The Real Deal New York

Westchester & Fairfield Cheat Sheet: Scarsdale lands on ‘richest places’ index,
co-working arrives in Trumbull … & more

By Maya Rajamani | February 20, 2019 01:03PM

Clockwise from top left: Westchester town ranks second on ‘Bloomberg Richest Places’ index (credit: Jweiss11), 20 Payless stores in Westchester and Fairfield to close amid bankruptcy (credit: JJBers), White Plains-based investor snaps up Stamford shopping center for $5.527M, and Mixed-use complex in Westport sells for $10.5M.

Scarsdale ranks second on ‘Bloomberg Richest Places’ index
A Westchester County town has taken one of the top spots on the Bloomberg Richest Places annual index. Scarsdale placed second on the ranking; its residents “enjoyed a $30,000 increase, on average, in annual household income from the prior year,” the outlet reported. In first place was Atherton, California, which is a short distance from Stanford University, Google and Facebook. Scarsdale Mayor Dan Hochvert gave partial credit to the town’s public schools for its popularity. “We moved here, as many did, because of the outstanding school system,” he told the outlet. “That’s one of the primary drivers.” Several other places in Westchester and Fairfield counties also made the index, including Darien and Bronxville, which ranked eighth and ninth, respectively. [Bloomberg]

Coworking space for tradesmen and craftsmen opening in Trumbull
A Norwalk-based company is opening a coworking space in Trumbull that’s geared toward tradesmen and craftsmen, the Fairfield County Business Journal reports. Levco Mechanical Group wanted to offer “something different and unique to tradesmen, craftsmen or anyone looking for good, clean space with very flexible terms, unbeatable parking and even deluxe offices already built out,” its president and CEO Robert Levene told the outlet. Levco has tapped Colliers International in Stamford to lease the 100,000-square-foot space, for leases as little as three months or as long as ten years. “The idea of a co-located commercial community is an innovative way to repurpose what was originally a multinational corporate headquarters campus,” Levene said of the Merritt Boulevard building, which was once home to Unilever. [FBJ]

20 Payless stores in Westchester and Fairfield to close amid bankruptcy
Payless ShoeSource has filed for bankruptcy, and Westchester and Fairfield’s vacancy rates will see the effects. Of the more than 2,000 Payless stores the chain plans to shutter, around 20 are within Westchester and Fairfield counties, according to the Westchester Business Journal [WBJ]. “After downsizing by almost 700 stores during a previous bankruptcy, the remaining 2,100 stores will shutter due to a combination of competition from stronger players such as DSW, Nordstrom Rack and others,” Howard Greenberg, president of Howard Properties Ltd. in White Plains told WBJ. He added that another cause was “shopper preferences to shop for multiple items at the same time, rather than a single item in a one-product store. Shoppers want name brands and convenience, and Payless was apparently not providing either.” The chain’s outposts are expected to start closing at the end of March. [WBJ]

Mixed-use complex in Westport sells for $10.5M, will undergo ‘cosmetic enhancements’
A retail and office plaza in Westport has a new owner, the Fairfield County Business Journal reported. The 877 Limited Partnership sold the two-story complex on Post Road East to 877 PRE LLC for $10.5 million, according to the outlet. The 1970-built, 30,000-square-foot property is owned and operated by Rosenfeld Realty & Development and is currently 90 percent leased. Vidal Wettenstein LLC partner Robert Lewis brokered the deal. The new owner plans to make “some cosmetic enhancements” at the site, the outlet reported. [FBJ]

White Plains-based investor snaps up Stamford shopping center for $5.5M
A White Plains-based real estate investor shelled out $5.5 million for a shopping center in Stamford, Long Island Business News reported. Long Island-based HRR Investments LLC sold the center on High Ridge Road to the unidentified investor. Tenants at the site — which is fully leased — include the Vitamin Shoppe, Subway and High Ridge Printing & Copy Center, according to the outlet. Mark Krantz and Derrick Dougherty of Marcus & Millichap’s Philadelphia office had the listing and brought the buyer, the firm said in a release. “This site is well positioned within the submarket, as it resides on one of the most prominent retail corridors in Stamford,” Krantz said in a statement. [LIBN]

Spring Valley-based investment group buys 28-unit Stamford apartment building for $4.8M
A Rockland County investment group is buying a Stamford apartment complex for $4.8 million, the Fairfield Business Journal reported. Dash Properties is selling the 28-unit complex to Spring Valley-based Capital Realty Group, which plans to “complete extensive capital improvements throughout the property,” according to the outlet. The complex is part of a Housing Assistance Payments Contract, which means federal and local approvals were needed to complete the sale. United Multi Family Corp. Senior Director Matt Cawley, who represented Dash Properties, said Capital Realty Group was “attracted to the deal based on the building’s affordable status and its excellent location in proximity to downtown Stamford.” [FBJ]