Irvington’s Iconic Trent Building Sold

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The Trent Building when it was known as the Cosmopolitan Building (Irvington Historical Society)

February 18, 2023

By Barrett Seaman—

The 128-year-old, Stanford White-designed Trent Building at 50 South Buckout Street in Irvington has been sold to Carvi Properties Inc, a New York City-based subsidiary of a Portuguese Hotel chain. Advising Carvi during the transaction and staying on as asset manager for the property is Tenfold Real Estate Partners, a developer based in Pelham. The sale was first reported by the Westchester Business Journal earlier this week.

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Originally the headquarters of Cosmopolitan Magazine, the 130,000 sq. ft. neo-classical building has in recent years been home to dozens of small businesses, artists and artisans. While office buildings nationally are bleeding occupants in the post-pandemic climate, the Trent Building is 88% leased. That plus its proximity to the Irvington Metro North station made it a uniquely attractive real estate investment. “This is a very, very unique property,” says Jeff Lacilla, a principal with Tenfold. “It looks like the Federal Reserve Building parked on the Hudson River.”

Tenfold plans no major changes, according to Lacilla. The building’s façade needs work, and other improvements are needed but all over the long term.

The Tenfold team has already met with current tenants. “It’s a very eclectic tenant roster,” says Lacilla. “We told them we would love to have them stay…Our challenge is, can we create a really great tenant experience.”

As asset manager, Tenfold will monitor the property’s financial wellbeing. Cushman Wakefield will serve as the day-to-day property manager.

The seller is listed as Stanford Bridge LLC, a spinoff of Astorbuck Properties, which for the past 14 years has owned and managed the Trent Building, along with a some adjacent properties that remain under its ownership. While Astorbuck shares a number of partners with Bridge Street Properties, the large office complex that dominates Irvington’s waterfront, there is no other connection; Bridge Street will be unaffected by this sale.

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