Partners head to Hartsdale.

Tribeca Associates, a New York-based commercial real estate ownership, asset management and investment company, together with Vintage Group, LLC, a New York-based residential investment and management company, has purchased 140 East Hartsdale Avenue, an 80-unit rental apartment building in the exclusive suburban community of Hartsdale, NY.

The property was acquired from a private partnership at an undisclosed price. It represents a diversification within Tribeca Associates' investment portfolio, which until now comprised office properties. The seller negotiated directly with principals of Tribeca Associates and Vintage Group in the transaction.

Through the addition of significant capital improvements and an aggressive plan of management and maintenance, the new ownership will re-position the property as a luxury rental situated within a neighborhood consisting almost exclusively of co-operative and condominium residences.

Bill Brodsky, principal of Tribeca Associates, said, "The property is nestled within a row of cooperative building towers. It's the only rental apartment building within the group, making it extremely attractive to young professional families who would prefer to rent an apartment rather than purchase a coop."

Gary Podell, principal and managing director of Vintage Group, said, "We are attracted to assets that can benefit significantly from a new vision, an injection of capital, and professional management. The Hartsdale property fits our specifications to the letter, and we are delighted to partner with Tribeca Associates in this joint venture."

The buyers explained that the acquisition is a significant investment opportunity because the multifamily sector is heating up. Interest rates are driving prospective suburban homeowners away from single family, condominium and cooperative ownership and into upscale rental properties.

Tribeca Associates is now pursuing a growth oriented strategy in the New York metro region.