Westchester & Fairfield Cheat Sheet: Inside Berkshire Hathaway’s bombshell Houlihan Lawrence acquisition, ranking the biggest commercial deals … & more

Aug.August 10, 2017 06:30 PM

Clockwise from left: Warren Buffett, Houlihan Lawrence’s Bronxville headquarters, Regeneron.

Inside Berkshire Hathaway’s bombshell acquisition of Houlihan Lawrence

Local industry insiders were floored when Warren Buffett’s Berkshire Hathaway HomeServices snapped up Houlihan Lawrence in January. Seven months later, Houlihan agents still don’t know what the future holds. Some brokers fear the expansion of Houlihan into nearby HomeServices areas could cause the firm to step on its own toes, but others note that day-to-day operations have not changed. However, the firm’s plan to hire an HR coordinator this summer to enact HomeServices corporate policies could change things. Read The Real Deal‘s in-depth story. [TRD]

Developer Louis Cappelli sues town of North Castle over Westchester Airport parking garage

Since his company Airport Parking Associates has exclusive parking rights at the Westchester County Airport, developer Louis Cappelli is now suing over the proposed development of a garage just north of the airport, Westchester Business Journal reported. Cappelli had built a three-story garage and an overflow lot to accommodate the airport. The suit filed in Westchester Supreme Court in July against the town of North Castle and the North Castle planning committee, states that the automated car-stacking garage proposed for the 3.3-acre site at 11 New King Street poses environmental risks of polluting drinking water in the Kensico Reservoir. New Castle’s general counsel believes the claims have no merit. [Westchester Business Journal]

The top 10 commercial deals in Westchester and Fairfield counties

TRD combed through Westchester and Fairfield property records, press records, and Real Capital Analytics to compile a list of the counties’ top commercial deals. Here’s what we found: the biggest sale of the last 12 months was the $720 million dollar sale of 777 Old Saw Mill River Road in Tarrytown to biotech firm Regeneron. The medical sector, looking to expand its real estate assets, has been giving commercial brokerages more businesses of late, experts said. “It used to be a medical practice would take a space, put the lease in a drawer and no one would look at it again. Now companies are much more active,” James Fagan of Cushman & Wakefield said. [TRD]

Ranking the priciest residential sales in Westchester County

TRD has ranked the priciest sales of Westchester County homes from summer 2016 to summer 2017. The most expensive home, 12 Parsonage Point Place in Rye, sold in June 2016 for $21.7 million. Penny Weiner of Julia B. Fee Sotheby’s International Real Estate brokered the deal. TRD also tracked the steepest price cuts of active listings. The findings indicated that brokers are slashing asking amounts by as much as 78 percent in the hopes of luring luxury buyers. [TRD]

Rob Astorino on affordable housing, Westchester development and his feud with Cuomo

Westchester County executive Rob Astorino is never shy about speaking his mind. The Republican up for re-election in November sounded off to TRD about Westchester development, his non-relationship with Gov. Andrew Cuomo, and the realities of affordable housing. Astorino told TRD: “What we’ve learned is affordable housing is unaffordable. It’s unaffordable for the people who end up living there who need to be subsidized as well as for the developers who couldn’t build it without tax breaks. The math doesn’t work out.” Read the full article. [TRD]

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