Pyramid Hudson Valley’s Coladonato & Malone Broker Sale of Co-working/Shared Office Condo
Date Posted: December 11, 2019
John Coladonato and Peter Malone of Cushman & Wakefield / Pyramid Brokerage Company’s Hudson Valley office recently closed on the sale of the S-Suite co-working office space located at 245 Saw Mill River Road in Hawthorne, NY. Exclusively marketed by Pyramid Brokerage Hudson Valley, the 6,000 sq. ft. office space features 20 separate offices, a shared reception area, conference room, kitchen and printing area and also provides monthly rentals of hot desks and virtual mailboxes. The investment sale featured a cap rate in excess of 13% which created a lot of interest from many investors. The purchaser, who was in need of completing a 1031 exchange from a recent sale of an apartment complex located in Brooklyn, NY saw the purchase a seamless transition with more upside potential. Situated in a condominium office park close to Westchester Medical Center, the location provides easy access to the Saw Mill River Parkway, I-287 and the Taconic Parkway.
This the second co-working/shared office space that Malone & Coladonato have sold in the last year. Malone & Coladonato will continue to pursue other co-working office opportunities as the demand for this type of real estate asset proves to be very popular with the many investors who’ve shown a strong interest in this kind of opportunity. The property sold for $1.5 million.‹ Back to News