For real estate professionals, particularly real attorneys and real estate agents, it is important to be aware of potential adverse possession issues that could exist when marketing a property.
Long-term mortgage rates can be expected to trend lower because lower inflation means less added premium to borrow money. But rates will not return to the 4%–5% range that occurred during Trump’s first term.
The Monroe office, which is managed by Lydia Mitchell, had the most listings in the Weichert sales region, comprising offices throughout Rockland, Orange, Dutchess and Westchester counties.
NYPA will construct the first major commercial office building in Westchester County in nearly a half-century.
WHITE PLAINS—The New York Power Authority is making commercial real estate history in Downtown White Plains. NYPA recently spent a likely record $30 million to acquire a pad site at the Hamilton Green development property in Downtown White Plains that will eventually be home to its new more than 350,000-square-foot corporate headquarters building, Real Estate In-Depth has learned.
In addition to the historically lofty land purchase price, NYPA will construct the first major commercial office building in Westchester County in nearly a half-century at the former White Plains Mall site. A spokesperson for the New York Power Authority confirmed reports sources gave to Real Estate In-Depth that NYPA had purchased the pad site recently for $30 million from the ownership of Hamilton Green (LRC Construction of White Plains and RXR of New York City). The transaction closed during the first week of this month. The exact size of the pad site was not known at press time.
The NYPA spokesperson said that Hamilton Green and NYPA are still in negotiations for the design and construction of the new 360,000-square-foot corporate headquarters office building. The authority is currently headquartered at 123 Main St. in Downtown White Plains but has deemed that building out of date and too expensive to upgrade. NYPA, according to an RFP issued a year and a half ago and recent documents, is currently considering disposing of the more than 417,000-square-foot office building.
Developer Louis Cappelli, a principal of LRC Construction, had no comment on the NYPA transaction when contacted by Real Estate In-Depth. The ownership of the Hamilton Green development, which is currently under construction, did notify the City of White Plains of the changes to its development plans to accommodate the new NYPA headquarters building.
The new corporate headquarters transactions stem from an RFP issued by NYPA in August 2023 detailing the company’s search for a new corporate headquarters site limited strictly to the White Plains Central Business District.
Previously, NYPA had determined Hamilton Green as the preferred developer for the project and last October, at its Board of Trustees meeting approved a resolution to move forward on a binding agreement with Hamilton Green. If that project moves forward as expected, sources have indicated the development project for the new state-of-the-art headquarters would exceed $300 million.
At the NYPA Board of Trustees meeting on Jan. 28, the Board approved a security design services contract and a real estate consulting services contract in connection with the new headquarters project that detailed other expenditures and previewed some of its plans going forward.
The NYPA Board approved a security design services contract with The Clarient Group, LLC of Iselin, NJ. The Board had initially awarded a $20,000 contract on Dec. 18, 2024, and approved a three-year deal for $300,000 at its Jan. 28 meeting. In NYPA documents, it stated: “The Authority is engaged in the construction of a new White Plains Office Headquarters Building. The project scope includes the construction of a new 360,000 square feet commercial tower, turn-key by the Developer to relocate the Authority from their existing offices on 123 Main Street.”
The second contract award at the NYPA Board of Trustees’ session on Jan. 28 was with Chicago-based commercial real estate brokerage firm Jones Lang LaSalle Brokerage, Inc. According to NYPA documents, JLL was paid $300,000 for the completion of feasibility studies and scenario planning in November 2023. A month later the Board of Trustees approved $1 million in funding to JLL for its services pertaining to the release of the new corporate headquarters RFP. At its May 2024 meeting, the NYPA Board approved another $2.9 million to JLL to provide project planning, design development services, the preparation of final construction contract documents, as well as advisory services.
The NYPA Board approved a staff request for another $1.68 million to JLL on Jan. 28 for negotiation and advisory services associated with the contract executions for the acquisition of the new building site.
NYPA further stated that “further funding may be requested if it is determined that we proceed with the disposal of (the) 123 Main Street building.” The NYPA RFP also included the possible disposal of its 123 Main St. headquarters building. NYPAA has not made a final decision on that possible sale and did not provide any update when contacted by Real Estate In-Depth.
At a meeting of the Building Owners and Managers Association last month, Bruce Berg, chief executive officer of Cappelli Development Company of White Plains, discussed the NYPA headquarters project. “It is our hope that we will be building a headquarters for them on Hamilton Green on the corner of MLK and Hamilton Avenue directly across the street from where they are today,” Berg said.
The transaction would have NYPA acquire the land and contract with a Cappelli affiliate (LRC Construction) to build the new headquarters. Cappelli would serve as the developer and general contractor for the project. He shared that NYPA plans to have the building feature geothermal, solar panels and electrochromic glass that will have the glass change color depending on the direction of sunlight to reduce glare and heat inside the building.
Berg said the building will be highly energy efficient and all electric, with the exception of gas for building generators.
While some work has been started at the pad site for the NYPA building, it is not known at press time when construction will commence and when the project is anticipated to be completed.
The predominant risks for DOB’s forecast are policies that may be implemented by the new federal administration, including those related to tariffs and the extension of the expiring provisions of the Tax Cuts and Jobs Act.
Currently, localities must conduct a survey of rental housing they propose to regulate and demonstrate that the vacancy rate is below 5%. This bill leaves that option in place, but creates an alternative method.
HGAR strongly opposes Good Cause Eviction, arguing it limits landlords' ability to manage properties. Automatic lease renewals, rent restrictions, and legal hurdles could discourage investment, shrink rental inventory, and raise costs for both landlords and tenants.
According to the unofficial election results from the Westchester County Board of Elections, Jenkins garnered 64% (57,590 votes) to Sculti’s 36% (32,956 votes) with 100% of the votes counted.
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