The Real Deal New York

Westchester & Fairfield Cheat Sheet: MGM bets on $675M Bridgeport casino, Houlihan Lawrence Commercial forms new team in Rye Brook … & more

By James Klatell | September 21, 2017 03:30PM

Clockwise from top left: The proposed MGM casino in Bridgeport, Garry Klein of Houlihan Lawrence Commercial and 41 West Putnam Avenue in Greenwich

MGM Resorts International places a $675M bet on Bridgeport casino project
The Las Vegas-based hospitality and entertainment company announced plans for a $675 million casino and entertainment complex in Bridgeport. The waterfront casino in the Steelpointe Harbor area would also include a 700-seat theater, a 300-room hotel, retail space and dining options. While casino gambling in Connecticut is currently limited to two federal Indian reservations — though plans for another casino in East Windsor was recently approved — MGM is lobbying for the state to approve its plan. [Hartford Courant]

Houlihan Lawrence Commercial forms new sales team in Rye Brook
Houlihan Lawrence Commercial Group announced it was forming a new sales team led by regional sales manager Garry Klein and Bryan Lanza. Alexander Cohen, Jennifer Hanlon and Sid Canchester fill out the group. “As a team we see more property, meet more clients and get a much better picture of the entire marketplace,” Lanza told the Westchester Business Journal. [WBJ]

Construction begins on townhome community in Peekskill
Sixteen new townhomes are under construction at 700 Main Street in Peekskill. The condominium community, dubbed Gateway Townhomes, is a project of Ginsburg Development and will feature two- and three-bedroom homes ranging from 1,649 to 1,915, the Westchester Business Journal reported. Two units will be sold as affordable housing, while prices for the other 14 will start at $275,000. Sales are expected to begin in 2018. [WBJ]

Bucking the county’s trend, vacancies fall at one Greenwich office building
As the Fairfield County office market continues to see lackluster absorption rates, the building at 41 West Putnam Avenue in downtown Greenwich has seen its vacancy rate drop to 10 percent this year. Ivy Equities bought the 25,000-square-foot building in 2013 for more than $10 million when it was only about 65 percent filled. After an extensive renovation, Ivy raised the rents to nearly $60 per square foot. They signed leases with four new tenants with the help Stamford-based brokerage Rhys Commercial, Greenwich Time reported. [Greenwich Time]

Judge: North Castle can deny developer request to transfer affordable housing units 
A New York State Supreme Court judge ruled this week that the town of North Castle acted legally when it denied a request from developer Michael Fareri to transfer affordable housing units from one property to another. In 2015, the town approved Fareri’s plan to build luxury apartments at 162 Bedford Road if six of the 36 units were offered as affordable housing, but in March, Fareri proposed moving those affordable units to another development at 470 Main Street. The developer contended that he would lose $1.8 million if forced to include the affordable units at the high-end Lumberyard project on Bedford Road. [WestFair]

Construction on Mamaroneck luxury apartments nears finish
The finishing touches are being put on Marina Court, a 13-unit apartment building in Mamaroneck. Rye-based Elk Homes is developing the property, which replaced an office building at 422 East Boston Post Road. There are a mix of one-, two- and three-bedroom units, which will rent for $4,600 or more. [LoHud]