Westchester & Fairfield Cheat Sheet: Fairfield County resi sales exploded in Q3, medical tenants give boost to Westchester’s office market … & more

New York /
Oct.October 19, 2017 08:30 AM

Q3 sales approach record levels in Fairfield County

Home inventory tightened and sales improved to near record levels in Fairfield County in the third quarter, according to data prepared by real estate appraisal firm Miller Samuel for Douglas Elliman. Sales in Fairfield County hit the second-highest level in 11 years and inventory sunk to the lowest level in a third quarter in 12 years. The number of sales edged up 1.2 percent to 3,361. In Greenwich, median sales prices were up 4.3 percent for single-family homes to $1.795 million but down 3.2 percent for condos to $730,750. The number of sales of single-family homes in Greenwich fell 23.7 percent to 145 and the number of condo sales in that area increased 34.9 percent to 58. [Douglas Elliman]

Westchester office market enjoys a strong Q3 with medical leasing leading the way

Medical tenants are clocking in over in Westchester, which saw a 17.5 percent increase in leasing activity from the second quarter to the third, according to a new report published by CBRE. Rental rates also increased, from $27.81 per square foot in the second quarter to $28.54 per square foot in the third quarter, Westchester Business Journal first reported. A third quarter report from Colliers International noted that medical tenants have been responsible for the lion’s share of the new deals — making seven out of the top ten biggest deals, to be precise. The biggest lease of the quarter was Montefiore Health System’s renewal and expansion of its space in Yonkers, according to a Cushman Wakefield report. [WBJ]

Plans for food court at historic building in Ossining put on the back burner

It looks like Ossining may not be getting a new food hall at a historic former bank — at least not anytime soon. A legal dispute has put on hold Corinthian Group’s plans to bring Asian cuisine, coal-fired pizza and other trendy fare to the vacant Beaux Arts-style building at 200 Main Street, according to LoHud.com. Corinthian is suing the Village of Ossining for breach of contract and damages in excess of $500,000 after the village terminated the contract to sell the property to Corinthian without supplying a clear reason, the suit claims. “All I can tell you … is the village believes there was a strong reason to terminate,” said Stuart Kahan, the village’s corporation counsel told LoHud. [LoHud]

Construction can start on 361-unit tower in Yonkers now that pollution is removed

Construction of a 361-unit rental building in Yonkers can now take place after a two-year delay to remove pollution from the site. Developer DW Capital is looking to build a 25-story tower with an automated three-story parking garage at 41 Buena Vista Avenue, according to Lohud.com. The property was largely dormant for about two years because the property was in the New York State DEC Brownfields Program and cleanup of ground pollution took longer than expected, a consultant for the developer said. The site is the former location of Teutonia Hall, an 1892 German American music and literary venue. The developer plans to repurpose some of Teutonia Hall’s decorative elements in the garage’s facade. [LoHud]

Stamford Zoning Board says no to medical clinic near residential area

A contentious proposal to build a 7,000-square-foot medical clinic near single-family homes was denied by the Stamford Zoning Board during a heated public meeting. Ahuja Holdings’ request to amend zoning regulations to build the High Ridge Road clinic drew opposition from residents concerned about overdevelopment in the area, including 600 who signed a petition against the proposal. Ahuja also has a second clinic application filed, requesting a special exception to build an outpatient clinic for patients with acute and chronic medical conditions. The board will hear that application at a later date. [Stamford Advocate]

Sun Homes to kick off sales at 110-home Kingfield in Rye Brook

Sales are launching Oct. 28 for Kingfield, a new 110-home residential community in Rye Brook, the area’s first major new home development in years, according to developer Bill McGuinness, principal of Sun Homes, which also built Kensett, a 77-home community in Darien. Homes at Kingfield will be a mix of townhomes, priced in the mid-$900,000 range and single-family residences, starting at $1.4 million. Sizes will range from 2,400 square feet to over 4,500 square feet. Homes will have a two-car garage and private gardens and amenities include a private 4,400-square-foot clubhouse, walking trails and ponds. A grand opening event, to be held Oct. 28 to 29, will open three decorator-furnished homes to the public. [Kingfield]

 

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