LCOR Begins Marketing Residential Tower in White Plains
John Jordan | November 2017
WHITE PLAINS—Developer LCOR announced recently the completion of construction and the debut of its residential tower project near the White Plains Metro North train station called “Continuum.” The tower building is the first phase of a $250-million twin tower mixed-use project.
Located at 55 Bank St., Continuum features a 16-story tower with 288 residences and 3,000 square feet of ground floor retail space and underground parking with 381 spaces. The residences feature contemporary finishes with expansive windows that create an open, airy and spacious feel with panoramic views of downtown White Plains and the Manhattan skyline. Pre-leasing is under way and the first residents are expected to move in November 15. Construction on the tower building began in 2015.
The studios, which range from 523 square feet to 587 square feet, are priced from $2,120 to $2,380 per month. The one-bedroom residences range in size from 710 square feet to 732 square feet with monthly rents ranging from $2,680 to $3,020. The two-bedroom residences range in size from 1,184 square feet to 1,256 square feet and are priced from $3,845 to $4,220 per month.
“Continuum is a unique opportunity to enjoy a sophisticated lifestyle with outstanding amenities, 24-hour concierge and an unbeatable location that’s minutes from Metro-North and everything that Downtown White Plains has to offer,” said Brian Barry, senior vice president of LCOR. “We are especially proud to be part of the remarkable renaissance under way in Downtown White Plains,” he added.
White Plains Mayor Thomas Roach said of the debut of the project, “The importance of a vibrant, well-functioning transit hub to a city cannot be understated. In White Plains we are moving forward with plans to improve our Transit District. The Continuum aligns with our vision for the District and I am pleased to see it come to fruition. In addition to a great living space, Continuum residents will be perfectly situated to take advantage of the planned improvements to the City’s Transit District. Our commuters will have additional parking options with the addition of 200 + public parking spaces, which more than replaces the parking that had been there before. This project also includes 57 units of affordable housing, 20% of the total units. The Continuum is a win for our community.”
Among the amenities offered at the Continuum include a two-story lobby with 24-hour concierge, a Sky Lounge that includes a Club Room with a fireplace, kitchen, private dining area and multiple smart TVs. An adjacent rooftop deck has an open-air terrace, fire pit and offers views of Manhattan. Residents can also enjoy a sundeck terrace with swimming pool, plantings, outdoor furnishings and BBQ grills. There is also a state-of-the-art fitness club, business center, children’s playroom and game room/ simulator at the property.
Continuum is a key component in the Bank Street Redevelopment Area created by the City of White Plains. Previously a municipal parking lot, LCOR purchased the property from the city. A spokesman for LCOR tells Real Estate In-Depth that construction on the second phase of the project, which will consist of another 16-story tower with 273 residences and ground-floor retail, is expected to begin sometime in the first quarter of 2019.
LCOR is the original developer and owner of Bank Street Commons (formerly known as 15 Bank St.), a 500-unit rental apartment mixed-use project adjacent to the White Plains Metro North railroad station completed in 2004. LCOR had proposed the twin-tower 55 Bank St. mixed-use project and secured approvals for the venture in 2007. However, the subsequent recession put the project in mothballs until about 2012 when LCOR mulled reviving the development as the multifamily market grew significantly stronger.
The Westchester County Industrial Development Agency in 2015 approved inducements originally granted in 2007 for the project of $3.3 million in sales tax and $3.2 million in mortgage tax exemptions. In July 2015, LCOR announced it had closed on an $80-million construction loan from Wells Fargo for the first phase of the 55 Bank St. project.