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.
Long Delayed Project at Shuttered Hospital Site Scheduled to Start Next Year
PORT CHESTER—It appears that plans to redevelop the long-shuttered United Hospital property off Route 1 in Port Chester can finally proceed to construction in 2023 after nearly two decades of false starts and community opposition that prevented shovels turning dirt on the venture.
Rose Associates and BedRock Real Estate Partners announced they recently secured final site plan approval from the Village of Port Chester to develop a 15.45-acre site that has been unused for 17 years. The property at 406 Boston Post Road, once home to United Hospital, will be completely redeveloped into a mixed-use community comprised of a half-acre of open green space surrounded by multi-family housing, retail and restaurant spaces, a boutique hotel and assisted living senior housing.
“Port Chester is one of metropolitan New York’s most exciting villages and we are thrilled to start work at this property that’s been vacant and unused for far too long,” said Amy Rose, president and CEO of Rose Associates. “In addition to hundreds of apartments, we’ll be creating attractive amenities that will be accessed through a much-improved streetscape along Boston Post Road.”
Located on Route 1 at the intersection of I-95 and I-287, the property is within walking distance to the Metro North commuter rail station in Port Chester. There are a number of vacant buildings at the site, which Rose and BedRock will raze in a first step toward creating the new, mixed-use community.
Plans call for 775 multifamily rental apartments, 90 independent living apartments and 110 assisted- and memory-care units, a 120-key boutique hotel and more than 18,000 square feet of retail space. Rose Associates has not released any estimated development cost for the project.
“It is incredibly exciting to reach this milestone and we are thankful to the village and their consultants for taking the time to work with us, examine our plans and provide their approval,” said Michael Adamo, managing director of acquisitions at Rose Associates, which is currently developing two other multifamily properties in Westchester County. “We’re excited to move forward with our plans and to create something that’s beneficial to Port Chester and the region.”
The developers received final site plan approval from the Village of Port Chester at the Board of Trustee’s Oct. 17, 2022 meeting. Building abatement and demolition is scheduled to begin in early 2023. United Hospital shut its doors for good in 2005.
The property was acquired by Starwood Capital Group in 2006, which proposed a $450-million redevelopment of the property. Starwood Capital had secured zoning approval for its redevelopment project in Port Chester, but never proceeded with construction. The firm sold the site to partners Rose Associates and BedRock Real Estate Partners of New York City on June 28, 2019. No financial details of the transaction were disclosed.
The original estimated $450-million Starwood Capital Group plan called for 90,000 square-feet of street-level shops and restaurants, an approximately 135-room hotel, 217,000 square-feet of office space, 500 residential units designed for young professionals, 230 units of age-restricted senior residential, on-site parking and nearly an acre of publicly accessible open space.
In the past year, Rose Associates has seen its number of units under management increase to more than 21,000. The company is no stranger to Westchester County, currently building the $203-million 440 Hamilton Ave. mixed-use project in White Plains, and the $177-million multifamily residential project at 57 Alexander St. in Yonkers and 8 Court Square in Long Island City.
In addition, Rose recently reported that it is assisting Global Holdings with the development of One West 60th St. and redeveloping 301 East 94th Street with Marmara Group in New York City.
Founded in 1925, Rose Associates is a New York City-based developer, owner and operator of premium residential properties. The firm oversees more than 26,000 units across New York, with approximately $2 billion in projects under development. Rose recently opened the historic skyscraper 70 Pine St., which the firm is transforming into a luxury rental property with 644 residential units, 132 extend-stay apartments and a destination restaurant/lounge occupying the top four floors.
BedRock Real Estate Partners LLC is a privately held investment manager specializing in the development and acquisition of rental apartments and mixed-use projects in urban locations from Boston to Washington, DC with a particular focus in New York City. The firm, which began operations in 2013, has invested in 18 projects, comprising more than 1.75 million square feet of apartment and retail space, with assets under management of more than $1.3 billion.