Part of the delay in recovery is because the Federal Reserve has changed its outlook and appears to be on pause for a longer period.
NAR remains committed to advocating for provisions that expand opportunity, support homeownership, strengthen communities nationwide, and put the American dream within reach for more families.
The office buildings were all built in the 1970s and early 1980s and are currently approximately 50% vacant.
WHITE PLAINS—Five underperforming office buildings formerly known as “The Exchange” on Westchester Avenue were sold to a partnership of Rose Equities and Garden Commercial for $37 million.
The Rose-Garden entity “White Plains 700 Westchester LLC” announced the deal on Monday (June 2). The buildings: 701, 707, 709, 711 and 777 Westchester Ave. total 676,113 square feet of office space located at the intersection of Westchester and Bryant avenues.
The office buildings were all built in the 1970s and early 1980s and are currently approximately 50% vacant. The portfolio sits on a 55-acre campus and has more than 2,500 feet of frontage along I-287.
There was a proposal a few years ago to begin the conversion of at least one of the buildings at The Exchange (701 Westchester Ave.) to residential use, however, that plan failed to move forward after it received strong local opposition from a number of neighborhood organizations.
Rose Equities is headquartered in New York City, while Garden Commercial hails from Short Hills, NJ.
According to the announcement, the portfolio was acquired “for general investment purposes.” CBRE represented the seller in the transaction.
Part of the delay in recovery is because the Federal Reserve has changed its outlook and appears to be on pause for a longer period.
NAR remains committed to advocating for provisions that expand opportunity, support homeownership, strengthen communities nationwide, and put the American dream within reach for more families.
Dr. Meadows will serve as a vital bridge between HGAR’s Realtor members and the elected officials and stakeholders shaping housing policy in the Bronx and New York City.
“At this critical stage of the housing market, it is all about mortgage rates,” said NAR Chief Economist Lawrence Yun.
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