Toll Brothers acquires White Plains development site for nearly $33M

One the of the nation’s largest homebuilders is paying almost $33 million to acquire The Collection, a proposed $136.2 million mixed-use development on a 3.1-acre lot in downtown White Plains, the Daily Voice Plus reported. Saber Chauncey WP, a limited liability company advised by a CBRE team led by vice chairman Jeffrey Dunne, agreed to sell a row of single-story retail buildings on the site to Toll Brothers. The outlet noted that the deal became public when the Westchester County Industrial Development Agency agreed Thursday to allow Saber to assign its rights and tax benefits for the project to Toll subsidiary TB White Plains Apartments. Saber principal Martin Berger told the DVP his firm’s decision to sell came about as a result of the project shifting from retail to largely residential, a specialty of Toll, which is behind the $1 billion Edge-on-Hudson development in nearby Sleepy Hollow. The Collection’s plans call for two towers with 276 apartments, roughly 25,000 square feet of retail space and 716 parking spaces, according to the DVP. Westchester’s IDA granted $3.4 million in sales and mortgage recording tax exemptions to Saber for the project, which has also received a property tax abatement from White Plains. [DVP]