NYPA is pursuing an “aggressive” time line that projects a definitive development agreement to be reached with Hamilton Green Partners by November 2024 and the move-in to its new corporate headquarters by June 2027.
Members Day will once again feature a trade show with 50 Exhibitors.
70 Pier St. offers alcove studios starting at $2,250, one-bedrooms starting at $2,550, and two-bedrooms starting at $3,995.
NYPA is pursuing an “aggressive” time line that projects a definitive development agreement to be reached with Hamilton Green Partners by November 2024 and the move-in to its new corporate headquarters by June 2027.
WHITE PLAINS—The New York Power Authority Board of Trustees is expected to vote on Tuesday (Oct. 8) on a request authorizing staff to negotiate a binding development agreement with the developers of the Hamilton Green project, currently under construction, to build a new nearly 300,000-square-foot corporate headquarters building at the project site in Downtown White Plains.
The NYPA Finance Committee approved a request by Lori Alesio, executive vice president and general counsel of NYPA, on Sept. 17 to authorize staff to negotiate a Definitive Agreement with Hamilton Green II Partners, LLC to build a new 297,105-square-foot corporate headquarters building for NYPA across the street at the former White Plains Mall site from its current headquarters building at 123 Main St. in Downtown White Plains. The Hamilton Green II Partners consists of Cappelli Enterprises of White Plains and RXR of New York City.
Alesio noted that NYPA issued an RFP for a new corporate headquarters and a buyer for its current headquarters building back in August of 2023. NYPA received three responses from developers and in November 2023 decided to move forward on two proposals. She reported that NYPA entered a non-binding letter of intent with Hamilton Green Partners in May of 2024 and signed a non-binding offer sheet with the development partnership in August of 2024. Real Estate In-Depth published an exclusive report on the NYPA headquarters request in December 2023.
The Finance Committee also approved a request for $50 million to fund initial capital expenditures in connection with the development site. The NYPA Board of Trustees is also expected to vote on the $50 million in funding for the new headquarters project at its session on Oct. 8. Alesio explained that $30 million will be used for the purchase of the pad/air rights at the development site and $20 million for costs associated with the purchase of equipment and the design of the building for the remainder of 2024.
She said that NYPA is pursuing an “aggressive” time line that projects a definitive development agreement to be reached with Hamilton Green Partners by November 2024 and the move-in to its new corporate headquarters by June 2027.
The new headquarters would provide NYPA with a modern-designed building with many energy-efficient amenities and also fulfill its commitment to the City of White Plains to build a new headquarters building in Downtown White Plains and be a part of the business district’s revitalization.
No other terms of the transaction were disclosed. In addition, it is not known at press time the status of the component of the RFP that called for the sale of its current headquarters property, which rises 16 stories and totals 417,014 square feet with an integrated six-story, 700-space parking structure. The office property, which houses approximately 900 NYPA employees, was built in 1981 and acquired by NYPA in 1991.
The scope of the potential development project at the Hamilton Green development greater focus recently during a Sept. 30th session of the White Plains Common Council. The Westchester County Business Journal first reported that Mark Weingarten of DelBello, Donnellan, Weingarten, Wise & Wiederkehr, LLP, presented an application to amend the project’s approved Conceptual Development Plan to change the approved use of 220 Hamilton Ave. from residential to office use.
Janet J. Giris, a partner with the DelBello, Donnellan, Weingarten, Wise & Wiederkehr firm, in a letter submitted to the Common Council, stated the new office building, part of Phase 2 of the project, would total 297,105 square feet of office space. The amended plan would add approximately 270,000 square feet of office space to the overall project.
The building would be LEED V.4 and Gold-certified and would be designed to be all electric and energy efficient.
Other changes to the CDP outlined in the letter include:
Construction of Phase 1 of the project is well underway with rental apartments at 25 Cottage Place scheduled to open before the end of 2024 and 5 Cottage by June 2025.
Members Day will once again feature a trade show with 50 Exhibitors.
70 Pier St. offers alcove studios starting at $2,250, one-bedrooms starting at $2,550, and two-bedrooms starting at $3,995.
Concerning the recent Federal Reserve interest rate cuts, Arato believes that will create more interest for future deals.
The comprehensive revitalization strategy focuses on expanding and modernizing critical areas of the hospital.
Receive original business news about real estate and the REALTORS® who serve the lower Hudson Valley, delivered straight to your inbox. No credit card required.
