Hines Pays $63M for Upscale NYC Community
This is the first time the property changes hands.
Image courtesy of JLL Capital Markets
Hines has purchased Quarry Place at Tuckahoe, a 108-unit luxury community in Tuckahoe, N.Y., for $63 million. Veris Residential sold the asset, in a transaction arranged by JLL Capital Markets. This is the first time the property changes hands.
The community was subject to a $41 million CMBS loan in 2017, originated by Natixis, with a maturity date set for 2027, Yardi Matrix shows.
Earlier in August, Veris Residential sold The James, a 240-unit upscale community in Park Ridge, N.J., for $117 million. Berkshire Residential bought the asset, which marked the company’s second purchase from Veris last summer.
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Located at 64 Midland Place in the White Plains market, Quarry Place is half-a-mile of the Tuckahoe train station and 19 miles south of Midtown Manhattan. The New York Presbyterian Westchester hospital, as well as a few eateries, are within a 2-mile radius.
The property came online in 2016 and consists of three buildings, rising two, three, and four stories high, enclosing 61 one-bedroom and 47 two-bedroom apartments, with layouts ranging between 634 and 1,475 square feet.
Shared amenities include a fitness center, a yoga room, a garden terrace with fire pit and EV charging stations. The property features a 3,275-square-foot ground-floor retail space leased to Orangetheory Fitness. Quarry Place was 96 percent occupied at the time of the deal.
JLL Capital Markets Senior Managing Directors Jose Cruz and Steve Simonelli, alongside Director Austin Pierce led the Investment Sales and Advisory team representing Veris Residential.
White Plains investment activity picks up
In the first nine months of the year, the multifamily market in White Plains saw $252.3 million in multifamily investment sales, with 10 properties trading at an average per-unit price of $268,598, according to Yardi Matrix data. Meanwhile, 2024’s investment figure in the first three quarters clocked in at $222.5 million, with only three properties changing hands at an average per-unit price of $360,032.
This uptick in multifamily transaction activity reflects a broader, much healthier market this year compared to the previous one, with investors targeting more mid-tier and affordable assets.
