Fairfield and Westchester County Business Journals 052818

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ST. REGIS PROJECT BEGINS

TOP WEALTH ADVISERS

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MAY 28, 2018 | VOL. 54, No. 22

Office-toresidential conversions continue to gain momentum

YOUR ONLY SOURCE FOR REGIONAL BUSINESS NEWS

westfaironline.com

Giving back page 11

BY KEVIN ZIMMERMAN kzimmerman@westfairinc.com

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lthough not exactly a new trend, area Realtors say that converting vacant office space into residential properties is continuing to gain momentum — reflective of the ever-growing “LiveWork-Play” paradigm. “It’s all a matter of, ‘Where can I get the most return for the money I’m putting in?’” said Jim Fagan, senior managing director of Cushman & Wakefield of Connecticut Inc. Fagan, who is responsible for the management of Cushman’s Stamford and Westchester County offices, said developers are now “looking a little outside of the box, determining whether they should just be refurbishing an office space or turning it into something else.” Abandoned office properties are often “obsolete and underparked,” said Thomas Pajolek, executive vice president at CBRE in Stamford. “They’re without the nearby amenities that people are increasingly looking for and they’re often light-challenged. Many of these build» » CONVERSIONS

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The Brooklyn Botanic Garden deeds back land to the Teatown Lake Reservation Nature Preserve in Westchester County. Shown, front from left: Brooklyn Botanic Garden Board Chair Diane Steinberg; Brooklyn Botanic Garden President Scot Medbury; Teatown Executive Director Kevin Carter; and Teatown Board Chair Howard Permut. In back, from left: Ossining Town Supervisor Dana Levenberg; state Sen. Terrence Murphy; Assemblywoman Sandy Galef; County Legislator Catherine Borgia; and Deputy County Executive Ken Jenkins. Photo by Ryan Deffenbaugh.

Developer plans 240 residences in Yorktown

BY ALEESIA FORNI aforni@westfairinc.com

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developer is floating plans to construct 240 residences and more than 30,000 square feet of commercial space on a forested parcel that sits between Route 202 and the Bear Mountain Parkway. Howard Zelin of Zell Development Corp. presented his preliminary plans to

the Yorktown Planning Board during a recent work session. His plans call for the construction of The Crompond Terraces, six three-story buildings composed of 30 apartments each on the northern 16.9-acre portion of the property. On the lower 6.71-acre parcel, a three-story building would contain 31,000 square feet of commercial space on the first floor. The upper two floors of that building

would include 30 residences on each floor. The 23.61-acre property at 3258 Old Crompond Road is in the center of a region referred to as the Bear Mountain Triangle, an area of land surrounded by Old Crompond Road to the south, the Bear Mountain Parkway Extension to the north and the Taconic State Parkway to the east. Development plans for » » YORKTOWN

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