Westchester & Fairfield Cheat Sheet: South Norwalk mall developer says anchor tenants are all-in, first luxury rental building in White Plains’ Transit District opens … & more

By Jennifer White Karp | November 01, 2017 04:50PM

Clockwise from top left: 481 Canoe Hill Road in New Canaan, Continuum in White Plains and a rendering of SoNo Collection mall in South Norwalk.

South Norwalk mall developer says Bloomingdale’s and Nordstrom are committed tenants

The developer of the under-construction SoNo Collection mall in South Norwalk asserted that anchor tenants Bloomingdale’s and Nordstrom are committed to maintaining their footprints, despite a dismal climate for department stores. Developer GGP has leased 65 percent of available retail space at the mall, which is scheduled to open in the fall of 2018, the Stamford Advocate reported. On a recent conference call, CEO Sandeep Mathrani was asked whether a department store could back out, according to the report, and he replied that the retailers “have dug their heels in to keep the size of the store that they have (planned) currently.” Nordstrom recently suspended plans to take the chain private and has a store planned for the Central Park Tower. [Stamford Advocate]

First major project for White Plains’ new Transit District to welcome tenants

A new luxury rental tower will open its doors this month in downtown White Plains. Continuum, a 16-story building with 288 units at 55 Bank Street, was developed by LCOR on the site of a former parking lot, according to LoHud. The building has 3,000 square feet of retail space on the ground floor and views of Manhattan from the upper floors. Rents range from $2,120 for a 523-square-foot studio to $4,220 for a 1,256-square-foot two-bedroom. Amenities include a 24-hour concierge, lounge, roof deck, pool and fitness club. Located south of the White Plains railroad station, this is the first of several mixed-use luxury projects approved in recent years to be completed and the first major project for the city’s new Transit District, the report said. [LoHud]

Subsidized senior housing to replace Greenburgh homeless shelter

An abandoned homeless shelter in Greenburgh will be converted to subsidized housing for seniors. In a deal reached last week, Marathon Development Group of Peekskill will develop the six-acre county-owned site adjacent to Westchester Community College, Westchester Business Journal reported. Marathon is paying the county and the town a combined total of $1.5 million to develop the property and will spend $6 million on repairs and improvements within three years. WestHELP housing had 108 studio apartments, which will be converted into 54 one- and two-bedroom units for tenants, chosen by lottery, who are at least 62 years old and meet income criteria. The proposal next goes to the county board of legislators. [WBJ]

Mortgage loan misrepresentations drop significantly in Bridgeport-Stamford

The mortgage industry refers to a loan application in which the homeowner has misrepresented the facts as a “defect.” In September, Connecticut was the only state in the country to see a decline in a “defect” index tallied by First American Financial, a title insurance provider, and the Bridgeport-Stamford region saw an even better improvement, according to the Connecticut Post. In the coastal Fairfield County area, loan misrepresentations dropped 6.2 percent from the previous year. Mark Fleming, chief economist for First American Financial, said the potential for mortgage loan application fraud increases with when natural disasters occur. “Flooding is associated with elevated risk for misrepresentation of collateral,” he said. [Connecticut Post]

New Canaan home with connection to King George II on market for $5M

A property on the market in New Canaan for $5 million has a rather unusual pedigree, boasting connections to both King George II and President Herbert Hoover, the Stamford Advocate reported. A 15-room Georgian colonial house at 481 Canoe Hill Road was once part of a 16-acre land grant given to Col. James Lockwood for services rendered to the King of England in 1683, according to documentation the homeowner obtained from the New Canaan Historical Society. The listing is 5.5 acres and the current home is a combination of the original house built in 1839 and another home dating from 1920. Current owner Ruth Laird was told that the previous owner was a close friend of President Herbert Hoover, and hosted the president overnight when Hoover attended the wedding of his daughter. Mary Higgins of Halstead Property has the listing. [StamfordAdvocate]