JV Acquires White Plains Development Site
The site has been approved for the construction of a 301-unit residential high-rise.
A joint venture between David Gaber of Bijou Properties and Kavneet Sethi of Green Property LLC have acquired 1 Water Street, a 1.3-acre vacant development site located in White Plains, N.Y. The seller was Veris Residential. The CBRE team of Jeffrey Dunne, Eric Apfel and Travis Langer represented the seller in the transaction. A purchase price was not disclosed.
Currently approved for a 301-unit residential tower, this site will afford future residents access to the city’s shopping centers and employers. The development site is situated next to the White Plains train station, on the eastern periphery of the White Plains central business district. Midtown Manhattan is located approximately 22 miles to the southwest, accessible via the Metro-North Railroad.
Soil testing
“Selling (the) 1 Water development site into a large supply of new apartment construction in White Plains” was among the obstacles CBRE had to overcome, Dunne told Multi-Housing News. These hurdles were intensified by some of the industry’s acute struggles, intensified by tariffs and macroeconomic trends. “Increased financing and construction costs have made the economics of new high-rise construction like 1 Water unattractive, which is why (it has) dramatically slowed locally and nationally.”
Among the ways these hurdles were overcome was the performance of ground water and soil testing to demonstrate the opportunity to secure brownfield redevelopment tax credits, Dunne added. In addition, he said, the team “highlighted the potential to secure a pilot on the development of 1 Water, which enhanced the economics of the development.”
Additionally, a forecast of positive net absorption was provided to the buyers, demonstrating the longer-term opportunity for new development in White Plains.
Wins in White Plains
A strong pipeline of new construction and deliveries as well as high rent growth and occupancy rates have made White Plains place second in MHN‘s 2025 ranking of the country’s top 10 emerging markets. The only Northeastern on the list, the Westchester County city has the roundup’s highest price per unit of $389,786 as well as its sales volume. The suburb saw of $359 million worth of property trades in 2024.
READ ALSO: Transactions: May 2025
Last August, a joint venture between The Cappelli Organization, RXR and Korman Communities have topped out on Ave Hamilton Green, a mall-to-mixed-use conversion that will include 377 apartments and 39,000 square feet of commercial space. The project is expected to finish construction later this year.
