MARCH 18, 2019 VOL. 55, No. 11
westfaironline.com
3 Executive Blvd. in Yonkers.
INSIDE
PAGE
2
NEW ROCHELLE CONDEMNATION
PAGE
16
OUT OF BUSINESS
Half-billion-dollar real estate deal
NEIGHBORHOOD OPPOSITION TO 1133 WESTCHESTER AVE. APARTMENTS
MACK-CALI TO SELL $487.5M WESTCHESTER/FAIRFIELD PORTFOLIO TO ROBERT MARTIN AFFILIATE
BY PETER KATZ
BY PETER KATZ pkatz@westfairinc.com
M
ack-Cali, which had been a major force in the Westchester office and flex-space market, appears to be completing its exit from that market with the sale of a portfolio of properties to RMC Acquisition Entity, LLC, an affiliate of the Robert
Martin Company, LLC. The sale, with a price tag of $487.5 million, is expected to close in the second quarter of this year. There are two definitive agreements covering the 3.1 million square feet of space. The Business Journal obtained a complete list of the buildings involved. There are 56 in all, including those at the Stamford Executive Park in Fairfield County. It is a five-build-
pkatz@westfairinc.com
ing development on West Avenue, just off Exit 6 of Interstate 95 in Stamford. The Stamford Executive Park includes approximately 270,000 square feet of office/flex space. The properties in Westchester include addresses at Westchester Plaza, Executive Boulevard and Clearbrook Road in Elmsford, Skyline Drive in Hawthorne, » MACK-CALI
6
REPRESENTATIVES OF TWO NEIGHBORHOOD associations in White Plains, along with some residents speaking for themselves, came out against the proposal by Robert Weisz’s Rye Brook-based RPW Group and the Cleveland-based NRP Group to build three five-story buildings housing 303 apartments at Weisz’s 1133 Westchester Ave. office park during a public hearing before the White Plains
Common Council. The apartment development is called “The Flats” and would include 178 one-bedroom apartments, 115 two-bedroom apartments and 10 three-bedroom apartments. When speaking with the Business Journal on March 11, Weisz said he understands that neighbors can have concerns. “I think that neighbors have a natural concern every time a new project is being proposed. Once they become familiar with what we are propos» APARTMENTS
6
WE HAVE THE TOOLS TO OPTIMIZE YOUR BUSINESS Dedicated Mobile App • Remote Deposit Capture • Automated Clearing House (ACH) • Wire Transfer Online Banking with Bill Pay • Merchant Credit Card Processing • Positive Pay • Escrow Account Management Call Dominick Petramale, SVP, RBO & Director of Cash Management Services
Serving the Lower Hudson Valley Since 1871 914-248-7272 PCSB.com