Campus Drive Property in Pleasantville Sells for $2.75M
News Based on facts, either observed and verified directly by the reporter, or reported and verified from knowledgeable sources.
The property at 3 Campus Drive in Pleasantville has been sold to a local real estate investor for $2.75 million.
Sale of the 31,000-square-foot mixed-use building was announced last Thursday by Houlihan Lawrence, which did not disclose who the buyer was but acknowledged that it was a local real estate investor that owns properties throughout northern Westchester. The identity of the buyer will be known once that information is filed, typically about a month after a property’s sale.
The seller was Savin Engineering, which bought the building in 1999 for $1.15 million. The recent transaction was a sale-leaseback with Savin downsizing to about 13,000 square feet of office space in the two-and-a-half story building, leaving about 8,000 square feet of office space and 10,000 square feet of warehouse vacant.
Savin put the parcel on the market in 2022 and has since been represented by RMFriedland Commercial Real Estate, which has been marketing 3 Campus Drive and three other contiguous as a prospective site for residential development. However, that would require the village to grant a zoning change.
If a developer wanted to build a residential project at the site, the village requires at least 15 contiguous acres that are assembled allowing the owner to petition for a change of use and build up to five units per acre.
“I’m not aware that the buyer has approached the village at all,” Scherer said of the recent sale. “That would suggest they are intending to use the building for a zoning-compliant use. There’s been lots of discussions of what might happen there but there’s been no plan so far. I know Savin is leasing back part of it to continue to operate in the building for some period of time.”
The building was constructed in 1972 and renovated in 2000. There is parking for 70 vehicles.
The other three parcels that had been marketed by RMFriedland two years ago also included 1 Campus Drive, 71 Bedford Rd. and a parking area on Manville Lane that serves 1 Campus Drive. The land is adjacent to the Foxwood Condominium complex.
Neither a spokesman for Houlihan Lawrence nor Scherer were aware of any prospective buyers for the other properties.
There is also a 100,000-square-foot office building at the site that was formerly owned by the Bank of New York, which served as an emergency backup center for the bank. Except for several months following 9/11, the facility went largely unused and was eventually sold to village resident Donald Carey in 2020.
Abby is a local journalist who has reported on breaking news for more than 20 years. She currently covers community issues in The Examiner as a full-time reporter and has written for the paper since its inception in 2007. Read more from Abby’s editor-author bio here. Read Abbys’s archived work here: https://www.theexaminernews.com/author/ab-lub2019/
