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.
The real estate industry has expressed concerns regarding the potential repercussions of the FARE Act.
NAR continues to believe that offers of compensation are an important option to help make professional representation more accessible.
RYE BROOK—Manhattan-based Cohen Brothers Realty Corporation announced on May 12 it will submit a proposal for what it termed will be a “dramatic redevelopment” of the shuttered Doral Arrowwood Hotel and Conference Center. The plan calls for the construction of a wellness-focused luxury boutique hotel and spa destination featuring multiple restaurants, celebrity-chef dining, extensive indoor and outdoor recreation facilities and luxury housing.
The proposal involves replacing the complex on Anderson Hill Road that closed in January 2020, with a 146-room luxury boutique hotel, together with 36 apartments and 78 townhomes on the approximately 90-acre property, much of which would remain open space. The concept will feature signature architecture and envisions two marquee destination restaurants, as well as a hotel restaurant, bars, lounges, fitness facilities, conference and meeting rooms and ballrooms, company officials stated.
The existing hotel will be demolished, and the golf course will be reimagined as natural open space with a trail network, the company stated.
“We are very excited to be moving forward with a proposal that we believe is well-suited for the property, the adjacent community, the Village of Rye Brook and Westchester County,” said Charles S. Cohen, President/CEO of Cohen Brothers, who grew up in nearby Harrison. “This is a complete reimagination of an outdated use that is aligned with business and consumer trends of the 21st century.”
A formal proposal and application will be submitted to the Village of Rye Brook for consideration.
Cohen Brothers other Westchester County holding is 333 Westchester Ave. in White Plains. Once the headquarters of the General Foods Corp., Cohen Brothers acquired the 39-acre property and worked with architect Philip Johnson to transform it into a multi-tenant office campus.
Lowe’s and Sam’s Club are situated within the larger Hudson Valley Plaza, a 673,000-square-foot regional power center, anchored by complementary retailers such as Walmart and PetSmart, among others.
Boasting a vacancy rate in the low 4% and uninterrupted positive trends in rental rates, fundamentals for Westchester multifamily are strong.
“We are thrilled to be opening our first office in Columbia County and expanding our reach in the Hudson Valley,” said Liz Nunan, President and CEO of Houlihan Lawrence.
The property was originally developed at a reported cost of approximately $250 million and was one of the first new major multifamily projects to be built in White Plains in some time.
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