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“Homebuying momentum is building after nearly two years of suppressed home sales,” said NAR Chief Economist Lawrence Yun.
SLEEPY HOLLOW—International real estate firm Hines reported on June 24 it had topped off its NorthLight at the Edge-on-Hudson development being built at the former General Motors minivan assembly plant site on the shores of the Hudson River here.
The new apartment community will bring 246 rental apartments to a vibrant mixed-use neighborhood. NorthLight is part of Edge-on-Hudson $1-billion, a 70-acre phased master-planned development that will feature more than 16 acres of community parks and a waterfront promenade. The NorthLight site was purchased fully entitled in October 2019 in a joint venture with MetLife Investment Management. Santander Bank and Provident Bank provided construction financing for the project.
“Our experience creating one-of-a-kind rental housing options ensures that NorthLight at Edge-on-Hudson will become the most sought-after lifestyle community for renters seeking an amazing waterfront setting combined with convenient access to New York City,” said Tommy Craig, senior managing director, Hines. “Hines’ renewed commitment to raising the bar for multifamily housing in the Northeast region is coming together as NorthLight nears completion on our rental project in New Haven, CT, The Whit Wooster Square progresses. It’s incredibly satisfying to see Hines increase its footprint in this part of the country as we continue expanding Hines’ portfolio into the future.”
NorthLight at Edge-on-Hudson will include studio, one-, and two-bedroom apartments ranging from 565 square feet to 1,406 square feet. Residences will feature high-end finishes and thoughtfully designed floorplans while best-in-class amenities will include a 17,000-square-foot outdoor courtyard with swimming pool, fitness deck, outdoor kitchens, firepits, open green spaces, and ample seating and lounge areas for social or coworking use; two penthouse terraces; and a roof deck with sweeping views of the surrounding countryside.
An indoor clubhouse with coworking space, state-of-the-art fitness center, kids’ playroom, communal kitchen and wine lounge are also planned. Climate-controlled storage space, bicycle parking, and a pet spa round out the amenity offerings at NorthLight at Edge-on-Hudson. A partially enclosed five-story resident parking garage with 427 parking spaces will offer private access to each floor.
Attendees at the event celebrated the topping off of NorthLight at Edge-on-Hudson apartment community and were escorted on a hard hat tour of the building.
“There is no rental experience like NorthLight within miles of the site,” said Lily Ackerman, director of Hines. “The waterfront location will give residents a sophisticated rental option while the well-appointed apartment homes and resort-like amenity offerings will come together to bring this community to life.”
In addition to the well-appointed residences and amenity spaces, NorthLight at Edge-on- Hudson will be a model for sustainable development in the region. It will be the one of the first rental communities in Westchester County to have a solar roof and will offer residents a significant number of electric car charging stations targeting upwards of 15% of all parking spaces. As such, NorthLight at Edge-on-Hudson is poised to achieve LEED Silver or better and FitWel certifications, the developer stated.
NorthLight at Edge-on-Hudson is expected to be completed in the third quarter of 2022. Leasing and first unit deliveries are slated to begin in the first quarter of 2022.
Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 240 cities in 27 countries. Hines oversees a portfolio of assets under management valued at approximately $160.9 billion, including $81.7 billion in assets under management for which Hines serves as investment manager, and $79.2 billion representing more than 172.9 million square feet of assets for which Hines provides third-party property-level services.
Biddle Real Estate Ventures and PCD Development are master developers of the Edge-on-Hudson project, which is to include 1,177 units of housing; a 140-room boutique hotel; 135,000 square feet of retail space and 35,000 square feet of office space.
“Homebuying momentum is building after nearly two years of suppressed home sales,” said NAR Chief Economist Lawrence Yun.
Most of the counties in the HGAR market area are considered “high-cost areas” by the FHFA.
NAR officials noted yesterday that the court heard from all parties as well as objectors and the Department of Justice. Once arguments concluded, the court quickly ruled to grant final approval.
Outdoor space was especially important to movers to the Midwest, while movers to the Northeast were particularly driven by the need for more square footage and a better work commute.
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