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Flex Office Building In Westchester Sells For $4.75M

Colliers International recently arranged the sale of 466 Saw Mill River Road at a price of $4.75 million.
Colliers International recently arranged the sale of 466 Saw Mill River Road at a price of $4.75 million. Photo Credit: Google Maps

ARDSLEY, N.Y. -- A flex office building on Saw Mill River Road was purchased recently by Avon Development Enterprises Corp. at a cost of $4.75 million.

The sale was arranged by Colliers International on behalf of G&G Instrument Corporation, according to a statement from Colliers.

The three-story building, a 59,000-square-foot space at 466 Saw Mill River Road, was developed in 1968 and rests on a slab built into a hill.

"Flex office buildings in Westchester County with dock access on all floors are few and far between and G&G Instrument Corporation did a great job of maintaining this quality asset,” said Ian Ceppos, senior managing director at Colliers International.

Ceppos, along with Vice Chairman Alex Jinishian, Executive Managing Director Al Gutierrez and Associate Cameron Paktinat, represented G&G in the transaction.

Gutierrez said there were many aspects of the property that were attractive to buyers.

“Because of the product type, building location, flexibility to multi-tenant and size, we were able to generate a great deal of interest from multiple users and investors," he said. "Ultimately, new ownership will benefit greatly from these property attributes in accommodating a variety of users in a tight market."

Avon Development was represented by Alan Weisman of Lee & Associates.

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