Connecticut
Waterfront mansion sells for record price
The Hascoe estateThe Greenwich estate of late husband-and-wife entrepreneurs Norman and Suzanne Hascoe has sold for $39.5 million, the Hartford Courant reported last month. The price is the highest ever paid for waterfront property in the ritzy suburb, and the sale is the most expensive in Greenwich since 2004.
The mansion, known as Point of View, sits on 4.2 acres, with 340 feet of frontage on the Long Island Sound.
Industry experts say the sale indicates that the luxury home market in Greenwich is reviving, after the downturn dampened home sales through the state for several years.
The deal “aligns with what we’re experiencing in Greenwich, which is that high-end buyers are returning to the market, and are acting on special opportunities such as the Hascoe family estate,” said Kathy Korte, president and chief executive of Sotheby’s International Realty, which listed the property.
For example, Mel Gibson’s 16,000-square-foot Greenwich mansion, initially listed in 2007 for $39.5 million, sat on the market for years before selling in 2010 for $24 million.
By contrast, the Hascoe estate hit the market in October, and closed less than a year later, on June 30.
Westchester County
Office vacancies up
450 Mamaroneck Avenue
The market for office space in Westchester County is struggling as corporations abandon the suburbs for Manhattan and other cities, the Wall Street Journal reported.
Due to a spike in gas prices and a weak economy, companies like Bank of New York and Citibank have closed some of their Westchester locations, according to the Journal. More than a dozen buildings in large office parks along I-287 are now at least partially vacant, and the overall vacancy rate in Westchester County is 17.9 percent, compared to 10.7 percent in Manhattan, according to data from real estate research firm Reis Inc.
Prices have suffered as a result. Prime office space now rents for approximately $25 to $28 per square foot in Westchester, compared to $60 to $80 in Midtown Manhattan, the Journal said. Developer Robert Weisz recently paid $7.2 million for the empty 180,000-square-foot building at 450 Mamaroneck Avenue, previously occupied by Citigroup. Four years ago, he paid more than twice as much for a nearby building.
In response, a group of Westchester firms is attempting to raise $3 million to fund a marketing campaign to attract companies to the area. Many owners are boosting the office parks’ appeal with amenities like shuttle services from the train station, jogging trails, car washes and dry-cleaning services.
New Jersey
Garden State tackles foreclosure scams
A bill to regulate “foreclosure rescue” fraud has overwhelmingly passed both the New Jersey State Assembly and Senate.
Gov. Chris Christie has 45 days to review its contents before taking action, according to the Newark Star-Ledger.
The “Foreclosure Rescue Fraud Prevention Act” aims to prevent scams in which companies promise to help distressed borrowers keep their homes, but then enrich themselves at their clients’ expense.
Last year, New Jersey State Attorney General Paula Dow obtained $17 million in legal settlements through rescue-fraud prosecutions.
The bill, first introduced four years ago by Assemblyman Gary Schaer, would require foreclosure consultants to obtain a license and post a bond with the Department of Banking and Insurance before conducting business in the state.
Compiled by Omari Allen