Westchester & Fairfield Cheat Sheet: New Rochelle resi tower sells for $259M… & more

Dec.December 12, 2018 06:00 PM

Clockwise from top left: Partnership pays $295 million for Westchester’s tallest residential building, Weston estate with an ‘unusual address’ hits the market for nearly $2 million, a Norwalk office building taps Avison Young to be its leasing agent and Valor Investments unloads a Fairfield office building to Doyle Insurance Group for $1.38 million.

Partnership picks up Westchester’s tallest residential building for $259M
The tallest residential building in Westchester County has sold for $259 million. Harbor Group International and Azure Partners teamed up to buy Skyline New Rochelle at 40 Memorial Highway in downtown New Rochelle from Massachusetts-based DSF Group. HGI plans to carry out a $5.5 million renovation of the 40-story building, which earlier this year was valued at $223.2 million. “This property continues HGI’s strategy of acquiring class A assets in top tier markets with great demographics and strong employment drivers,” said a statement from HGI president T. Richard Litton Jr. HGI is planning upgrades to 375 of the building’s 588 units, “including updated cabinetry, stainless steel appliances, updated lighting and hardware, 6-panel doors and NEST thermostats,” the company said in a press release. The sale more than doubles in size the largest commercial real estate deal in Westchester this year, the $101.3 million sale this summer of a garden apartment complex in Elmsford[TRD]

Joint venture to bring two new apartment buildings to White Plains
A pair of new apartment buildings are heading to downtown White Plains. A joint venture led by Martin Berger, a principal at Armonk-based Saber Real Estate Advisors, and Jonathan Stein, a founding partner of the development team behind Diversified Realty Advisors, plan to build a total of 127 apartments on two Hale Avenue lots, the Westchester County Business Journal reported. A seven-story building will house 70 apartments, while an eight-story building will house 57 apartments. The plans for the two buildings, drawn up by New Jersey-based architectural firm Minno & Wasko, “will offer amenities more appropriate for people downsizing, such as empty nesters, than the millennial demographic,” the outlet reported. The approximately $48 million project has already secured the approval of the city’s Common Council. [WBJ]

Weston estate with ‘unusual address’ hits market for nearly $2M
A house in Fairfield County with “zero” for an address number has hit the market for far more than that. The owners of the colonial-style home at 0 Aspetuck Hill Lane in Weston are seeking $1.999 million for the five-acre estate, The Norwalk Hour reported. The property includes a 10,000-square-foot main house, a restored cottage, a 1940-built schoolhouse and a “rustic party barn,” as well as a heated gunite pool and swimming changing room with a full bath and sauna, according to the outlet. The home is near the Aspetuck Valley Country Club, which offers golf and racquet sports. It’s not clear how the property got its “zero” house number, though The Hour notes that “[i]n tennis, zero is called ‘love,’ and there is a lot to love about this house and property.” Christa Cusano and Jennifer McCoy of Al Filippone Associates/William Raveis Real Estate have the listing. [The Hour]

Valor Investments sells Fairfield office building to insurer for $1.38M
An office building on Sherman Street in Fairfield has sold for $1.38 million, the Fairfield County Business Journal reported. Doyle Insurance Group snapped up the two-story building and plans to move in within two months, according to the outlet. The property includes a 4,558-square-foot main house and a 1,217-square-foot carriage house. Angel Commercial president Jon Angel represented Doyle on the transaction. The insurer has been leasing space in nearby Southport but expects to move to Fairfield within two months. “Changing from a tenant to a property owner demonstrates the firm’s commitment to being part of Fairfield’s vibrant business community,” Angel told the FBJ. Bruce Wettenstein of Westport’s Vidal/Wettenstein served as listing broker for the seller, commercial real estate firm Valor Investments. [FBJ]

Two new luxury apartment complexes leasing in Yonkers
Prospective tenants can now rent apartments at two new residential developments in downtown Yonkers. The River Club at Hudson Park, located at 1 Alexander Street, and Sawyer Place, a two-tower complex at 55 Main Street, have started leasing, LoHud reported. The former has a rooftop bar and an indoor swimming pool that overlooks the Hudson, while the latter has a terrace with an outdoor movie projection screen, a fitness center and a billiards room. Rents at Sawyer Place start at $1,805 per month for a studio, while rents at the River Club start at $1,720 for a studio. The developments are two of four new apartment complexes that have opened in downtown Yonkers this year, according to LoHud. RXR Realty is behind the Sawyer Place development, one formerly known as Larkin Plaza, while developer Strategic Capital recently began leasing at the River Club, which is managed by Greystar Real Estate Partners. [LoHud]

Avison Young tapped as leasing agent for Norwalk office building
An office building in Norwalk has a new leasing agent in Avison Young, the Fairfield County Business Journal reported. The Toronto-based brokerage has been named the exclusive agent for a six-story building at 535 Connecticut Avenue after completing its sale to Hanover Norwalk Investors in the fall. At the time, the outlet reported the sale was “the largest acquisition of Class A office space in Norwalk.” The building, which is located near the Norwalk-Darien border, houses 179,292 square feet of office space and has a cafeteria, fitness center, renovated common areas and views of the Long Island Sound, among other amenities. Belvoir, Crius, Northwestern Mutual and UBM are among its current tenants. [FBJ]

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