Westchester & Fairfield Cheat Sheet: Developer selected for $110M New Rochelle tower, 3 tenants back out of Norwalk retail center … & more

Jun.June 29, 2017 03:45 PM

From left: Waypointe development, Westchester One, Rella Fogliano, president of Macquesten Development

Developer selected by New Rochelle for $110M tower

MacQuesten Development, LLC of Pelham has been selected by the New Rochelle City Council as the winning bidder to develop a 27-story, $110 million mixed-use building. The proposed project, which includes 282 residential units and 9,500 square feet of retail space as well as a four-story parking garage and 50,000 square feet of office space, will be constructed on the current site of the city’s fire station #1 at 45 Harrison Street. The fire station will ultimately be relocated at the developer’s expense but will remain fully operational at its current site during construction. MacQuesten, led by Rella Fogliano, sold two Harlem rental buildings in April for $22.6 million. [realestateindepth.com]

Norwalk developer scrambles to find new tenants as three retailers back out of project

The Container Store, Nordstrom Rack and King’s Bowl have opted out of signing leases in the Pinnacle shopping area planned for downtown Norwalk, the Stamford Advocate reported. An iPic Theater is still slated to open in the center, which is an addition to the existing Waypointe mixed-use Development On West Avenue. Developer Belpointe Capital is in the process of recruiting new tenants for the project. [Stamford Advocate]

Mount Vernon school district aims to teach developers a lesson by taking them to court

The Mount Vernon School District is attempting to school local developers about the overcrowding and financial issues they would face in light of proposed new developments, by taking them to State Supreme Court. The Mount Vernon Board of Education filed an Article 78 petition with the court seeking to stop rezoning and revitalization plans for downtown. The board claims that local schools could not accommodate the population increase stemming from thousands of proposed new apartments and that an accurate analysis of the effect of the developments was not undertaken, Lohud reported. [Lohud]

Wunderlich rejoins Cushman & Wakefield in Westchester and Fairfield 

Cushman & Wakefield has announced that its former commercial real estate broker Carl Wunderlich has rejoined the company. He will represent both tenants and landlords in suburban retail markets in Westchester and Fairfield counties, Westchester Business Journal reported. He leaves Urstadt Biddle Properties in Greenwich where he leased 1.3 million square feet of mixed-use properties. [WBJ]

Local developer proposes 118 condos near Fairfield train station

Plans for a 118-unit residential condo development have been submitted for 333 Unquowa Road, the former home of Catholic fraternal organization, Knights of Columbus. Local developer, Robert D. Russo Jr. plans to create 81 one-bedroom units, 37 two-bedroom units, a shared rooftop deck with barbecue grills and a fireplace. There will be 192 off-street parking spaces available. The developer is seeking clarification from the Town Plan and Zoning Commission to see if the development qualifies as a transit-oriented downtown district. Property records show Russo paid $3.5 million for the site. [Fairfield Citizen]

White Plains high-rise sells for $138M to Brooklyn investors

Boston-based Beacon Capital Partners sold the oldest office building in Westchester County — Westchester One in White Plains — to Brooklyn investors for $138 million. Beacon had purchased the 41-year-old building for $172.5 million in 2006. The new buyers, 44 South Broadway Owner LLC, have not disclosed the identities of its members, but deed documents show a Flatbush Avenue, Brooklyn address, which is the office of real estate investment and management company, E&M Associates. Irving Langer heads the firm. [WBJ]

Stamford office complex sells for $22.6 million

Commercial real estate brokers CBRE confirmed the sale of a Stamford office complex at 225 High Ridge Road for $22.6 million. TNREF III High Ridge LLC, the buyer, is a joint venture between Darien-based Baywater Properties and True North Management Group, an investment fund based in White Plains. The seller was RA 225 High Ridge LLC, a company run by the Australian RNY Property Trust, the Stamford Advocate reported. The 244,100-square-foot building is 81 percent occupied, according to CBRE. [Stamford Advocate]

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