New York Life Relocating To 44 South Broadway

Real Estate In-Depth | January 2017

WHITE PLAINS—New York Life Insurance Company has announced that it will relocate its Westchester office to Westchester One, located at 44 South Broadway in White Plains. The company has leased several floors of the building, approximately 150,000 square feet, and is expected to bring more than 500 new employees to the city. The move, announced by the City of White Plains earlier this month, is expected to occur throughout this year and into 2018.

“I am happy to welcome New York Life to White Plains,” said White Plains Mayor Tom Roach. “We have worked hard to attract and retain businesses in our downtown and those efforts are bearing fruit with recent decisions by well-known companies such as Dannon and New York Life choosing to be in our city and citing the amenities available here, as well as our proximity to transit, as major factors in those decisions.”

Recently, Regeneron Pharmaceuticals purchased the New York Life Insurance complex in Sleepy Hollow for $50 million.

City officials reported that the benefits of the city’s rezoning of the Westmoreland Avenue Corridor also continue to accrue. At its January 3rd meeting, the Common Council approved another project in this corridor, Westmoreland Lofts, located at 146 Westmoreland Ave.

In August 2015 the Common Council approved a rezoning of the Westmoreland Avenue corridor proposed by Mayor Roach from LI Light Industrial to LI- M Light Industrial Mixed Use. The new LI-M District was specifically created to encourage the transformation of this light industrial area of the city by permitting transit-oriented, mixed use buildings as a means to catalyze development of a new vibrant mixed-use neighborhood.

Mayor Roach said, “We saw the positive impact of the Westmoreland zoning change very quickly with the approval in March 2016 of Norden Lofts, a multi-family adaptive reuse and transit-oriented development of the existing industrial building at 121 Westmoreland Avenue. The Westmoreland Avenue Corridor, with its accessibility to transit and the downtown core, is proving to be attractive to Millennials and young couples. The new Westmoreland Lofts project will continue to move us in the direction we had contemplated with the rezoning.”

The Westmoreland Lofts project consists of a five-and-a-half story mixed-use building with retail and manufacturing on the first floor and 62 rental apartments on the floors above. The retail use is anticipated to be a green market/coffee shop and the manufacturing use is anticipated to be a microbrewery. The ground floor is also proposed to contain a residential lobby, which will include a theater, bicycle storage room, and lounge. The roof deck will have tenant outdoor amenities including an outdoor kitchen, two fireplaces and seating areas. The 62 rental apartments will consist of 33 studio apartments, 20 one-bedroom apartments and nine two-bedroom apartments. Tenant and employee parking is also part of the plan.