Hot Rentals, and a Development Compromise No One Is Happy With

Not Ready to Purchase Right Now?

Rentals are hot properties these days. So hot in fact that Better Homes and Gardens Rand Realty has just announced the launch of RandRentals.com, a Web site dedicated to helping people find for-lease properties in the Hudson Valley. With the recent recession, home ownership has dipped, and as a result there are more renters in the marketplace, according to Joseph Rand, a managing partner of the realty firm.

 

More News About the Surging Rental Market

Cushman & Wakefield Brokers Westchester Multifamily Trade just completed the $14 million sale of Claremont Gardens in Ossining, the county’s largest year-to-date deal. According to a director for Cushman & Wakefield, Brian Whitmer. “Other properties in the immediate area have vacancies in the low single digits or are fully leased with wait lists.” Owner Claremont Gardens Associates is focusing more on its core holdings in Manhattan and the boroughs, he explained. Built in 1976, the building was offered unpriced, and the highest bid was accepted. As of yet, they have not disclosed the buyer of the 183 units, which sit on 11.5 quiet, wooded acres overlooking the Hudson River.
So at least one upside of the struggling economy is that there are deals out there—whether you’re buying at rock-bottom prices at the Ritz or renting for now and in a holding pattern.

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A Truce at Chappaqua Crossing

The New Castle Town Board has approved a plan for 111 condos and townhouses at Chappaqua Crossing, the 116-acre site of the former site of Reader’s Digest. The developers, Summit Development and Greenfield Partners, had proposed a 199-unit housing plan with 20 affordable units. But while the Town Board limited development of their site, it lifted a restriction on the number of commercial tenants allowed in the iconic 1939 office building, once solely occupied by the global publisher. Neighbors had hoped that no new construction would occur at the mostly undeveloped site of rolling hills and gardens. The Norwalk, Connecticut, based development partnership, which bought the property and office building for $59 million five years ago from Reader’s Digest, had no comment to make about the decision, according to Thompson & Bender, the public relations firm representing them.

 

Designer Showhouse 

Cerebral Palsy of Westchester will hold its second Designer Showhouse of Westchester from May 8 through June 12. Some 25 interior designers and decorative artists will transform an estate in Bedford Corners into a decorating masterpiece. A preview gala that is open to the public is on Saturday, May 7th from 6 pm to 8:30 pm. Admission is $125 per person.

Showhouse tours on Tuesdays, Wednesdays, Thursdays, and Fridays are from 10 am to 4 pm; Saturdays from 10 am to 5 pm; and Sundays from 11 am to 5 pm. It is located at 205 W Patent Road in Bedford Corners. For more information, contact Stephanie Russo at (914) 937-3800, ext. 411, or Kristen Harris at (914) 937-3800, ext. 353. or email stephanie.russo@cpwestthester.org <mailto:stephanie.russo@cpwestthester.org>
or kristen.harris@cpwestchester.org <mailto:kristen.harris@cpwestchester.org>

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