The Real Deal New York

Westchester & Fairfield Cheat Sheet: RXR Realty exits local office markets, Westchester home prices go up in Q2 … & more

By Grace Guarnieri | July 13, 2017 06:20PM

Clockwise from left, residential properties in Troy, NY, Connecticut governor Dannel Malloy, 100 Oakview Drive in Trumbull, CT.

RXR Realty sells off its Westchester and Fairfield office portfolio

Scott Rechler’s RXR Realty appears to be exiting the office markets in Westchester and Fairfield counties. Along with its affiliate, the Australian real estate investment trust RNY Property Trust, RXR has sold or is in contract to sell off six office properties in the two counties. Two of Westchester’s oldest real estate firms, Robert Martin Company and GHP Office Realty, are buying two office buildings on Route 119 in Tarrytown and Greenburgh, according to the Westchester Business Journal. And an investor from North Jersey has purchased two additional office buildings in Elmsford. In all, RXR and RNY have sold 19 office properties in New Jersey, Long Island, Westchester and Fairfield counties this year, the publication claims. RXR TRData LogoTINY is, however, making big bets on residential developments near transit stations in the suburbs around New York City. [WBJ]

Westchester home prices up in Q2, median hits $670,000

The Hudson Gateway Association of Realtors has good news for sellers. The group’s second quarter market report shows that the sale price for single-family homes in Westchester increased by a little more than three percent from the same time last year, bringing the price up $20,000 to $670,000. The average sale price of homes for the second quarter was $900,000, up seven percent from the same time in 2016. The increase in average price could indicate an improvement in sales at the highest end of the market, the report said. [Patch]

Greenburgh considers zoning code change for office space

Officials are in talks to change the zoning laws for a mostly-vacant five-story office building at 555 White Plains Road in Greenburgh, LoHud reported. Westchester development firm Robert Martin Company, which bought the 135,000-square-foot space for $5.4 million in May 2017, sent representatives to meet with the town board in June to discuss re-zoning the site for a health club or self-storage facility. If the board permits the changes, Greenburgh would join several Westchester and Rockland communities in loosening land usage laws to convert office spaces to residential and retail, mixed-use developments. [LoHud]

Trumbull building will be demolished to make way for 202 apartment units

A vacant Trumbull building at 100 Oakview Drive will be leveled and converted into a $202-unit residential development, Fairfield Business Journal reported. The 79,000-square-foot building will be replaced by a $30 million dollar complex that contains 119 two-bedroom apartments and 83 one-bedroom apartments, with rents ranging from $1,600 to $2,000. New Jersey-based developer Continental Properties has said it will begin work next March on the property, which will also feature a clubhouse with pool and fitness center. [WBJ]

Owner seeks approval for residential redevelopment at former Philips Research campus

The new owner of the former Philips research campus in Briarcliff Manor announced that it would seek approval to redevelop the 100-acre plot into a residential community. New Jersey-based Ridgewood Real Estate Partners bought the parcel at 345 Scarborough Road for $12.2 million in June. Philips had operated in the facility for 50 years, until 2015, when the health tech research firm closed up shop moved 125 employees to Cambridge, Massachusetts. [WBJ]

Governor Malloy vetoes legislation to change standards for affordable housing

Last week, Connecticut Gov. Dannel Malloy vetoed a house bill that would have changed affordable housing standards for the state. Current legislation recommends that 10 percent of housing stock in each municipality be deemed affordable. Until that 10 percent threshold is met, developers building affordable housing are permitted to flout local zoning laws. The rejected 8-30g Affordable Housing Statute revision would have lowered the affordable housing requirement, which proponents said would help to curtail unrestricted developments. In his veto message, Malloy said the rejected legislation would “perpetuate the harmful effects of bad economic policy and institutional segregation, damaging our state’s economy and its moral foundation.” [Connecticut Mirror]