Westchester County Business Journal 012218

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JANUARY 22, 2018 | VOL. 54, No. 4

HOUSING MARKET

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YOUR ONLY SOURCE FOR REGIONAL BUSINESS NEWS

westfaironline.com

On the Edge of construction, after 20 years BY ALEESIA FORNI aforni@westfairinc.com

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fter nearly two decades of delays and a yearlong infrastructure buildout, vertical construction could soon begin at Edge-on-Hudson, the 67-acre mixed-use development on the site of the former General Motors assembly plant in Sleepy Hollow. The estimated $1 billion waterfront project off Beekman Avenue, which broke ground in May 2016, is a joint venture between SunCal, a California developer of residential and commercial properties, and Diversified Realty Advisors, a developer in Montville, New Jersey. “2017 was the year that kind of observable progress was really made,” said Peter Chavkin, lead development consultant » EDGE

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Roads and dirt infill are part of infrastructure work at the former General Motors auto plant site. Photo by Aleesia Forni.

A design rendering of Toll Brothers’ planned housing development in the first phase of construction at Edge-on-Hudson in Sleepy Hollow.

Landlords see strength and uncertainty in commercial market BY RYAN DEFFENBAUGH rdeffenbaugh@westfairinc.com

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panel of Westchester County real estate experts had mostly positive things to say about the county’s commercial real estate

market in a recent discussion, but cautioned that there could be some uncertainty ahead with tax changes and signs of a slowdown toward the end of 2017. The panel gathered for the Building and Owners Management Association of Westchester County’s annual lun-

cheon at the Crowne Plaza Hotel in White Plains. Two years ago, Robert P. Weisz, CEO of RPW Group in Rye Brook, used the 2016 BOMA panel to announce that Hospital for Special Surgery would open an outpatient center at his company’s 1133 Westchester Ave. building. While no major announcements came from Weisz in his turn on this year’s panel, he cited Hospital for Special Surgery’s successful opening in White Plains this past fall to illustrate the strength of the county’s health care market. “We have a population that is growing and getting older and obviously they need more medi-

cal services. We just had HSS open a facility in one of our buildings... they are packed. They see hundreds of people every single day,” Weisz said. “Westchester is definitely a perfect market for very extensive medical services at every level.” Weisz was joined on the panel by Andrew Greenspan, principal of GHP Office Realty; Timothy M. Jones, managing partner at Robert Martin Co., and David Mann, president and founder of Lighthouse Enterprises. The panelists commented on the overall strength of the county’s office market, which ended 2017 with a 19.6 percent vacancy rate, down from 21.2 percent a year earlier, according to year-end data from Cushman and Wakefield. That came in a year when some analysts were cautious in their projections, Greenspan said.

“I would say a year later, somewhat to our surprise, everything continued to move toward even what I would say is a higher peak, a higher plateau,” Greenspan said. “2017, I would say for most of the people in the room, was an excellent year, and I believe for most of our tenants they seemed to do well.” Weisz described the past year and a half as positive for his company, with tenants looking to expand and agreeing to longer lease terms. Mann, whose Lighthouse Enterprises has developed apartment buildings in White Plains, Port Chester and Harrison over the last seven years, said the multifamily residential market has improved steadily over his time in business. “Overall, every time I build » LANDLORDS

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