Like much of the rest of the New York area, and Lower Manhattan in particular, Westchester has a number of high profile projects once slated to become condominiums that are finally being delivered as rentals. The New York Times named five developments that have followed this trend and cited difficulties in obtaining financing and a general preference for rentals among residents still wary of purchasing after the bust.
For example, in 2006, ground was broken on 4.5 acres of waterfront land in Ossining where a mixed-use project of 180 condos, shops, a restaurant and a park were supposed to be built. However, financing for for-sale became unavailable for Ginsburg Development and Cappelli Enterprises and they recently swapped the condos for 188 rentals in a project called Harbor Square.
Ginsberg is also reworking a 400-unit condo in Yonkers called River Club into rentals.
“The market for condos isn’t there right now, nor is the financing,” said the firm’s founder, Martin Ginsburg. “But since the market for rentals is, we’re proceeding on that basis.”
Elsewhere in Yonkers, the hot rental market has allowed Collins Enterprise to deliver the final 200 units in its multi-phase Hudson Park complex. Meanwhile, in Port Chester, developer Frank Boccanfuso switched plans for two separate luxury condo projects with a combined 183 units into rentals, with prices ranging from $1,600 to $2,900 per month. [NYT]