The Real Deal New York

Westchester & Fairfield Cheat Sheet: Sales launched for $1B Edge on Hudson project … & more

By TRD staff | October 24, 2018 03:30PM

Clockwise from top left: Edge on Hudson, a new street is planned for New Rochelle, a two-office Stamford campus trades for $16.5M, Westchester multifamily properties selling “like hotcakes.”

Sales launched for $1B Edge on Hudson project in Sleepy Hollow
Construction and sales have commenced for the 1,177-unit Edge on Hudson development in Sleepy Hollow, the Westchester Business Journal reported. Toll Brothers is developing and marketing the residential portion of the project, which features a mix of condos and brownstone-style townhomes. The site’s developers — a joint venture between California-based SunCal and New Jersey’s Diversified Realty Advisors LLC — will also construct a 140-key hotel, 135,000 square feet of retail space and 30,000 square feet of office space on the former General Motors site. [WBJ]

Fairfield County homes are selling 30 percent faster than they had last year
While the median home prices ticked up only 3.7 percent year-over-year, the stock in Fairfield county is selling over 30 percent faster than it did in 2017, according to a Douglas Elliman report. While in the third quarter of 2017, listings sat on the market for an average of 119 days, this year they were on the market for an average of only 82 days. In Stamford, both homes and condos were listed for only about 70 days before selling, the report found. And the median home price increase to $425,000 marked the sixth time in the past seven consecutive quarters in which prices for Fairfield county homes increased. [Douglas Elliman]

Multifamily properties in Westchester are selling “like hotcakes”
The tax law passed nearly a year ago continues to have a wide-reaching impact on buyer behavior, with real estate investors in Westchester County increasingly buying up multifamily properties, according to Bloomberg. Houlihan Lawrence broker Candace Evans told the outlet that two- to four-family homes are selling “like hotcakes.” Sales of this housing stock rose 28 percent year over year, according to Douglas Elliman’s third quarter report. Experts say the uptick is likely due to rules within the new tax law that allow owners who are only using properties for rental income to avoid the $10,000 cap on state and local tax deductions enacted for investment properties. [Bloomberg]

Medical office complex sells for $16.5M in Stamford
A 91-percent-leased Stamford office complex sold to HB Nitkin Group to the tune of $16.5 million, according to a report from the Fairfield Business Journal. CBRE brokers Jeffrey Dunne, Steven Bardsley and Stuart MacKenzie represented owner Collins Enterprises LLC and found the buyer. [FBJ]

La Rochelle owner announces second 200-unit tower for New Rochelle
Massachusetts-based DSF Group, the owner of luxury rental tower La Rochelle, has struck a deal with the city of New Rochelle to allow the construction of a new street on its property in exchange for permission to build an additional tower in the city, LoHud reported. The new street, to be named Shearwood Place, will cut through the La Rochelle property to create more access to the northbound side of the train station. DSF Group will pay for the construction of the street. The developer hasn’t finalized its proposal for the new residential building but said it would be 23 stories and should contain about 200 units. [LoHud]