The Real Deal Tristate

Entry-level homes sell fast in Fairfield, $1.2B in projects secure Westchester tax subsidies and more Westchester & Fairfield real estate news

By Maya Rajamani | June 19, 2019 05:00PM

Clockwise from top left: Century-old Greenwich estate with ‘dramatic’ waterfront views seeks $26M, Rye mansion once owned by singer-songwriter Paul Stookey list for almost $6M, Westchester IDA grants $34.5M in tax subsidies for $1.2B in real estate projects and a $13M apartment complex proceeds in Danbury as part of a downtown revitalization plan.

Buyers are snapping up entry-level homes in Fairfield County
Entry-level houses in Fairfield County are selling fast — though the definition of “entry-level” varies by town, the Daily Voice Plus reported. Berkshire Hathaway HomeServices New England CEO Candace Adams told the outlet that entry-level houses throughout the county are “selling quickly with multiple offers,” but Scott Elwell, Douglas Elliman’s senior executive regional manager of Westchester and Connecticut, noted that the descriptor “means different things to different people.” Despite lower mortgage rates, confidence among the nation’s homebuilders fell this month. But while starter homes in New York City are now something of a non-starter, in Fairfield County they’re still a thing, even if the market isn’t exactly standardized when it comes to pricing. “Greenwich and Wilton have very diverse offerings,” Elwell told the DVP. “A condo in Greenwich can go for $500,000, while houses in Wilton can go for similar pricing.” [DVP]

White Plains, Rye Brook projects get $35M in tax subsidies
Four construction projects have secured $34.5 million in tax subsidies from the Westchester Industrial Development Agency, the Daily Voice Plus reported. The first project, known as Hamilton Green, will replace the White Plains Mall with a residential and retail complex; the second will bring two towers with 814 apartments, retail and parking space to the former Westchester Pavilion Mall site in White Plains; the third will see a 5-story independent senior living facility rise on Bloomingdale Road in White Plains; and the fourth is the relocation of POP Displays USA’s headquarters, which is moving from Yonkers to 1 International Drive in Rye Brook. Altogether, the projects are expected to cost more than $1.2 billion, according to the outlet. [DVP]

Century-old Greenwich estate with waterfront views seeks $26M
A waterfront estate in Greenwich with a private dock that was once used by famed aviator Charles Lindbergh is on the market for $25.9 million, Mansion Global reported. Built in 1916 by former Remington Arms president Samuel Pryor Sr., the ivy-covered mansion at 130 Field Point Circle is known as the Pryory. Listing agent Robin Kencel of Compass told the outlet that the 2.4-acre property has “truly dramatic views of the Long Island Sound.” The eight-bedroom home was bequeathed to Pryor’s son, aviation industrialist and former Pan American World Airways executive Samuel Pryor Jr., who hosted parties at the home with guests including “presidents, dignitaries, New York City mayors and even hundreds of his neighbors,” according to Mansion Global. The younger Pryor, who died in 1985, was also friends with aviators such as Charles Lindbergh that flew seaplanes from the Pryory’s dock. The property’s current amenities including a tennis court, swimming pool and a private beach. [TRD]

Peekskill approves 82-unit affordable, workforce housing project
The Peekskill Planning Commission has approved a plan to build 82 units of affordable and workforce housing in the Inland Waterfront Zoning District, the Daily Voice Plus reported. The project slated for 645 Main Street will be financed by Westchester County and the New York State Housing Finance Agency. The DVP noted that Wilder Balter Partners (WBP) is the project’s applicant. The Chappaqua-based residential real estate firm is currently in the process of building a 550-unit development in New Rochelle that will be “75 percent market, 25 affordable,” its president, William Balter, told the outlet. WBP is also building a 42-unit affordable housing community in nearby Lewisboro. Balter said his firm expects to break ground on the Peekskill project “in the third or fourth quarter of 2019.” DVP also reported this week on the Peekskill Common Council hearing plans from developer Paul Guillaro of Cold Spring-based Unicorn Contracting for a 52-unit condominium development in the city. [DVP]

$13M apartment complex hopes to revitalize downtown Danbury
Danbury is getting a new $13 million apartment complex, the News-Times reported. Developer Dan Bertram of the Danbury-based BRT Companies plans to build the 150-unit building at 333 Main Street, where the former News-Times building stood before it was demolished, according to the outlet. Danbury Planning Director Sharon Calitro told the newspaper that the city hopes the development, which was first pitched in 2017, will help revitalize its downtown area, noting the “national surge toward moving downtown for everyone from millennials to empty-nesters.” Calitro cited a Danbury study that “found there is a market for it, and our hope is the people who occupy the market-rate housing will spend their disposable income downtown,” she said. Rents will likely range from $1,400 for a one-bedroom apartment to $2,600 for a two-bedroom unit. [News-Times]

Westport mansion on Long Island Sound lists for $20M
A seven-bedroom, 10-bathroom home in Westport with 125 feet of frontage on Long Island Sound hit the market earlier this month seeking $20 million, per Patch. The 11,458-square foot mansion was built in 2007 by Paul Tallman of the Southport-based Tallman Building Company and designed by Ferguson & Shamamian in New York. The residence at 82 Beachside Avenue includes various amenities, including two master suites, an 18-seat movie theater, a gym and a seaside terrace. Todd Gibbons of William Pitt Sotheby’s International Realty has the listing. [Patch] — Brian Baxter

‘The Nest’ estate in Southport hits the market at almost $17M
A seven-bedroom, 11-bathroom home known as “The Nest” situated on three acres along Long Island Sound is for sale with a $16.5 million ask, according to Patch. Built in 2015, the estate at 1125 and 1111 Pequot Avenue is part of Southport, a coastal enclave within Fairfield. Designed by architect Mark Finley, the 11,760-square-foot home comes with a rooftop observation deck, an infinity pool, a pool pavilion with a fireplace and a spa overlooking a private beach. The subdivided property allows for a potential buyer to add on another residence and a tennis court. Michelle Genovesi of Michelle & Company at William Raveis Real Estate has the listing. [Patch] — Brian Baxter

Folk singer’s former Rye mansion gets another price chop
A Tudor mansion that singer Paul Stookey of the folk group Peter, Paul and Mary once used to call home is seeking $5.87 million, LoHud reported. The seven-bedroom home at 10 Shore Road in Rye, which sits on the Van Amringe Mill Pond near Long Island Sound, has a master bedroom with two Juliet balconies and a living room with a vaulted ceiling. Amenities include an in-ground heated pool, an outdoor kitchen and cabana, a boat ramp, gardens and a “unique wooden boardwalk,” as well as access to a private beach and playground. Property records show it hit the market in April seeking almost $6.4 million and took its first price cut the following month, to nearly $6 million. While the original 1925-built home received a complete overhaul in 2001, its current owners “painstakingly preserved and restored the best of the home’s original Tudor details,” LoHud reported. “It’s a magical house,” listing agent Margaret Grasso of Berkshire Hathaway HomeServices Westchester told the outlet. [LoHud]