- HarborView Properties and WRA Properties, which are based in Larchmont and Mamaroneck New York respectively, have announced the acquisition of the Purdy Lodge Apartments located at 39 Purdy Street in the town of Harrison (Westchester County), New York.

Purdy Lodge is a classic English Tudor style apartment building originally built in the 1930's. The building consists of all two bedroom residences and 95% occupied at the time of closing. The apartment building is rent stabilized under the Emergency Tenants Protection (ETPA) which controls rents for apartment buildings built before 1974 and situated in New York City and other parts of lower New York State. In addition to Purdy Lodge Apartments, an adjacent land parcel was also acquired and is slated for future development. The purchase price for the properties was undisclosed. “This was a typical investment for us,” stated Dale Kaufteil, the managing partner of HarborView Properties who is also a principal and managing partner of Purdy Lodge LLC.

According to Mr. Kaufteil, the property will receive a number of building-wide improvements as well as individual apartment improvements as units vacate in the future. The building will also undergo conversion of the heating plant from oil to duel fuel (gas and oil). "This building has really good bones. It is a classic Tudor with high ceilings, wide hallways, lobby entrance, terrazzo floors and other charming features," stated Mr. Kaufteil. In addition, Purdy Lodge is situated within 1500 feet of the Harrison Railroad Station which is targeted for a major transit hub development project with mixed uses. The development will be a joint venture of the MTA and Avalon Apartments.