Westchester County Business Journal 111119

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PRINT JOURNALISM: BECAUSE IT STILL MATTERS. NOVEMBER 11, 2019 VOL. 55, No. 45

westfaironline.com

A rendering of the proposed new tower at 2 Sherwood Place in New Rochelle.

INSIDE

Reaching for the sky

VERNON HILLS SHOPPING CENTER IN EASTCHESTER SOLD FOR MORE THAN $125M

NEW ROCHELLE REDEVELOPMENT ENDORSED WITH BRAMSON’S RE-ELECTION PAGE

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OFFICE MARKET

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HISTORIC WIN

BY PETER KATZ pkatz@westfairinc.com

T

he revitalization of downtown New Rochelle, which the city shows as having 32 projects either complete or in various stages of development, received an endorsement with the Nov. 5 re-election of Noam Bramson to a fourth four-year term as mayor. The downtown redevelopment could produce between 6,000 and 7,000

new housing units, add from 12,000 to 15,000 new residents, result in up to 12 million square feet of new construction, including up to 1 million square feet of retail space and 2.4 million square feet of prime office space and add up to 1,200 hotel rooms. In 2015, the city selected RXR Realty and Renaissance Downtowns as master developer for the downtown. The city adopted a downtown overlay zoning plan and completed a generic environmental review for the

downtown area, helping to streamline the process developers have to go through in order to get shovels in the ground. Luiz Aragon, the city’s commissioner of development, was outspoken in telling developers that New Rochelle would be able to approve their projects in two or three months versus the one or two years it can take in other municipalities. “The pace of approvals is powerful evidence that the downtown development plan we adopted in 2015 is working as intended,” Bramson, a Democrat. told the Business Journal in an interview. “I think there may have been some initial skepticism on the part of developers but we have proven the value of our model through success over a period of » NEW ROCHELLE

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BY PETER KATZ pkatz@westfairinc.com

THE VERNON HILLS SHOPPING CENTER IN EASTCHESTER

has been sold to a private real estate investment firm that has a retail, hotel and office portfolio encompassing more than 100 buildings valued at $14 billion. The shopping center at the Eastchester-Scarsdale line was bought by New York Citybased Ashkenazy Acquisition Corp. (AAC) from Vernon Hills Shopping Center LLC at a price described as being more than $125 million. Daniel Levy, president of AAC, told the Business Journal, “Acquiring Vernon Hills has been a goal of ours for over a decade. It’s an irreplaceable property and an important part of the greater Westchester community, due to the wide range of

tenants it can support and location within a densely populated trade area.” In response to a question on whether it is planning upgrades or renovations, Levy said, “The sellers have done an incredible job with this property. In the near term, we will be taking a fresh look to see how we can improve the Vernon Hills experience for both existing tenants and customers. Ashkenazy Acquisition Corp. takes a long-term approach to real estate ownership and we plan to make strategic decisions as opportunities that serve the community present themselves.” The CEO and chairman of AAC is Ben Ashkenazy, who was born in Israel and grew up in Lawrence on Long Island. He got » SHOPPING CENTER

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