Mamaroneck’s Verco Properties bought two luxury White Plains apartment complexes for $11 million dollars each. Both properties were developed by David Mann’s Lighthouse Living company in 2015.
The Reed, located at 115 N Broadway, has 23 units across 3 stories, ranging from 900-square-foot one-bedrooms for $2575 a month, to a $3425, 1500-square-foot two-and-half-bath two-bedroom. The Dylan’s units, located near the center of White Plains at 42 Waller Ave, are slightly smaller but less expensive per-square-foot: from 800-square-foot one-bedrooms for $1450 per-month to a $2950, two-bedroom, 1200-square-foot unit. It also houses commercial space on the first of its four floors. Minimal-to-no renovation is expected on the modular buildings.
The project is part of Verco’s pivot away from New York City. The company, which has previously developed the former Mamaroneck train station and is at work on the Harrison Playhouse Lofts complex, is hoping to appeal to millennials tired of NYC rents, as well as empty-nesters who no longer want to take care of large homes.
Amenities include covered parking and a glass-sided elevator at the Reed.