White Plains Hospital Pays $38M for Post Road Development Site
John Jordan | August 25, 2021
WHITE PLAINS—A nearly five-acre development site on Post Road in White Plains has been acquired by the ever-expanding White Plains Hospital for $38 million.
The deal for the former site of the Scholz car dealership at 77 W. Post Road was announced by commercial brokerage firm CBRE. The seller of the property is a partnership of Grid Properties and The Gotham Organization, which had looked to develop a major mixed-use project at the site. White Plains Hospital is part of the Montefiore Health System,.
The CBRE team of Jeffrey Dunne, David Gavin, Eric Apfel, Jeremy Neuer, Steve Bardsley, Stuart MacKenzie and Zach McHale represented the seller, The Gotham Organization and Grid Properties.
The site is located between the northern edge of Scarsdale and White Plains Hospital, at the gateway into the urban center of White Plains.
CBRE’s Jeff Dunne said, “The offering represented a highly unique opportunity to buy a 4+ acre site, representing nearly an entire city block in the heart of Downtown White Plains with exceptional proximity to Scarsdale.”
Officials with White Plains Hospital and the Grid-Gotham partnership could not be reached for comment at press time.
In June 2017, Scott Auster, managing director of Grid Properties, appeared before the Hudson Gateway Association of Realtors Commercial Investment Division updated the gathering at the HGAR offices in White Plains on the company’s proposed project in White Plains. The firm planned to develop a 230,000-square-foot, two-level retail development on a nearly five-acre site on East Post Road. Auster at the session estimated the development project at approximately $150 million and noted that the partnership secured site plan approval from the City of White Plains earlier that year. The firm had hired JLL as its leasing agent and was looking to secure anchor tenants for the project that would also include a 750-space parking garage.
He said the firm was hopeful to secure leasing commitments for at least 50% of the space so that it can begin construction sometime in 2018. However, the project never broke ground.
CBRE Institutional Properties is currently marketing for sale: The Essex County Workforce Housing Portfolio, an eight-property apartment portfolio consisting of 536 units in East Orange and Newark, NJ; 24 Jones, a 152-unit apartment community in Newark, NJ; Harbourside SONO, a 129-unit newly developed apartment community in Norwalk, CT; Lofts Two22, a 70-unit apartment community in Bayonne, NJ; and development parcels for multifamily in South and East Orange, NJ, Plainfield, NJ, Fairfield Connecticut and White Plains.
Editor’s Note: This is a developing story. Check back for updates.