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Easy transportation from Westchester to Manhattan is a big draw for tenants of AvalonBay, one of the county’s largest landlords, with 1,529 apartments in five buildings in the county. The company is breaking ground on a sixth, Avalon Somers, this spring and has announced a seventh property at the Metro-North station in Harrison. The company has been successful attracting Millennials to Westchester, according to Matthew Whalen, the company’s senior vice president, who explains, “The majority of our Westchester residents come from within the county, though we do have a sizeable number that come from other places, including Connecticut, New Jersey, and New York City. Our renters are generally a mix of professionals, empty nesters, and people in transition. Over 55 percent of our Westchester residents are between the ages of 25 and 44.”
Other factors impact the Millennials’ choice of rental rather than purchased housing, according to developer David Mann, who has built five rental buildings in White Plains in recent years, all filling up almost immediately. He’s also building in Port Chester and Harrison. “In this employment market, they want to be nimble,” he points out. “If I save $50,000, am I going to put that into a home? What if I get a different job?” At La Gianna, his 56-unit building in White Plains, “We had 12 tenants either get new jobs, lose jobs, or get divorced in a single year!”
Hot Spot
Dobbs Ferry Thrives
nce a downscale, sleepy Rivertown squeezed between Hastings-on- Hudson and Irvington, Dobbs Ferry has taken a giant leap to the forefront with a wave of commercial, residential,
and lifestyle improvements.
From the Saw Mill River Parkway to the Hudson River, economic growth booms in Dobbs.
O
Mrs. Green’s, Ulta Salon,
and several restaurants have signed leases at Rivertowns Square.
ries more than 20,000 vehicles daily, is being replaced, which will impact area traffic for three years.
A few miles away on the other side of town, the village recently completed the second phase of a $7 million waterfront park—part of the 51.5 mile Westchester RiverWalk—build- ing a new fishing pier, boat dock, and play- ground along with a walkway that connects to the county trailways system.
Among other projects, CCI Properties is building an eight-unit apartment building with 1,800 square feet of retail space on the ground level at 78 Main, not far from another 16-unit building that’s replacing a long dilapi- dated building at 66-68 Main. Also under con- sideration is the controversial redevelopment of 75 Main, the former Oceana Publications building, where the developer proposes 24 residential units with street-level retail in the existing building as well as a multi-story addi- tion on top of the existing warehouse.
The newly revitalized Dobbs Ferry Chamber of Commerce, which has attracted more than 75 members since the first of the year, hopes to capitalize on the village momentum. “Dobbs Ferry is becoming more of a destination spot,” says Chamber president Matt Kay, owner of Cedar Street Grill. —DD
The biggest news in the village is the ex- pected completion this fall of Rivertowns Square, a $150 million mixed-use develop- ment next to the Saw Mill at Lawrence Street. The project will turn an abandoned research laboratory into a 17-acre shopping center with a unique movie theater, upscale bou- tiques, restaurants, a 138-room hotel, and an apartment complex with 203 rental units.
“It’s a very positive development for Dobbs Ferry,” says Rand Realty broker Scott Rosasco. “The tenants are upscale, and it’s a substantial improvement of the site.” The retail portion of the site is reportedly 80 per- cent leased.
Rivertowns Square surrounds the existing Chauncey Square complex, where Bruce Schoenberg owns Oasis Day Spa. He’s anticipating an influx of customers both from the hotel and the residential development.
Maggie Segrich, owner of Alice & Chains bespoke jewelry on Broadway, believes Rivertowns Square will also help residents stay in town to shop. “A lot of what it offers we currently have to get in White Plains,” she says. “Now, we’ll be able to stay here.”
Traffic concerns put a bit of a crimp in the euphoria at the moment, although it’s tem- porary. The Ashford Avenue Bridge, which connects Ardsley and Dobbs Ferry and car-
Managing Multiple Skills with:
Carmelo Milio
President, Trion Real Estate Management
It takes mastery of multiple skills to succeed
in real estate management. Carmelo Milio’s
success in the field—and his election as president
of the Building and Realty Institute of Westchester and the Mid- Hudson Region (BRI)—indicates he has them all. Milio, 36, also holds a demanding “day job” as president of two companies, Trion Real Estate Management and Trion Holdings, LLC, which invests in multi-family properties. “Every day is different,” says Milio, who lives in Armonk with his wife and two young daughters. “You’re always troubleshooting issues and helping people. There’s a sense of accomplishment when you know you’re improving the quality of life for 1,700 families.”
Those families reside in the 31 buildings Trion manages; they are split between Westchester, New York City, and Dutchess County. Milio entered the real estate business after college. In addition to managing his own buildings, he represents condo and co-op boards, as well as rental properties for other owners, a business he added in 2002.
“It’s a business with many different areas where you need knowledge and experience,” Milio points out. He says necessary skill sets include, among others, accounting, customer relations, and real estate law.
Milio was elected president of the BRI, the largest county real estate organization, earlier this year. Among the 1,500 members
are landlords, condo and co-op boards, building managers, builders, and remodelers.
Juggling the interests of landlords, tenants, and condo boards is rewarding, Milio says, but adds: “I take great pride in creating growth for the people who work for me.” —DD
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