Luxury Community Breaks Ground in New York
- Dec 06, 2019
A joint venture has broken ground on a two-building luxury apartment project neighboring The Westchester mall in downtown White Plains, N.Y., adding to a construction boom in the suburb of New York City. The roughly $50 million community being developed by Circle Squared Alternative Investments, Saber Real Estate Advisors and PCD Development will deliver 127 rental units upon completion within the next couple of years.
Dubbed The Duet, the development at 97-114 Hale Ave. includes a seven-story building with a total of 70 units and an eight-story structure with 57 units. Both buildings will provide studio, one- and two-bedroom floorplans, which will be significantly larger than standard rentals in the city.
The units will have upscale finishes and double vanities, and the buildings will feature secure basement parking and shared amenities including rooftop and indoor lounges, a business center and a fitness center.
READ ALSO: Luxury Mixed-Use Project Breaks Ground in NY
The project is located across the street from The Westchester, a mecca for high-end shopping in the New York City metropolitan area, as well as the Crowne Plaza White Plains Downtown hotel. Jeff Sica, President & CEO of Circle Squared, told Multi-Housing News that the 150-store shopping center featuring brands such as Nordstrom and Nieman Marcus would serve as a draw for residents of the new community.
Other offerings in the immediate area, such as the Dick’s Sporting Goods and Whole Foods outlets within the retail complex The Source at White Plains, are also expected to be a selling point.
“We’re going to have our share of Millennials and I think we’re going to have a decent amount of empty nesters,” said Sica. “The Westchester is one of those malls that has the right stores for the types of people that are going to be living in our residences.”
White Plains Sees Construction Wave
Westchester County is undergoing a multifamily construction boom, as developers bet that the escalating cost of living in neighboring New York City will drive demand for more affordable properties within commuting distance of the Big Apple.
Major projects underway in White Plains, the county seat, include City Square, the redevelopment of the Westchester Financial Center office complex into a mixed-use property with 188 rental apartments. Plans for the two-tower property by developer Martin Ginsburg were approved earlier this year.
In addition, LMC is building a dual-tower, mixed-use project that will provide 434 luxury apartment units at the corner of Mamaroneck Avenue and East Post Road. The arm of homebuilding giant Lennar Corp. is also working on plans for a mixed-use, 814-unit development at the former site of the Westchester Pavilion Mall at 60 S. Broadway, neighboring The Duet.
“I think despite the fact that there are some sizeable projects that are scheduled to come online around the same time we will, there’s still going to be a housing shortage,” said Sica. “The apartment market is just so attractive right now.”
In August, Circle Squared teamed up with CrownPoint Group and The Hampshire Cos. to build a 126-unit community in Netcong, N.J.