The Real Deal New York

Westchester & Fairfield Cheat Sheet: Port Chester auditions master developers, GDC buys Norwalk apartment complex for $105.9 million … & more

By James Klatell | December 06, 2017 04:55PM

Clockwise from top left: Tavern Island off the coast of Norwalk, tax bills in the U.S. Capitol have Realtors worried, and the RPA wants massive rail projects to spur growth.

Five firms apply to be Port Chester’s ‘master developer’
Port Chester wants to hire a “master developer” to redefine the area around its Metro-North station as a “cohesive, walkable, transit-oriented” downtown, and the Village Board recently heard from five real estate firms that want the job. RXR Realty, Hines, HB Nitkin Group, Renaissance Downtowns and the Albanese Organization all submitted proposals in response to Port Chester’s request for qualifications. Commercial real estate giant Cushman & Wakefield also submitted an offer to advise the board moving forward. The village is trying to move away from “ad hoc” development of apartments and retail buildings. [WBJ]

GDC Properties buys Norwalk apartment complex for $105.9 million
Hawthorne-based developer and property manager GDC Properties scooped up the 235-unit luxury rental complex — 597 Westport — from an affiliate of Hunt Asset Management in a deal facilitated by CBRE’s Jeffrey Dunne, Gene Pride and Eric Apfel, a release about the transaction stated. Built in 2009 in Norwalk, the 22.9-acre site offers tenants “ultra luxury finishes” like shared club and billiards rooms, as well as oversized kitchens in the units.

Regional Plan Association calls for major transportation improvements to grow Westchester, Fairfield Counties
The Regional Plan Association, a respected 95-year-old advocacy group, is calling for major transportation improvements in New York City and the surrounding area so the region can continue growing. The group’s “Fourth Regional Plan” offers 61 long-term improvements for the area’s transportation network that would add new rail lines, tunnels and stations. The RPA report found that the New York metropolitan area could add 3.7 million more people and 2 million more jobs by 2040 if its ambitious recommendations are implemented. [Lohud]

Price cut for private island off Norwalk coast
Tavern Island, one of two privately owned properties in the 25-island Norwalk Islands chain, could now be yours for $8.7 million. Al Zesiger, managing director at Zesiger Capital Group LLC, and his wife, Barrie, bought the island in 1981 for less than $1 million, and first listed it for sale at $12.9 million in 2012. After other reductions, the price was finally dropped to $8.7 million this year. A five-bedroom mansion built in 1900 stands on the 2.7-acre island, which is a 5-minute boat ride from the mainland. Nancy Dauk of Halstead Property has the listing. [FBJ]

Connecticut Realtors president: GOP tax bill is ‘just disastrous for us’
As the Republican tax bills work their way through Congress, real estate industry leaders in Connecticut are warning of potential troubles. “For Connecticut, this tax bill is particularly onerous,” Michael Barbaro, president of the Connecticut Association of Realtors, told Greenwich Time. “If you take away the ability of people to write off taxes and mortgage interest, you’ll start to see increased migration out of the state. This is just disastrous for us.” The House version of the tax bill caps the mortgage interest deduction for new homes at $500,000, and both the House and Senate versions roll back incentives to build affordable housing. [Greenwich Time]

After sale and renovation, Greenburgh’s ‘pyramid’ building leasing
White Plains-based GHP Office Realty bought Greenburgh’s “pyramid” building in March for $30 million and embarked on a $5 million renovation of the 280,000-square-foot property. Now, GHP says it’s seeing returns on those investments as leasing activity picks up. Prestige Brands expanded its lease from about 55,000 square feet to 68,886 square feet, and ENT and Allergy Associates has signed a new 38,128-square-foot lease. [Lohud]