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“Homebuying momentum is building after nearly two years of suppressed home sales,” said NAR Chief Economist Lawrence Yun.
ELMSFORD—Locally-based Robert Martin Company LLC announced on Feb. 25 it had signed a 10,000-square-foot lease for a new child care center at The Elm, a new luxury rental mixed-use building located adjacent to the Saw Mill Parkway in Elmsford.
The new child care center, which is expected to have its grand opening this summer, will be operated by Lightbridge Academy. The company currently has more than 100 child care centers either open, under construction or in development throughout the Northeast. The Elmsford location is its first child care center in Westchester County.
“We are very pleased that Lightbridge Academy has chosen to open its first Westchester child care center at The Elm. With its easy and convenient access to the Saw Mill River Parkway, and close proximity to numerous major employers in the area, The Elm is an ideal location for Lightbridge Academy’s new center,” said Tim Jones, CEO of Robert Martin Company.
“There is a growing demand for child care facilities in Westchester County. Not only is this new child care center a great addition to our project but it’s also an important and much-needed addition to the community,” added Greg Berger, president of Robert Martin Company.
According to the Child Care Council of Westchester, studies show that nationally 45% of parents miss at least two days of work a year due to child care breakdowns, and 65% of parents’ work schedules are affected by child care challenges. The annual cost to employers nationwide of unstable child care is estimated to be $3 billion.
Brokers in the lease transaction were RM Friedland and Katz & Associates.
Ram Jagadeesan, who along with his wife, JoAnne McKay Jagadeesan, are the first franchisees to open in the Westchester market, said of its Elmsford location, “We chose The Elm due to its amazing visibility and easy access to both the Saw Mill Parkway and I-287. Also, having 100+ residents literally above us made it very easy to choose this location. We look forward to serving Elmsford and the neighboring communities.”
He noted that Lightbridge Academy is offering a special discount to Robert Martin employees, tenants of The Elm as well as residents of any future developments of Robert Martin.
“Having the Lightbridge Academy open in The Elm will fill the void for child care in Elmsford and neighboring communities. Child care is in big demand and this will greatly help families that had to travel far from home for child care and will assist families looking to start child care. We welcome Lightbridge Academy to the village and wish them much success,” said Elmsford Mayor Robert Williams.
With the signing of the Lightbridge Academy lease, The Elm, which features 100 apartments and ground-level retail space, is fully leased.
The Elm features a wide variety of studio, one-bedroom and two-bedroom apartments ranging in size from 543 square feet for studios up to 1,418 square feet for the largest two-bedroom units. Designer kitchens come with stainless steel appliances, Calacatta Quartz countertops, tile backsplash, and oversized cabinets. Bathrooms have dark wood vanities, white subway tiles and brushed nickel fixtures. Every apartment has a washer and dryer as well as USB charging ports.
Amenities include a fitness center, café and entertainment lounge equipped with kitchen/bar, large screen TV, workstations and a shuffleboard table; free WiFi in the amenity area; electric car charging stations and covered parking spaces. Onsite storage is available as well as free bicycle storage and repair station. The Elm is pet friendly and smoke free. The apartments include a smart video intercom system with iPhone/Android compatibility. There are no fees for the amenities.
“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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