The zoning approval of a historic project leads this week’s roundup of suburban New York real estate news.
Largest economic development in Westchester history
In New York’s Westchester County, the Mount Pleasant Town Board unanimously approved zoning for a 3-million-square-foot science and technology center. Fareri Associates is developing the center, which is expected to cost $1.2 billion, making it the largest economic development project in county history.
The campus is expected to include shops, a hotel, a conference center, restaurants and public spaces across 60 acres of county-owned land leased by Fareri and 20 acres owned by the developer. The site is next to the Regeneron Pharmaceuticals complex.
Fareri is expected to submit a site-plan application to the town planning board early next year.
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Commercial
Tri-State
Newly built Southampton home faces foreclosure
Residential
Tri-State
Hamptons builder Joe Farrell sued for $36M in tree-chopping dispute
Triton International renews tenancy in Purchase
Also in Westchester, Triton International renewed its lease at 100 Manhattanville Road in Purchase, the company’s largest global office. The leasing corporation occupies 40,000 square feet at the property, which was purchased by RPW Group three years ago.
Terms of the lease were not disclosed by Choyce Peterson, which announced the renewal. Choyce Peterson’s John Hannigan and Charlene O’Connell represented the tenant in the deal.
Five Towns Shopping Center nabs $55M mortgage
On Long Island, Houlihan-Parnes Realtors announced a $55 million first mortgage for the Five Towns Shopping Center at 253-01 Rockaway Boulevard in Woodmere. The five-year loan, from a local bank, has a fixed rate of 5.75 percent.
The 502,000-square-foot shopping center’s tenants include Lowe’s, Stop & Shop, TJMaxx, Ashley Furniture, Foot Locker and Chick-fil-a.
New Jersey multifamily portfolio changes hands
In Union County, New Jersey, a 120-unit multifamily portfolio changed hands for $15 million in a deal financed by Walker & Dunlap. Neither the buyer nor the seller were disclosed.
Four of the properties in the deal are in Elizabeth and one is in Hillside. Most of the properties are short, brick buildings with on-site parking and laundry facilities. Jeff Squires of Kislak Realty arranged the deal and procured the buyer.