The Real Deal New York

Westchester & Fairfield Cheat Sheet: Bill Gates buys $16M North Salem farm for equestrian daughter … & more

By Maya Rajamani | May 02, 2018 03:30PM


Clockwise from top left: Bill Gates buys North Salem farm (credit: Kjetil Ree), White Plains Common Council hears development plans, developer breaks ground at former Standard Star newspaper site, Westchester foreclosure filings down (credit: Brendel)

Bill Gates buys $16M farm in North Salem for equestrian daughter
A trust that has purchased a number of properties for Bill Gates shelled out $15,825,000 for a 124-acre farm on Mills Road in North Salem at the beginning of the year, LoHud first reported. Sources told the New York Post that the billionaire philanthropist bought the property for his daughter Jennifer Gates, a Stanford University student and competitive show jumper who may be moving to New York next fall. [NYP] [LoHud]

Cappelli Organization breaks ground on ‘millennial-focused’ building in New Rochelle
Westchester developer Louis Cappelli has broken ground on a 14-story residential building set to rise where the Standard Star newspaper building stood previously. The building known as The Standard is slated to house 112 apartments, 4,000 square feet of retail space and will boast amenities like a roof deck, a fitness center and an outdoor seating area with a fire pit. With a projected completion scheduled for the end of 2019, smaller rental units are aimed at drawing in millennial tenants. [Westchester Magazine]

Laser and camera systems company moving its headquarters to Shelton
Laser and camera systems company Dark Field Technologies is moving from Orange to Shelton, the Fairfield Business Journal reports. The tech company will take up 5,785 square feet of space in a 84,000-square-foot building at 5 Research Drive. Employees will have access to a fitness club, salon and spa, tennis and basketball courts at a neighboring corporate park. [FBJ]

Decline in foreclosure action filings continues into 2018 in Westchester County
Foreclosure filings have been on the decline in Westchester County over the past five years, and the trend continued into the beginning of 2018, according to the Westchester Business Journal. Foreclosure filings between January and March were down seven percent from the first quarter of 2017, while foreclosure judgments were down 2.8 percent from the same quarter. Westchester County Clerk Timothy Idoni credits “a more stable financing market and resultant stability in mortgage payments” for the trend. [WBJ]

New hospital building, luxury apartments and improved pedestrian plaza proposed in White Plains
The White Plains Common Council heard about plans for three new development projects during a work session earlier this week. White Plains Hospital hopes to build a new nine-story 16,000-square-foot hospital building next to the Center for Cancer Care; developer Rose Associates seeks approval to convert a 12-story building that once housed AT&T offices into luxury apartments; and Kite Realty wants to improve the City Center pedestrian plaza with a performance stage and food and drink kiosks, among other features. Formal applications for all three projects will be completed this week, LoHud reported. [LoHud]

Town of Fairfield approves 90-unit residential development
Once the site of a Knights of Columbus hall, the property at 333 Unquowa Road in Fairfield will soon welcome a multifamily development, Fairfield Business Journal reported. The town’s Plan & Zoning Department approved the $26.5 million dollar project, which is only 750 feet from the Fairfield train station. Developer Post Road Residential plans to begin construction later this year. [FBJ]