Westchester & Fairfield Cheat Sheet: Toll Brothers turns Harrison office complex into luxury rentals, Megalith courts millennials in New Rochelle … & more

By James Klatell | August 17, 2017 04:40PM

Clockwise from the top left: a few of Rhodium Capital Advisors’ new Bridgeport buildings, Toll Brothers’ Harrison development, Hudson & East’s new New Rochelle project, Fairfield University’s proposed new business school.

Rhodium Capital Advisors inks $31M deal for 14 Bridgeport apartment buildings

A total of 462 apartment units in Bridgeport sold for $30.5 million to New York-based Rhodium Capital Advisors in partnership with real estate private equity firm and alternative credit provider Firm Capital Organization, the companies announced Wednesday. The 14-building portfolio includes one 179-unit complex and 13 smaller buildings around the city. Rhodium said that it plans to spend $1 million on capital improvements and an additional $1.6 million to modernize the units. Matt Cawley of United Multi Family brokered the sale. [FBJ]
Toll Brothers tears down an office to build apartments on Harrison’s Platinum Mile
This demolition of a three-story office building on Corporate Park Drive began this week, making way for a 421-unit apartment complex to be built by the Toll Brothers and its partner Normandy Real Estate Partners. The five-story luxury rental community named Carraway will be the first residential project on Harrison’s Platinum Mile — an area previously dominated by — you guessed it! — corporate headquarters. Harrison has been searching for new uses for its excess stock of office buildings as corporations have moved away. “It’s a slow process, but we’re moving,” Harrison Mayor Ron Belmont told the Westchester Business Journal. “We’re taking the local rather than the express.” The building is expected to welcome its first tenants in 2019. [WBJ]

Megalith breaks ground on 6-story apartment building in downtown New Rochelle

The Printhouse at 165 Hugenot Street in New Rochelle is the latest Westchester apartment building hoping to land millennials priced out of Manhattan and Brooklyn. Manhattan developer Megalith Capital Management and partner Fleetwood East & Hudson, who are constructing the project, held a groundbreaking ceremony on Wednesday. The 71 units in the six-story building are a part of a larger revitalization plan, for which RDRXR — a partnership between Residence Downtowns and RXR Realty — is the “master developer.” The building has amenities including a rooftop terrace, lounge, fitness center and retail space on the bottom floor. It’s located near the Metro-North station. [Chappaqua Daily Voice, WBJ]

Sun Equity buys Shelton office campus for $26 million

New York-based Sun Equity Partners bought a 36-acre property in Shelton for $26 million this week, CT Post reported. The 452,000-square-foot office building is currently 72 percent leased. PerkinElmer Health Sciences and Panolam Industries, among others, call it home. CBRE represented the seller, RA 710 Bridgeport Avenue LLC, and found the buyer. [CT Post]

Fairfield University proposes massive $40M building for its business school

The Charles F. Dolan School of Business is planning for a new 80,500-square-foot home on Fairfield University’s campus, pending approval by the town of Fairfield. Scheduled to open in the fall of 2019, the $40 million project would feature a simulated financial trading floor, a data analytics lab and classrooms. The new business building joins long list of campus capital improvements, including a new dorm, a new building for the nursing school and a new parking facility. [Fairfield Patch]