Canterbury Apartments at 52 Willow Ave. in Cornwall, New York — Courtesy: The Kislak Co. Inc.
By Joshua Burd
The developer of a 48-unit garden apartment complex in New York’s Orange County has sold the property after nearly 60 years, according to The Kislak Co. Inc.
The brokerage firm said the buyer, which was listed as Tower Management Service Acquisitions Inc., paid $7.288 million for Canterbury Apartments at 52 Willow Ave. in Cornwall. Kislak Executive Vice President Janet Bortz represented Canterbury Apartments LLC in the sale of the 5.3-acre property, which is about a half-hour north of Bergen County, while also procuring the purchaser.
“There are only a few rental properties in Cornwall and above average rental demand, creating a strong rental pool and demand among investors for properties,” Bortz said. “Our competitive bid process resulted in the sale of the property at full asking price. The buyers purchased the property as a value-add opportunity and will be doing significant renovations to reposition it.”
In a news release, Kislak said the seller was the original builder of the complex and has owned and managed it since 1964. The six-building collection of one- and two-bedroom apartments was fully occupied at the time of the sale, providing strong upside potential, while the site also has around three acres of vacant land.
Nearby highways include interstates 87 and 84, routes 17, 9W and 32 and the Taconic Parkway, while the location is around 50 minutes from New York City.
