The Real Deal New York

Westchester & Fairfield Cheat Sheet:
White Plains office vacancies are down, Elliman announces new regional leadership … & more

By James Klatell | January 24, 2018 05:00PM

Clockwise from top left: Cyndi Lauper sold her house in North Stamford, Scott Elwell will lead Douglas Elliman’s Westchester County and Connecticut offices, and White Plains led the office market surge in 2017.

White Plains office vacancies down 5 percent from last year
Demand for office leases rose in Westchester County’s urban centers in 2017, according to a Cushman & Wakefield report, and the easy access to transit is the driving force behind the growth. The county’s vacancy rate was 19.6 percent at the end of 2017, 1.6 percent lower than it was in 2016. Downtown White Plains showed the largest improvement with a vacancy rate of 16.7 percent in 2017, well below the 21.7 percent in 2016. “Demand is strong, vacancies continue their decline, major employers are making commitments, and new residential is starting to follow,” said Jim Fagan, a managing principal at Cushman. “There is no question that access to transit is a key driver.” [Cushman & Wakefield]

Elliman taps Scott Elwell to lead Westchester and Connecticut offices
Douglas Elliman named Scott Elwell the senior executive regional manager of its six offices in Westchester County and Connecticut. A native of Greenwich, Elwell had been one of Elliman’s brokers in his hometown. Prior to joining Elliman, he worked in real estate investment management for Clarion Partners. “His marketing acumen and diverse experience in a variety of real estate segments are critical factors in today’s real estate environment, making Scott an ideal addition to our management team as we continue our growth and expansion,” said Scott Durkin, Elliman’s president and CEO. [Press Release]

Cyndi Lauper sells Stamford home for $800K
After nearly nine months on the market, Cyndi Lauper’s Stamford home sold for a little more than $800,000. The 3,885-square-foot North Stamford home went on the market in May for $1.25 million and saw two price cuts since then. The Grammy and Tony-award winning singer and composer bought the home in 1986 and lived there with her husband, actor Dave Thornton. [Stamford Advocate]

New law could force Westchester co-ops to explain rejections to applicants
A bill proposed by Democrats in Westchester County would force co-ops to change the application process for would-be buyers. Co-ops boards would have 10 days to acknowledge a completed application and would need to accept or deny the application within 45 days. The co-op would also need to provide a written explanation to people who have been rejected. The law is billed as an anti-discrimination measure, but chief counsel of the Westchester Cooperative and Condominium Advisory Council Ken Finger said the measure is unnecessary, arguing that the current housing law already protects applicants against discrimination, LoHud first reported. [Lohud]

Fairfield County residential market “fastest-paced” since 2005
Both median home prices and the number of home sales increased in Fairfield County in the fourth quarter of 2017 compared with the same quarter the year before, according to a report from Douglas Elliman. There were 2,743 sales in the county, which is the highest fourth quarter volume in 13 years. Median prices rose 4.8 percent from the same time period in 2016, to $390,000. Elliman’s report also noted that inventory fell by 7.6 percent year-over-year. The report called the end of 2017 the “fastest-paced market since 2005.” [Douglas Elliman]