The Real Deal New York

Westchester & Fairfield Cheat Sheet: Compass to buy Scarsdale-based Platinum Drive Realty, luxury townhouses proposed in Mamaroneck … & more

By James Klatell | February 21, 2018 03:56PM

Clockwise from top left: The Pointe development in Mount Vernon, a proposed townhouse project in Mamaroneck, and Robert Reffkin and Ori Allon of Compass with Heather and Zach Harrison.

Compass to buy Scarsdale-based Platinum Drive Realty
Venture-backed startup brokerage Compass plans to expand into Westchester by buying Scarsdale-based Platinum Drive Realty. With 100 agents, Platinum sold $238.7 million worth of real estate in 2017, according to the Hudson Gateway Multiple Listing System. Founded in 2006 by Heather and Zach Harrison, the firm generated $5.6 million in 2016 revenue, according to Inc. magazine. Compass did not release terms of the acquisition, which is part of a plan to open 70 offices nationwide, they said. [TRD]

Luxury townhouses proposed in Mamaroneck by local developer
Mamaroneck-based developer Dominic Brescia’s Liberty Enterprises is proposing a townhouse development right off the main commercial street in his hometown. The plans, which are under consideration by the village Planning Board, call for five attached townhouses on Phillips Park Road, with each four-story building featuring a three-bedroom apartment. Liberty bought the property in January for around $800,000. [Lohud]

Consultant sues developer MVP after dismissal from Mount Vernon project
Ferrandino & Associates is suing MVP Realty, the developer of The Pointe in Mount Vernon, for breach of contract after being fired as consultants on the massive affordable housing project. In court filings, Ferrandino & Associates claims that it was fired only so MVP could save money, a claim that MVP rejects. Ferrandino was hired in 2015 to work on the site’s environmental review, but MVP terminated the contract in September, after the review process had dragged on for more than two years. [WBJ]

First Reserve moves headquarters from Greenwich to Stamford
Investment giant First Reserve has stealthy moved its headquarters from Greenwich to Stamford’s Shippan Landing. As one of Connecticut’s largest private equity firms, First Reserve signed a lease for 35,000-square-feet in 290 Harbor Drive last fall, but made no announcement about leaving out of One Lafayette Place in Greenwich, where BlackRock is now a tenant. [Greenwich Time]

After GE’s exit, Fairfield’s first selectman looks to fill the void with small businesses
Fairfield First Selectman Mike Tetreau wants to grow the private sector in his town and may press for changes to zoning laws to make it happen. When General Electric abandoned its Fairfield headquarters after 42 years, it left a “$2 million revenue hit we have to make up,” Tetreau told the Fairfield County Business Journal, but he believes smaller businesses rather than corporate campuses are the way forward. “The economy is driven by companies with under 500 employees,” he said. [FBJ]