Westchester & Fairfield Cheat Sheet: Stamford’s largest empty office space sells for $33M, developers in Yonkers ordered to abide by union labor rules … & more

New York /
Dec.December 20, 2017 06:00 PM
Westchester & Fairfield Cheat Sheet

Clockwise from top left: The UBS property in Stamford, construction on the waterfront in Yonkers, the Glenwood Power Plant on the Hudson River, and the Wescott apartment community in Stamford.

Former UBS site, Stamford’s largest vacant office complex, sold for $33M
The 700,000-square-foot office complex that once housed UBS has sold for $33 million. The buyer is Stamford Washington Investors LLC, an affiliate of the California investment firm that previously bought the property’s mortgage. UBS once had 4,200 workers in Stamford. The last of the 900 UBS employees who remain in the city moved from 677 Washington Boulevard to A Property Across The Street at 600 Washington Boulevard last year. [Stamford Advocate]

Developers who get tax breaks in Yonkers must follow union labor rules
The Yonkers Industrial Development Agency approved rules that will force developers to abide by union project labor agreements at properties that receive financial assistance. Labor unions have been critical of developers and city officials because projects that enjoyed public funding or tax breaks often employed cheaper out-of-state labor, they claim. The one-year pilot program applies to developments with construction budget of more than $5 million. [Lohud]

The Wescott apartments in Stamford sell for $67M
TH Real Estate (an affiliate of Nuveen, a TIAA company) sold The Wescott apartment community for $67 million to a private New Jersey-based investment group. The 261-unit residential property on Washington Boulevard also has 8,500 square feet of vacant commercial space. Built in 1986, The Wescott has been renovated over the last five years, with most of the apartments featuring new kitchens and bathrooms. [Real Estate Weekly]

Glenwood Power Plant in Yonkers gets $1M development grant
The redevelopment of the Glenwood Power Plant on the banks of the Hudson River in Yonkers got a boost with a $1 million grant from the Mid-Hudson Development Council. Built in 1907 to power the railroad, the cavernous facility was abandoned in the 1970s. The Lela Goren Group bought it in 2012 with a $15.7 million plan to preserve the historic structure and turn it into a cultural center. “Phase I” of the conversion, which included stabilizing the structure and doing priority utility work, was completed this year. [City of Yonkers]

Sale of Linden Court mansion in Greenwich gives hope for luxury market
Linden Court, an eight-bedroom 12,390-square-foot mansion in Greenwich, sold for $9.65 million after sitting on the market for nearly eight years. The five-acre property within the exclusive Khakum Wood Association area was originally listed for $25 million in 2013. Local real estate experts hope this long-delayed and price-reduced luxury sale is another sign of the recovering luxury market in Fairfield County. David Ogilvy of David Ogilvy & Associates, which represented both the buyer and the seller, told Greenwich Time, “It’s hard to put a number on any of these markets, but we’re happy with what we’re seeing.” [Greenwich Time]


Related Articles

arrow_forward_ios
Fairfield County (iStock)
Looking for a home in Connecticut? Good luck
Looking for a home in Connecticut? Good luck
(iStock/Illustration by Kevin Rebong for The Real Deal)
NYC investment sales hit multi-year peak to end 2021
NYC investment sales hit multi-year peak to end 2021
(iStock)
Unprecedented landlord incentives powering U.S. office market recovery
Unprecedented landlord incentives powering U.S. office market recovery
Office subleases abound in North Dallas suburbs
Office subleases abound in North Dallas suburbs
Office subleases abound in North Dallas suburbs
Google buying London office for $1B
Google buying London office for $1B
Google buying London office for $1B
RXR chief executive Scott Rechler and 5 Times Square (Getty Images, 5timessquare.com)
RXR seeking $1.5B refi for Times Square office tower
RXR seeking $1.5B refi for Times Square office tower
Regent Properties buys Texas office building for $174M
Regent Properties buys Texas office building for $174M
Regent Properties buys Texas office building for $174M
Noam Ben-Zvi, chief executive officer, Placer.AI (Placer.AI, iStock)
Location data firm Placer.ai hits unicorn status with $100M Series C
Location data firm Placer.ai hits unicorn status with $100M Series C
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...