The Real Deal New York

Westchester & Fairfield Cheat Sheet: Cap on SALT deduction hurting Westchester home sales… & more

By Maya Rajamani | July 18, 2018 03:30PM

Clockwise from top left: New cap on SALT deductions is hurting Westchester home sales, Benny Goodman’s former home hits the market, Rye waterfront estate sells for $12.75 million and KPMG leases space in Stamford (credit: John 9474).

New cap on state and local tax deductions hurting Westchester home sales
A new federal tax law that caps deductions on state and local taxes at $10,000 has been detrimental to home sales in Westchester County. Sales were down by 18 percent in the second quarter of 2018 compared to the second quarter of 2017 — the biggest decrease since 2011, according to Bloomberg. That may be because buyers need more time to process the cap and how it will affect them, Scott Elwell, Douglas Elliman’s regional manager in charge of Westchester and Connecticut told the outlet. “They’re spending more time with their accountants and really understanding how this plays out,” Elwell said. [TRD]

Fairfield County office leasing faring well, while Westchester’s was ‘lackluster’: report
The first six months of 2018 were good ones for office leasing in Fairfield County, which saw “its best first half of the year since 2015,” per CBRE’s second quarter office market reports for Westchester and Fairfield counties, the firm said in a release. More than 1 million square feet of office space were leased in Fairfield County as of the mid-year mark, and the availability rate in Greenwich’s central business district dropped in the second quarter, an indication that “leasing activity will spill over into neighboring Stamford,” according to Tom Pajolek, an executive vice president at CBRE. Westchester County, meanwhile, had a “lackluster second quarter for leasing activity,” according to William V. Cuddy Jr., another executive vice president at CBRE, but “other economic conditions in Westchester County remain strong.” [CBRE]

KPMG LLP leases space at former UBS building in Stamford
KPMG LLP is moving its Stamford offices to a new building and adding 110 jobs in the process, the Stamford Advocate reported. The advisory firm has signed a lease at 677 Washington Boulevard — the building that UBS operated out of until 2016 — and is expected to move in next spring. “ It’s not clear yet exactly how much space the firm has leased at its new building. [Stamford Advocate]

Jazz musician Benny Goodman’s onetime home in Pound Ridge hits the market
A Pound Ridge home once owned by “King of Swing” Benny Goodman has hit the market for $2.699 million, LoHud reported. Goodman built the home at 20 Rock Hill Way in 1940 and lived there until he sold it to the owner of the Stork Club in New York City in 1948, according to the outlet. The six-bedroom home sits on 10-acres and has a pool and tennis courts. “Goodman came to Pound Ridge at the height of his fame; he had just done his famous Carnegie Hall concert,” listing broker Catherine Workman of Houlihan Lawrence told the outlet. “It must have been quite a house for its day.” [LoHud]

Yonkers’ Boyce Thompson Center more than 90 percent leased
A pair of medical offices are moving into Yonkers’ Boyce Thompson Center, the Westchester County Business Journal reported. Metro Vein Centers leased 2,781 square feet of space at the center and Motion PT Group leased 1,900 square feet of space, developer Simone Development Cos. said. Now that the two are moving in, the center is “more than 90 percent leased,” according to the outlet. They’ll join neighbors including St. John’s Riverside Hospital, Westmed Medical Group and Starbucks. [WBJ]

Rye home on the waterfront sells for $12.75M
An “iconic waterfront estate” in Rye has sold for $12.75 million, according to Douglas Elliman. Douglas Elliman agents Nancy Strong and Stacey Oestreich were the listing agents for the 10,441-square-foot home at 408 Grace Church Street, which sits on 4.54 acres of land on the Long Island Sound. The home has six bedrooms, six bathrooms, indoor and outdoor pools and was designed by Shope Reno Wharton, Douglas Elliman said in a release. Ellen Stern of Julia B. Fee Sotheby’s represented the buyer, who used an LLC to purchase the property. [Off the Market]