Total existing-home sales—completed transactions that include single-family homes, townhomes, condominiums and co-ops—rose 3.1% from December to a seasonally adjusted annual rate of 4.00 million in January.
Greystar, Cappelli Celebrate ‘Topping Out’ Of 25 North Lex in Downtown White Plains
WHITE PLAINS—Executives with Greystar Real Estate Partners LLC and the Cappelli Organization joined officials from Westchester County and the City of White Plains on April 18 to celebrate the “topping out” milestone in the construction of the mixed-use 25 North Lex development in Downtown White Plains.
Officials and several hundred construction workers cheered as the National Anthem was played and a large 30×60-foot American flag was raised eight stories on the soaring two-tower development in a “topping out” ceremony signifying the completion of the final floor of the project.
Located at 25 North Lexington Ave., 25 North Lex will include 500 luxury rental residences, nearly 60,000 square feet of amenities, and 16,000 square feet of ground floor retail space. The 813,346-square-foot project, which is Greystar’s first residential development in New York, is rising on a site directly across from the White Plains Metro-North Train station which recently underwent a $95-million renovation. Completion of 25 North Lex is anticipated in the first half of 2024. Cappelli’s LRC Construction subsidiary is performing the construction.
“This milestone is a fantastic moment for Greystar as well as the White Plains community,” said Gary Kerr, Managing Director of Development at Greystar. “We are incredibly proud that our first ground-up development in New York will support the planning goals of making White Plains an even more attractive place to live, work, and play. Transit-oriented developments like 25 North Lex will help to make the area around stations more vibrant, creating more activity beyond commuting hours. We are grateful to Mayor Roach and his administration as well as Chief of Staff and Corporation Counsel John Callahan for their great partnership and support on this development.”
“I am thrilled to celebrate another great milestone for The City of White Plains, Westchester County, Greystar and LRC Construction and my entire team. I’m especially proud of all of the dedicated construction workers on site, 300 strong, who make this work look easy to do, but please believe me when I say it, it’s not easy. It’s dangerous, precise and complicated work and while it’s beautifully drawn on paper, we have to turn those lines on the architectural, structural and mechanical drawings into the reality of an iconic building you can touch, see and enjoy living in,” said Louis R. Cappelli, Founder of the Cappelli Organization and LRC Construction.
Westchester County Executive George Latimer added, “I am thrilled to see the progress being made on 25 North Lex and the positive impact it will have on our community. This transit-oriented development project will provide hundreds of jobs and coupled with the financial incentives from the County IDA, it is a testament to our commitment to smart growth and economic development and is a welcome addition to the dynamic White Plains streetscape.”
Designed by Handel Architects LLP, 25 North Lex is an architecturally significant addition to the White Plains skyline. The $300-million project features two intersecting towers of 16 stories and 25 stories rising from a four-story podium that conceals a large, covered parking structure. The towers feature striking glass curtain walls accented with metal panels, while the podium, which is bordered by ground-floor retail space, will be clad in folded metal panels designed to suggest movement.
The expansive studio, one-, two- and three-bedroom residences at 25 North Lex will feature open floorplans with high ceilings, lavish baths, large bedrooms, spacious kitchens with top-of-the-line appliances and ample storage space.
25 North Lex will have an abundance of best-in-class amenities including an elegant lobby, state-of-the-art fitness center, yoga/class studio, study rooms, children’s room, private dining and meeting rooms, sports/media lounge, pet spa, golf simulator and a 17th-floor Sky Lounge. A pet-friendly building, 25 North Lex will also feature a state-of-the-art dog run.
In an amenity unique to this market, 25 North Lex will offer an expansive outdoor recreational space with a fifth-floor roof deck featuring a zero-edge pool and sun deck, grilling stations, gazebos, fire pits, lawn area and community gardens. The 17th-floor landscaped rooftop off the Sky Lounge will provide additional grilling stations, lounge areas and fire pits. The covered parking garage will have electric vehicle charging stations and bicycle storage spots.
“The City of White Plains continues to deliver on its promise to make the city more walkable, sustainable and vibrant for existing and prospective residents. The goal of connecting the Metro-North Train Station to the core of the downtown is coming to fruition with the help of mixed-use developments such as Greystar. We are pleased to celebrate this major milestone; it indicates that the City of White Plains is moving one step closer towards its ambitious goal,” said White Plains Mayor Tom Roach.
Greystar, headquartered in Charleston, SC, manages and operates more than $ 250 billion of real estate in 234 markets globally with offices throughout North America, Europe, South America, and the Asia-Pacific region. Greystar is the largest operator of apartments in the United States, manages more than 817,000 units/beds globally, and has a robust institutional investment management platform comprised of more than $69 billion of assets under management, including more than $29 billion of development assets.
The Cappelli Organization has successfully completed more than 40 million square feet of development including mixed-use, retail, waterfront, residential, hotel, restaurants, office, industrial, laboratory and parking facilities, representing a value in excess of $10 billion. The company has a current development and construction pipeline in New York and Connecticut of more than $1.7 billion dollars of projects.