Argo Real Estate Acquires West Shore Towers for $45 Million
West Shore Towers, acquired by Argo Real Estate for $45 million, sits along the waterfront in a residential community with sweeping views of the Hudson River.
164-unit Hudson River property expands Argo portfolio to over 12,000 units
This acquisition represents exactly the type of irreplaceable yet historically-challenged asset that aligns with our value-creation strategy”
NEW YORK CITY, NY, UNITED STATES, April 22, 2026 /EINPresswire.com/ -- Argo Real Estate, a privately-owned, full-service real estate firm with offices in Manhattan and Queens, has acquired West Shore Towers, a 164-unit waterfront community located at 101 Gedney Street in Nyack, New York. The company acquired the property for $45 million and 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 (NYSE: MMI) that specializes in capital markets services for major private and institutional clients.— Mark Moskowitz
The property consists of three six-story residential towers totaling 203,546 square feet with direct Hudson River frontage and unobstructed water views. The diversified unit mix includes studio through four-bedroom apartments, with community amenities featuring a waterfront pool and sundeck. West Shore Towers benefits from its proximity to downtown Nyack's retail and dining corridor and access to regional transportation networks.
"This acquisition represents exactly the type of irreplaceable yet historically-challenged asset that aligns with our value-creation strategy," said Mark Moskowitz, President and CEO of Argo Real Estate. "West Shore Towers provides compelling entry into the fundamentally undersupplied Rockland County market while leveraging our proven expertise in operational improvement and long-term asset preservation."
West Shore Towers offers spacious units and direct waterfront access in a fundamentally constrained submarket, and Argo believes there is significant potential for revenue growth supported by both market dynamics and targeted operational improvements.
Argo plans to implement a $6 million capital improvement program focused on addressing current operational inefficiencies and leasing existing vacancies. The property currently operates at 88% occupancy with 21 vacant units, creating immediate upside potential through the company's proven value-add execution capabilities. The business plan targets a stabilized NOI of $3.9 million by Year 3 without relying on aggressive rent growth.
Founded in 1952 by industry pioneer Henry Moskowitz, Argo Real Estate brings over 70 years of operating history and institutional expertise to multifamily ownership and management. The firm maintains a diversified portfolio of residential, hospitality, and mixed-use assets throughout New York City and the Northeast, leveraging deep local market knowledge and in-house development capabilities to drive value through operational improvement. 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.
About Argo Real Estate:
Founded in 1952, Argo Real Estate is one of New York’s longest-standing independently owned real estate companies. Argo is an owner, developer, and manager of over 12,000 units with a longstanding reputation for integrity and client service. Argo’s in-house brokerage team has been responsible for more than $1 billion in sales and development transactions. Its Closings and Transfers Department received the city’s number one rating. In addition, Argo was named in Crain’s Business New York “Best Places to Work” feature for four consecutive years.
About IPA Capital Markets:
IPA Capital Markets is a division of Marcus & Millichap (NYSE: MMI). IPA Capital Markets provides major private and institutional clients with commercial real estate capital markets financing solutions, including debt, mezzanine financing, preferred and joint venture equity, and sponsor equity. For more information, please visit institutionalpropertyadvisors.com/capital-markets
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