The Real Deal New York

Westchester & Fairfield Cheat Sheet: Rivertowns Square in Dobbs Ferry sells to Regency Centers for $69M … & more

By Aidan Gardiner | April 26, 2018 08:00AM

Clockwise from top left: Office conversions had a strong Q1, the Rivertowns Square sold for $69M, Newtown hopes to bring more development and locals are trying to stop an approved senior center in Harrison.

Rivertowns Square in Dobbs Ferry sells to Regency Centers for $69M
Regency Centers bought the 450,000-square-foot mixed-use center from Saber Dobbs Ferry LLC for $69 million. It’s the first Westchester buy for the Florida company, which also owns 10 shopping centers in Fairfield County, the Westchester Business Journal reported. Regency officials said that they will be “adding further enhancements” to the “already superior” shopping center. Saber Dobbs Ferry, a joint company of Saber Real Estate Advisors and Dobbs Ferry Capital Partners LLC, bought the property in 2010 and broke ground in 2015. [WBJ]

Greenwich landlord sues Ralph Lauren over unpaid rent
This is not a good look for the season. After shuttering its storefront at 265 Greenwich Avenue in May 2017, Ralph Lauren continued to pay rent to the property’s landlord, Thurles LLC, per the lease agreement, which ends in five years. But the LLC alleges in recently filed complaints that the retailer stopped paying its monthly rent of $133,000 in February 2018, racking up nearly $400,000 in unpaid rent since then, Greenwich Time reported. The space is currently available for sublease with RFK. [Greenwich Time]

Westchester office conversion projects boost rents in Q1
The adaptive repurposing of offices has been trending in 2018, according to a report from CBRE. The conversions have paid off, as availability has dropped by 1 million square feet, compared to from the end of 2016 while rents have hopped by $2.02 square feet in the same period. The trend has brought down the amount of unused space while giving residents things they need and want, the report states. One of the largest repurposing projects in the county is of the former AT&T offices in White Plains, which will be converted into 243 residential units. [CBRE]

Banks vie to liquidate White Plains developer’s business as his legal woes mount
Banks have joined in the slew of lawsuits against embattled developer Michael D’Alessio, asking the court to liquidate his business. Westchester Bank, Greater Hudson Bank and BNB Bank say he owes them $6.3 million. It’s the latest turn in an ongoing legal saga for the White Plains developer who’s accused of taking investor funds for personal use while lying about progress of his developments. [WBJ]

Harrison residents raise $90K in legal fight to stop senior housing development
Angry Harrison residents want to halt a senior housing development that was unanimously approved by the town board in 2016. To that end, they’ve raised $90,000 because they believe the 7.3-acre development is too big, out of character for the neighborhood and likely to cause traffic woes. The development firm, Brightview, has already reduced the units to 148. Construction hasn’t begun as Brightview still needs permits from the town. [LoHud]