Regency is pleased to announce the sale of Archway Shopping Center in Scarsdale. The 34,000 SF retail center, situated on a four acres parcel on 356 Central park Avenue. Houses California Pizza kitchen and boutique home furnishing company BoConcepts as among some of the long term tenants. The buyer. a New York City bases large real estate investment company that owns and manages retail and apartment building assets in NYC and Westchester, made the acquisition in a tax-deferred like-kind exchanged of properties
The VIP Country Club in New Rochelle has been sold for $20 million just weeks after the deal had collapsed in a contract dispute.
The deal was brokered by Rajeev Chennattu of Regency Commercial Real Estate and closed on April 13.
The MA Center in California is a satellite ashram of a global charity based in southern India. But the VIP, under Westchester Shores, will be run as a for-profit company, Sandow said.
Chennattu said the MA Center approached him 10 years ago to find an East Coast location, but he was unable to find a suitable property.
Morelli hired him in 2014 to find a buyer for the country club. Chennattu was constrained, though, because the club didn’t want to put the property on the open market and risk losing event bookings.
He saw the potential for the MA Center, and this time the organization was ready to buy.
When Beckwith Pointe got the city to rezone its property to allow condominiums, that made the other beach club properties more valuable, Chennattu said.
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