Page 47 - 2019 Westchester Economic Development Guide

REAL ESTATE Reaching New Heights
Westchester offers New York City-style luxury amenities at more affordable prices.
A New Vision
For decades, Westchester’s natural beauty and ideal lo- cation have attracted world- class real estate development companies. Leveraging the Coun- ty’s increasing popularity, visionary developers such as Robert Martin Companies, RPW Group, Diamond Properties, Swiss Re, Ginsburg Devel- opment Companies and Simone Sim- one Development Companies have all driven transit-oriented and waterfront development across the County.
Strong Value
“We love Westchester, and it’s very rewarding to see the devel- opment happening across the County,” says Seth Pinsky, Execu- tive Vice President at RXR Realty LLC. “Westchester offers incredible downtown character and walkable communities; we feel it embodies many key demographic groups and trends, such as young professionals and empty nesters.”
Pinsky says that these demo- graphics are driving the demand in the County for “multi-family hous- ing that’s affordable, with New York City-quality amenities, located within walkable and diverse communities.”
Above: RXR Realty’s new mixed-use development at 587 Main Street in downtown New Rochelle. Left: RXR’s developments in Yonkers seek to provide Manhattan-style amenities at a better price point.
Westchester’s comparative value versus the city enables RXR to de- velop assets similar to those in Man- hattan, at a lower cost. “The beauty of building in Westchester County,” says Pinsky, “is that you can build high quality products that work financially. Rentals are 30 to 40 percent less than the cost within the city.”
According to Pinsky, this high-de- mand environment is complemented by a local government that’s in sync with the needs of its constituents. “Westchester government is pro- gressive. They understand and en- courage development to help ensure they are meeting needs of residents and businesses.“
New Rochelle’s
‘Master Developer’
In 2014, RXR Realty was officially named “Master Developer” of Down- town New Rochelle, tasked with the largest and most significant economic
development initiative in the City’s history. “The City has an amazing vi- sion, and the fact that these projects are being completed this quickly, bodes well for the direction of the City,” says Pinsky.
Transforming Main Street: New Rochelle
• 587 Main St.
• $122 million development
• 280-rental apartments; 28 rented at below market rates
• 17,000 square feet of retail
• 234-space valet parking garage • 10,000-square-foot black
box theatre
Lux Amenities: Yonkers
• Sawyer Place
• 3-building complex
• 440 residential units
• Concierge
• Fitness center, yoga studio
• Waterfront views, rooftop terrace
“Westchester government is progressive. They understand and encourage development to help ensure they are meeting the needs of residents and businesses.”
WESTCHESTER COUNTY ECONOMIC DEVELOPMENT GUIDE 45