The Real Deal New York

Westchester & Fairfield Cheat Sheet: SL Green sells 6-building office complex in Rye Brook for $55M … & more

By Maya Rajamani | August 01, 2018 03:00PM

Clockwise from top left: Bridgeport-based company shells out $35M for buildings in Stamford (credit: John), White Plains developer pivots to senior housing, New Canaan mulls office building purchase (credit: Jasonacurry), and joint venture snaps up six-building office complex in Rye Brook (credit: Bonnie Council).

SL Green sells 6-building office complex in Rye Brook for $55M
A joint venture between New York-based commercial real estate firm George Comfort & Sons and a fund managed by DRA Advisors shelled out $55 million for a six-building office complex in Rye Brook, LoHud reported. SL Green sold the 563,596-square-foot Reckson Executive Park to the joint venture, and plans to put the money toward a stock repurchase program, according to the outlet. Jeffrey Dunne, a vice chairman at CBRE, which brokered the sale, said GCS plans to lease “the remaining space” at the complex. [LoHud]

Bridgeport-based company shells out $35M for two multifamily buildings in Stamford
Navarino Acquisitions LLC has snapped up two multifamily buildings in Stamford, the Fairfield County Business Journal reported. The Bridgeport-based company purchased The Moderne Apartments and The Verano Apartments for $35 million from Shelton-based Northeast Private Client Group, according to the outlet. The two buildings house 58 luxury apartments each. “The relative value to renters by choice at these newer-construction assets puts them in the unique position to sustain rent growth in the face of significant new deliveries to the Stamford luxury rental market,” Bradley Balletto, the vice president of investments at Northeast, said. [FBJ]

Fairfield County median home sales price down from same time last year
The median sales price in Fairfield County was $425,000, down from $445,000 in the same quarter last year, according to data from Douglas Elliman. The figure, however, was up from the first quarter of 2018, when median sales price was $385,000. The number of home sales was also up 52,7 percent from the previous quarter, with 3,087 homes sold in Q2. Buyers looking at Fairfield County want homes that don’t need a lot of work, Scott Elwell, Douglas Elliman’s senior executive regional manager of Westchester and Connecticut, told the outlet. “There is a stronger buyer interest if it is a new condition house that is move-in ready,” he said. [FBJ]

Developer who planned mixed-use project in White Plains pivoting to senior housing
National Development, which owns a property across the street from Bloomingdale’s in White Plains, has already secured approval for a 67,000-square-foot restaurant and retail project at the location, but may be changing its plans, LoHud reported. The developer is now hoping to build five stories of senior housing at the site. The project would include 132 apartments, a garage and 13,000 square feet of green space, the outlet reported. National Development will need the city’s approval before it can move forward with its plans. Its vice president of development, Michael Glynn, said the apartments would be for “residents who are… 80 years plus, and don’t need assisted living.” [LoHud]

New Canaan mulling office building purchase for its police department, Board of Ed
The town of New Canaan is considering buying an office building for its police department and board of education, the New Canaanite reported. First Selectman Kevin Moynihan said the town is “very interested” in purchasing the 28,000-square-foot Unimin Building on Elm Street. The company that currently occupies the building plans to move and could lease space from the town as it relocates to another location, Moynihan said. It would be “very feasible to move both the Police Department and Board of Education” into the building, he added. [New Canaanite]

Ginsburg Development gets $31.5M refinancing package for White Plains apartment building
A developer that bought a 124-unit apartment building in White Plains last year has secured a $31.5 million refinancing package for the complex, the Westchester County Business Journal reported. The developer shelled out $35 million for The Metro, which is on the same block as the two-building Westchester Financial Center. The developer plans to redevelop all three buildings and to create a “City Square” that will include green space, retail and restaurants. Avison Young arranged the refinancing package, according to the outlet. [WBJ]