90 South Ridge Street

Address: 90 South Ridge Street Rye Brook, NY 10573

Date Acquired: June 2007

Location Description:

Located at the intersection of South Ridge Street and Bowman Avenue, the property is directly adjacent to Rye Ridge Plaza and Rye Middle School. The site highlights the demand for space in the medical industry throughout Fairfield and Westchester Counties. Being located between White Plains and Greenwich makes this site a prime target for medical providers with patients in these counties and affiliation with area hospitals.

Building Description:

90 South Ridge Street is a 2 story low-rise 77,000 suburban office building. Constructed in two phases in 1964 and 1967, the building was significantly renovated in 1984. There are 206 parking spaces on the 4 acre site.

Major Tenants:

NY State Department of Taxation
White Plains Hospital
White Plains Medical Center

Investment Rationale:

Renew the state of Dept. of Taxation and several other small doctors on the lower level. Lease up the remaining vacant space and continue to drive rents up. As the demands on the healthcare systems in the area increases continue to attract medical groups/private practices to the building. This will require some minor capital improvements, i.e. common area upgrades and improved building maintenance.