NEW YORK: Development Priced Out Of NYC
Stop the presses! There are actually places in NYC's orbit that are still affordable for multifamily development, we learned at Bisnow's Future of Westchester and Fairfield Counties event. Rentals cost an arm and a leg to build and opportunities are scarce in Manhattan, and it's making Westchester and Fairfield attractive, reports LCOR SVP Jim Driscoll. LCOR will be developing a $250M mixed-use residential project with approximately 550 units in White Plains, "only a 30-minute commute to NYC," he says. (Not long enough for a True Detective episode. Those people should consider moving farther out.) He hopes the area becomes a success story like Stamford, and it's already taking steps in reinventing itself.
Stamford is the first choice for many investors looking for apartments on this side of the Hudson, says CBRE vice chairman Jeff Dunne. Its 24/7 environment is capturing new development, and most of the residents are coming from outside of the area. Another opportunity for multifamily developers is Westchester's older, underutilized office parks. "Repurposing them is the wave of the future and an easier path to approval," he says. (Old filing cabinets can become a chest of bedroom drawers with very little imagination.)
