The Real Deal New York

Westchester & Fairfield Cheat Sheet: Fairfield luxe homes sitting on the market 20 percent longer than in 2017 … & more

By Aidan Gardiner | April 19, 2018 08:00AM

Clockwise from top left: A White Plains developer is being sued for siphoning investor funds for personal use, the Stamford zoning board is investigating if it can alter plans for Life Time gyms, a local developer will lead the Westchester Financial Center redevelopment and a major sake distillery is opening in Hyde Park.

Fairfield luxe homes are sitting on the market 20% longer than in 2017
Douglas Elliman’s report on the first quarter of 2018 finds that the inventory of luxury homes in Fairfield County — those priced at the top 10 percent of all stock on the market — was up almost 6 percent from the same time last year, but those homes were sitting on the market 20 percent longer than they were last year, now taking an average of 234 days to sell. The median sales price for these high-end homes was down nearly seven percent, now at $1.99 million. [Douglas Elliman]

Apartment building sold for $25M in Stamford’s biggest real estate deal of 2018
The Pine Hill Apartments were bought for $25 million by 125th Strawberry Hill LLC. It’s the largest real estate sale in Stamford since a 261-unit building sold for $67 million in December, according to the Stamford Advocate. Brokers said the high prices aren’t necessarily market indicators. “Constructing residential buildings and the ongoing property maintenance of those buildings are very different,” said Tammy Felenstein of Halstead Real Estate told the Advocate. “Regardless of who owns the buildings, the occupancy rates in all the downtown buildings range from 93 percent to 98 percent. Those percentages say more about the Stamford rental market.” [Stamford Advocate]

Ginsburg Development to lead $83M Westchester Financial Center overhaul
Valhalla-based Ginsburg Development Companies and Robert Martin Company will spend $83 million to buy the two office buildings that make up the Westchester Financial Center. The firms plan to redevelop the area into a new “City Square” with green space, apartments, retail and renovated offices. The deal includes a 15-story tower with 309,000 square feet of office space and another tower that’s just a story shorter with 262,000 square feet. They share a block with a 124-unit apartment building that Ginsburg had bought last year for $35 million. [CNBC]

Stamford zoning board weighs whether it can shape Life Time gym development plans
The town’s zoning board has tapped its attorney to investigate how much it can influence and shape plans to build six gyms in office parks around town. The plans from George Comfort & Sons would put a major development project next to an assisted living facility. Locals protested the project during the zoning meeting, arguing that the project will create more traffic, noise and light pollution. A lawyer for the project’s developer argued that zoning changes were needed in order to fill the office park, which has had high vacancies in the past several years, according to the Stamford Advocate. [Stamford Advocate]

SL Green offloads Valhalla and Rye Brook properties for $67M combined
The New York City-based REIT announced that it has locked in buyers for two office properties, but noted that neither deal has closed yet. In Valhalla, the office building at 115-117 Stevens Avenue will change hands, as will 1-6 International Avenue in Rye Brook’s Reckson Executive Park but the buyers for each property were not yet announced. Both properties had been owned by SL Green via its suburban subdivision, Reckson Associates Realty Corporation, which the REIT acquired in 2006. CBRE represented SL Green in both deals, the Westchester Business Journal reported. [WBJ]

Suits against White Plains developer now seek a total of $92M in damages
White Plains developer Michael D’Alessio of Michael Paul Enterprises of White Plains is now facing a total of seven lawsuits filed by nearly 20 investors who claim he lured them into projects only to turn around and use the money for personal use and for other projects all while lying to them about project progress and costs. The investors are now seeking $92 million in damages. [LoHud]