The Mariner at 21 Willett Ave. in Port Chester, New York — Courtesy: Walker & Dunlop
By Joshua Burd
Investors have sold a 100-unit luxury apartment building in New York’s Westchester County for more than $32 million, in a deal by Walker & Dunlop’s New Jersey-based brokerage team.
The capital markets firm said it represented the seller, an institutional investment group advised by J.P. Morgan Asset Management, in its disposition of The Mariner in Port Chester. An undisclosed buyer purchased the property at 21 Willett Ave., which sits along the Byram River and Port Chester’s Riverwalk Promenade, for $32.25 million.
Walker & Dunlop managing directors Thomas Walsh and Joseph Garibaldi completed the assignment out of the firm’s Short Hills office.
“Institutionally developed, owned and maintained, The Mariner is considered one of Westchester County’s premier residential assets,” Walsh said. “This sale represented a very rare opportunity to acquire an institutional caliber boutique luxury residential asset in one of the nation’s highest barriers to entry metropolitan areas, and we were pleased to play a part in the transaction.”
In a news release, the brokerage team said The Mariner opened in 2012 following a sweeping redevelopment in the neighborhood, which rapidly transformed the streetscape into a destination for retail, entertainment and living. The building, which was originally planned as a condominium project, features upscale apartments and amenities such as a fitness studio, social lounge and concierge service.
In addition, the building’s landscaped roof overlooks downtown Port Chester with views of the Long Island Sound and Port Chester’s active recreational marina, the new release. The property is also within walking distance of Port Chester’s Metro-North Train Station, providing direct access to Midtown Manhattan and to Stamford, Connecticut.
