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UrbanAmerica Acquires Three Buildings for $8.45-Mil

MOUNT VERNON, NY-UrbanAmerica, LP, a real estate investment firm that specializes in acquiring inner city properties, has added its first New York area property to its portfolio with the $8.45-million acquisition of three buildings here.

By John Jordan | Updated on August 21, 2001

MOUNT VERNON, NY-UrbanAmerica, LP has purchased 60 South Third St., 54 South Third St. and 24 South Third St. from RPW Real Estate of White Plains, according to Hal Reiff, executive vice president and chief financial officer of UrbanAmerica. The three properties total approximately 74,623 sf of office space and are currently 100% leased to agencies of New York State and Westchester County. RPW has been retained to manage the three buildings.

The deal is the first acquisition in the New York Tri-State area for the company, which focuses exclusively on buying and developing properties in inner cities. Since February 2000, it has purchased 19 buildings with 2.4 million sf of space that are valued at $178 million.

“As a New York-based company, we’re thrilled to be ‘coming home’ with this acquisition,” says Richmond S. McCoy, president and chief executive officer of the company. “Last year, UrbanAmerica found so many can’t-miss investment opportunities in other cities, from Washington, DC to Miami to Las Vegas, that we put our program for the New York region on hold. Now, we’re committed to conquering New York’s barriers to entry and to making our investment philosophy work here–with this deal and many more in the future.”

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