Stalled Westchester condos conceived during boom find new life as rentals

New York /
Mar.March 16, 2012 01:30 PM

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]


Related Articles

arrow_forward_ios
Matt Lauer exposes Hamptons estate to the market
Matt Lauer exposes Hamptons estate to the market
Matt Lauer exposes Hamptons estate to the market
 Fredrik Eklund and the property (Getty, Steve Frankel)
Fredrik Eklund lists Bel Air mansion for rent as family moves to “forever home”
Fredrik Eklund lists Bel Air mansion for rent as family moves to “forever home”
Gordon Ramsey and his Lucky Cat restaurant (Lucky Cat)
Gordon Ramsay to open first South Florida restaurant in Miami Beach
Gordon Ramsay to open first South Florida restaurant in Miami Beach
The Watermark, a senior-living facility in Brooklyn Heights (Watermark)
High-end assisted living facilities popping up around the country
High-end assisted living facilities popping up around the country
The mansion used as a setting in the film "House of Gucci." (Airbnb)
Get your Gucci on: Mansion featured in Lady Gaga movie available on Airbnb
Get your Gucci on: Mansion featured in Lady Gaga movie available on Airbnb
Austin, Texas saw pricing of 5 to 9 percent above asking in the first six months of the year. (iStock)
In 10 years, homes in Austin, Texas go from bargain-basement to sky-high
In 10 years, homes in Austin, Texas go from bargain-basement to sky-high
Making money moves: Cardi B buying up real estate
Making money moves: Cardi B buying up real estate
Making money moves: Cardi B buying up real estate
New York Governor Kathy Hochul touring construction in the subway (Getty)
Hochul promises Second Avenue Subway work to advance in 2022
Hochul promises Second Avenue Subway work to advance in 2022
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...