Page 54 - 2022 Westchester County Economic Development Guide

One Million Strong Real Estate
A Healthy Real Estate Market
Bruce Berg, CEO of Cappelli Development Company, a division of the Cappelli Organization, shares his thoughts on the company’s latest projects, as well as real estate trends to look for in 2022.
Centrally located in Westchester County, The Cappelli Organization has successfully completed over 25 million SF of development, including mixed-use, retail, waterfront, residential, hotel, restaurants, office, industrial, laboratory and parking facilities, representing a value in excess of $10 billion. Here, CEO Bruce Berg shares his latest thinking on the local real estate market.
The exodus from the city seems to
be over.
Westchester is still a bargain, relative to Manhattan and the boroughs. We’re no longer seeing migration from the city that we did during the thick of the pandemic. However, Westchester occupancy rates have not been going down.
Multifamily continues to thrive.
Currently the most active sector in the County is multifamily. There is construction all over Westchester,
including White Plains, New Rochelle, Tuckahoe and Yonkers. It’s the fastest- growing sector due to pent up demand. The growing influence of Amazon and other online deliveries also seems to be spurring greater demand for amenities to help manage deliveries, like doormen and mailrooms.
Healthcare spaces are booming.
Another trend we’ve seen in the County is related to healthcare and life sciences – and the growth has been enormous. A couple of examples of that are the major expansions underway by White Plains Hospital, Westhab and Regeneron, which reflect the fast- growing health and biosciences sectors in the County.
The enduring appeal of transit- oriented options.
There is continued interest in transit- oriented housing options across multiple demographics. Young people want to walk to the train, or to dinner, while married couples may want to rent before committing to buying a home. Meanwhile, empty nesters may have downsized from a larger home but want to stay in the area and enjoy access to transit, as well as walking to restaurants or attractions, while taking advantage of amenities like a doorman or package room.
The market is healthy.
Especially with what we are seeing in with our New Rochelle projects, the market is healthy; there are a lot of units coming online. We’ll see how rapidly they will get get absorbed, though we expect these units to be absorbed quickly due to their amenities and easy access to the train and local offerings. We often find these situations to be a self-fulfilling prophecy: the more housing you build in
a given area, the greater demand there is for restaurants and retail, which in turn builds more demand to live in the area.
The Cappelli Portfolio
The company has a current development and/or construction pipeline in New York and Connecticut of over 20 million square feet. Select highlights include:
The Mitchell – The Mitchell will bring 434 luxury apartments to the corner of Mamaroneck Avenue and East Post Road in White Plains, with apartments spread across two 15-story buildings and a six- story building.
The Gateway – The 804,000-square- foot complex, which is located at 25 North Lexington Avenue, White Plains, includes a 25-story tower and an intersecting 16-story tower, as well as indoor and outdoor amenities serving its residents.
3Thirty3 Huguenot – A two-tower development located at the corners of Centre Avenue and Huguenot Street in New Rochelle, the 28-story buildings feature a total of 535 dwelling units, 480 on-site parking spaces, and ground floor retail space.
Above: Cappelli’s development at 247 North Avenue, New Rochelle.
Below: A rendering of 3Thirty3 Huguenot
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WESTCHESTER COUNTY ECONOMIC DEVELOPMENT GUIDE
© Courtesy of The Cappelli Organization
© Courtesy of The Cappelli Organization