Blackstone Real Estate Debt Strategies provided the financing, the proceeds of which will be used to retire existing debt and fund future leasing activity.
“Over the past two years, it has been an extraordinary privilege to serve this remarkable association and its dedicated members. Together, we have made significant strides to strengthen HGAR’s foundation and prepare it for the future…”
Thank you to the following Members who are leading the way in the 2025 RPAC campaign
Built in 2016, Quarry Place features 61 one- and 47 two-bedroom units with condo-quality finishes and an average unit size of 977 square feet.
TUCKAHOE—JLL Capital Markets announced earlier this week that it had secured the $63-million sale of Quarry Place at Tuckahoe, a 108-unit luxury multi-housing community located here. JLL represented the seller, Veris Residential. The buyer was Hines.
Built in 2016, Quarry Place features 61 one- and 47 two-bedroom units with condo-quality finishes and an average unit size of 977 square feet. The property is currently 96% occupied and includes a 3,275-square-foot ground-floor retail space leased to Orangetheory Fitness. The community offers premium amenities including a fitness center with SYNRGY360 equipment, yoga room and spin studio, clubroom with computer stations, garden terrace with fire pit and EV charging stations.
Quarry Place is located within a five-minute walk from the Tuckahoe Metro North Train Station. The one-mile radius around Quarry Place boasts strong demographics, with an average household income of $196,145, 60% white collar employees and 67% of the population holding a bachelor's degree or higher. Westchester County's average home value is $826,207.
JLL Capital Market’s Investment Sales and Advisory team representing the seller was led by Senior Managing Directors Jose Cruz and Steve Simonelli along with Director Austin Pierce. Grant Jaber and Charlie Dreyfus, members of Hines’ U.S. East team, represented Hines in the acquisition.
“Quarry Place represented an exceptional opportunity for investors to acquire a luxury transit-oriented apartment community in one of Westchester County's most affluent downtowns,” said Cruz. “The property's prime location, high-quality finishes and strong occupancy levels demonstrate the continued strength of the suburban multi-housing market.”
Hines, headquartered in Houston, announced the purchase of The Quarry at Tuckahoe last week as part of a five-property, $575-million purchase by its flagship fund Hines U.S. Property Partners.
In addition to The Quarry at Tuckahoe, the four other transactions involved were:
Birkdale Village: a 673,000 square-foot premier mixed-use asset with primarily retail and multifamily in Charlotte, NC.
UW Student Housing: a 341-unit Class A purpose-built student housing asset located near the University of Wisconsin-Madison campus.
Self-Storage 365: a Class A self-storage portfolio of seven properties in Dallas Fort Worth, Phoenix and Boston
555 Saint James Gate: a 404,000 square-foot industrial property in Bolingbrook, a suburb of Chicago.
Blackstone Real Estate Debt Strategies provided the financing, the proceeds of which will be used to retire existing debt and fund future leasing activity.
“Over the past two years, it has been an extraordinary privilege to serve this remarkable association and its dedicated members. Together, we have made significant strides to strengthen HGAR’s foundation and prepare it for the future…”
The Armory was designated as a New York City Landmark in 1974 and placed on the National Register for Historic Places list in 1982.
As inventory inches up and prices continue to rise, more households are being locked out of homeownership and pushed into rental markets that cannot keep up.
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