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Mount Vernon's 'crown jewel' for sale through Eastern.

Gramatan Office Center, the six-story 80,000 s/f mixed-use office building commanding the entire block on Gramatan Avenue between Stevens and West Prospect Avenues in Downtown Mount Vernon, is on the market for sale exclusively through Eastern Consolidated. The asking price is $15.8 million.

Eastern Consolidated senior director Ety Lee, with associate Richard Bartman and financial analyst Paul J. Nigido represent the seller of this outstanding property, regarded as the premier office building of the downtown Mount Vernon market.

"Westchester County has become a dominant employment center," said Lee, "and a viable alternative location for companies not able to afford Manhattan's steep office rents. This exceptional property, strategically located only one block from Mt. Vernon City Hall and the Mount Vernon Police Headquarters, and within walking distance to the Mount Vernon East Metro North train station, provides a rare opportunity to acquire a signature property in the County's burgeoning office market."

Gramatan Center is currently 96 percent leased and negotiations are underway to lease all of the property's 4,500 remaining square feet to a credit tenant. Built in 1912, the property was completely gutted and renovated in 1996, but it still retains its grand facade. The office tenancy includes the General Services Administration (GS), the U.S. Congress and Local 888 Union of the AFL-CIO's Service Employee's International Union. The building offers 15,000 square feet of ground level retail space, one of which is occupied by McDonald's.

Only 15 miles north of midtown Manhattan, Gramatan Center was originally built as a vaudeville theatre. Its classic architecture is considered a superior attribute in comparison with surrounding properties. A Portuguese restaurant with a cabaret license and outdoor seating area fronts Gramatan Avenue, a street primarily lined with two-story properties offering grade level retail with second story office space.
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Comment:Mount Vernon's 'crown jewel' for sale through Eastern.
Publication:Real Estate Weekly
Date:Jun 20, 2007
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