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November 25, 2013 | VOL. 49, No. 47
PHiLiP kAMRASS
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EdUcAtiOn tAX crEdit Bill hitS SnAG Supporters rally in White Plains
MINDSPARK • 3
By cryStaL KanG ckang@westfairinc.com
F
ive thousand students, parents and teachers, representing roughly 50 public and private schools, rallied at the Westchester County Center in support of an education investment tax credit bill tied up in the state legislature. The bill aims to give individuals and businesses incentives to donate to educational entities affiliated with public schools. It also allows them
FOCUS: EDUCATION • 13
Education, page 5
Area students rally in support of education tax credit bill.
A record sale on the Sound GILLIBRAND • 16
Avalon East goes for $210M
By JoHn GoLden jgolden@westfairinc.com
A PRiVATE BoSToN-AREA iNVESTMENT company led by a father-and-son team has followed its spring debut in Westchester County’s commercial real estate market with a recordsetting $210.4 million purchase of a high-rise residential tower in downtown New Rochelle. DSF Group, based in suburban Waltham, Mass., recently closed on its acquisition of Avalon on the Sound East, the 588-unit, 39-story luxury apartment tower at 40 Memorial Highway that was developed and opened in 2007 by AvalonBay Communities
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Westchester mulls $1.7B county budget
Inc. DSF paid approximately $357,000 per unit in the deal, which brokers for the seller called the largest recorded multifamily housing sale in the county. With the sale, AvalonBay Communities disposed of the second of its two high-rise residential towers in the city on Long Island Sound. The publicly traded real estate investment trust, based in Arlington, Va., still maintains a strong presence in the Westchester market as the owner of Avalonbranded multifamily developments in Bronxville, Elmsford, Mamaroneck and White Plains. The developer in 2014 plans to open a 168-unit apartment complex, Avalon Ossining, on a 15-acre
Westchester County Executive Robert P. Astorino’s proposed $1.7 billion county budget for 2014 would avoid layoffs and keep property taxes flat if approved by the county Board of Legislators. The executive budget, likely to be altered or reshaped by the Democratic-led board, projects an increase of $17 million in federal aid and a 4 percent increase in annual sales tax revenue to a
Sale, page 6
Budget, page 6
By MarK LunGarieLLo mlungariello@westfairinc.com