Rental Development Pipeline Growing in Westchester

John Jordan | January 2016

55 Bank Street Rendering

WHITE PLAINS—The multifamily sector in Westchester County is getting stronger and the development pipeline for rental units is growing as developers hope to capture Millennials seeking housing in a live-work-play environment.

With major projects under construction in White Plains, such as 55 Bank St., and in Yonkers along the Hudson River waterfront, as well as significant mixed-use developments expected to begin construction in the short term, such as the Westchester Pavilion redevelopment and the massive remaking of the former General Motors assembly plant in Sleepy Hollow, the multifamily sector in Westchester is gathering steam.

William Cuddy, CBRE Executive Vice President
William Cuddy, CBRE Executive Vice President

“I’ve been doing this now for 34 years, and it is the most in the pipeline that I have ever seen for rentals,” William Cuddy Jr., an executive vice president at CBRE Group Inc., told the Wall Street Journal.

Cuddy will be a panelist at the annual commercial real estate forecast meeting of the Hudson Gateway Association of Realtors on Thursday, Feb. 4 at the HGAR offices in White Plains. Other panelists will include: Paul Adler of Rand Commercial Services, Glenn Walsh of Newmark Grubb Knight Frank and John Lease III of John J. Lease Realtors. The moderator of the program will be CID President John Barrett of Admiral Real Estate Services. The session will begin at 9:30 a.m.

Real estate professionals say Westchester County is benefiting from an influx of Millennials to the county’s urban centers as well as from renters who are being priced out of housing in New York City and the outer boroughs.

“Over the past five years Millennials have been moving into Port Chester from the outer boroughs of New York City and also the surrounding communities,” Port Chester Mayor Dennis Pilla said. “Many like the diversity we have and they like the vibe of a cosmopolitan downtown and the quietness of the bedroom communities.” See story in the Wall Street Journal.

PHOTO CAPTION: A rendering of the 55 Bank Street project currently under construction in White Plains.

 

John Jordan
Editor, Real Estate In-Depth