Argo Real Estate acquired West Shore Towers, a 164-unit waterfront community in Nyack, New York, for $45 million, according to a press release shared with Multifamily Dive.
With the acquisition, New York City-based Argo gains a “compelling entry” into “fundamentally undersupplied” Rockland County, Mark Moskowitz, president and CEO of Argo Real Estate, said in the press release.
“This acquisition represents exactly the type of irreplaceable yet historically-challenged asset that aligns with our value-creation strategy,” Moskowitz said.
West Shore Towers consists of three six-story residential towers totaling 203,546 square feet with direct Hudson River frontage and unobstructed water views, per the release. West Shore Towers provides residents with proximity to downtown Nyack's retail and dining corridor and access to regional transportation networks.
The property offers studio through four-bedroom apartments, and its amenities include a waterfront pool and sundeck.
Argo plans to launch a $6 million capital improvement program to address current operational inefficiencies and lease the property's existing vacancies. It is 88% occupied.
In an emailed statement to Multifamily Dive, Rafi Moskowitz, management and development associate at Argo Real Estate, said the building experienced operational issues.
“Management of the building was not optimal, apparently due to the relationship dynamic of the prior owner’s members, which resulted in operational challenges at the property,” Rafi Moskowitz said.
Argo is targeting a stabilized net operating income of $3.9 million at year three without relying on aggressive rent growth, per the release. “The plan to boost occupancy is to address operational issues with an aim to optimizing them, lease existing vacant units, and convert non-income units back into rentable apartments, supported by targeted unit renovations,” Rafi Moskowitz said.
The firm secured $42.5 million in acquisition financing arranged by Jacob Kahn, Marko Kazanjian and Max Herzog of IPA Capital Markets, a division of Marcus & Millichap.
Argo, which has been in business since 1952, owns residential, hospitality and mixed-use assets throughout New York City and the Northeast. This West Shore Towers purchase expands Argo's portfolio to over 12,000 units across Manhattan, Queens, Brooklyn, the Bronx, New Jersey and the Hudson Valley region.
Rafi Moskowitz said the firm will continue to evaluate additional buying opportunities, focusing on purchases at a strong basis with clear upside from operations and capital improvements. “We do see the outskirts of New York City as a compelling buying opportunity in 2026, where pricing and fundamentals can offer attractive risk-adjusted returns,” he said.
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