Toll Brothers Acquires The Collection Development Property
Real Estate In-Depth | July 2019
WHITE PLAINS-After securing the approval of the Westchester County Industrial Development Agency to assign the rights to financial incentives for The Collection mixed-use project here, Toll Brothers Apartment Living acquired the 2.97-acre fully approved development site for $32.76 million.
Saber Real Estate Advisors, LLC, which secured the approvals for the $136.2 million mixed-use residential development in Downtown White Plains and incentives from the Westchester County IDA, sold the property to the affiliate of Toll Brothers.
The IDA incentive assignment was announced by the Westchester County IDA, while the sale of the property was reported by commercial real estate brokerage firm CBRE. The development calls for 276 apartments, approximately 25,000 square feet of retail space and 742 parking spaces. A total of 17 of the residential units are earmarked as affordable. The new Class A community’s amenities will include an outdoor pool, a fitness center and a resident lounge.
The CBRE team of Jeffrey Dunne, Gene Pride and Eric Apfel represented the owner, Saber Chauncey, an affiliate of Saber Real Estate Advisors, and procured the buyer.
In October 2018, the IDA approved $3,348,609 in sales tax and mortgage recording tax exemptions for Saber Real Estate’s The Collection, a mixed-use project consisting of two buildings on Westchester Avenue and Franklin Avenue. Located across from The Westchester mall, the project is expected to create 250 construction jobs and 91 permanent jobs.
Saber Real Estate Advisors based in Armonk and Hallandale Beach, FL has completed more than $1.5 billion in transactions in New York, New Jersey and Florida. Currently, Saber is developing a 126-unit multi-family development on two plots of land located at 97-111 and 100-114 Hale Ave. Also, RCB Property Holdings, a partnership of Saber, PCD Capital, and a large New York-based private equity fund, is developing a 421-unit multi-family rental development on a 13.3-acre site located at West Fort Lee Road, in the Township of Bogota in Bergen County, NJ. Most recently, Saber completed Rivertowns Square, the premier mixed-use master development in Dobbs Ferry, N.Y., comprised of 116,000 square feet of retail, a 127-room Hilton Garden Inn and 202 units of multi-family residential rentals.
Toll Brothers said in a statement on its acquisition of The Collection, “As one of the area’s most active and reputable builders, Toll and TBWP look forward to commencing this important residential and retail, mixed-use development, including additional parking for the City of White Plains, all located in the thriving market of Westchester County. We believe working in cooperation with the WIDA, the city and the construction industry participants, this project is sure to be a success.”
“We are pleased to have represented Saber Real Estate Advisors in this sale. The team has worked tirelessly for many years obtaining approvals for this exciting development site, which has one of the best locations in Westchester County,” said CBRE’s Dunne. “The Collection has all of the characteristics that are highly attractive in residential developments-it is walkable to The Westchester Mall, numerous restaurants and entertainment venues in downtown White Plains, the Metro North Train Station and is also situated off I-287 for easy car access.”
He added, “Toll Brothers is a premier national residential builder and we look forward to watching the final stage of this development-we expect they will do very well with it.”
CBRE Institutional Properties is currently marketing for sale One City Place, a 316-apartment high-rise in White Plains; Boulevard and Skyline Apartments, a 338-apartment portfolio of two properties in Hasbrouck Heights, NJ; Merritt River Apartments, a 227-apartment high-rise in Norwalk, CT.; The Waypointe, a 464-apartment mixed-use community in Norwalk, CT.; Northern\Central New Jersey Workforce Housing Portfolio, a seven-property, 1,035-unit portfolio in East Orange, Newark, Asbury Park and Trenton, NJ; Hawthorne Court, a 434-apartment community in Central Islip, NY and Liberty Place, an approved 150-apartment development site in Union, NJ.