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Original Otis Elevator Building Bought in $7.5-Mil Deal

YONKERS-HudsonView Associates has purchased the former Otis Elevator building in Yonkers in a deal valued at $7.5 million. In addition, the firm has already secured 52,500 sf in lease deals at the property, GlobeSt.com has learned.

By John Jordan | Updated on January 10, 2001

YONKERS-HudsonView Associates, the owner of the former Port Authority Industrial Park now called ipark, has purchased the former Otis Elevator building at 28 Wells Ave. in a deal valued at approximately $7.5 million, Joe Cotter, company president, tells GlobeSt.com. The property, originally built in 1892, totals 150,000 sf.

HudsonView is currently renovating the building and has already secured three new tenants for the building. Cotter says that the $7.5 million includes acquisition and building renovation costs. Chase Manhattan Bank financed the deal.

Cotter revealed that Mercy College has signed a lease for 25,000 sf of space to house its computer technology center, which will include classroom space. He reveals that Mercy has an option for an additional 27,500 sf of space at the building. Urban Textiles, a graphic design firm, has signed a lease for 15,000 sf and HudsonView is also in negotiations with an agency of New York State for 12,500 sf of space.

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