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The mayors chronicled the tens of thousands of new apartment units under construction and in the approval process and all noted that at present property owners are experiencing strong leasing demand and expect that trend to continue going forward.
WHITE PLAINS—A panel of chief executives from three major Westchester cities were upbeat about their respective economies and downtown revitalization programs fueled by unprecedented multifamily development projects currently under construction and in the pipeline.
The Building Owners and Managers Association of Westchester County held a roundtable discussion on March 14 at 360 Hamilton Ave. in White Plains that featured White Plains Mayor Thomas Roach, New Rochelle Mayor Yadira Ramos-Herbert; and Yonkers Mayor Mike Spano. The program was moderated by Kevin Plunkett, Director of Strategic Initiatives for Simone Development.
The mayors chronicled the tens of thousands of new apartment units under construction and in the approval process and all noted that at present property owners are experiencing strong leasing demand and expect that trend to continue going forward. However, one mayor did note that high interest rates and labor costs are preventing developers in his city from submitting plans for new projects at the moment.
Yonkers Mayor Spano stressed that the city has overcome its troubles of the past “when it could not get out of its own way” when investors shied away from the city despite its enormous potential due to court-ordered segregation remedies and other issues. In the past decade, the city has “told its story” that has helped convince investors and others that Yonkers is a safe city and has a strong school system that ranks the best among the top five school districts in the state. Since that time, there has been a total of $5 billion of private investment in the City of Yonkers.
The mayor said that at present the city has approved approximately 19,000 units of housing, with 10% of those units earmarked as affordable. He also noted that the city has become a mecca for movie and television studios and has earned the moniker “Hollywood on the Hudson.”
“We have three studios coming on line in the next week or so and another three studios are in the ground,” Mayor Spano said. “There will be a total of 22 studios, including two studios that will be the largest on the Eastern Seaboard.” He noted that the Lionsgate on the Hudson development is having positive economic impacts not only on the city but the Hudson Valley region. In addition, the prospect of MGM securing a full casino license for its Empire City property will also generate tremendous economic benefits with the expansion plans at the storied property.
New Rochelle Mayor Yadira Ramos-Herbert noted that she had only been on the job a few weeks after successfully winning election last November, replacing longtime Mayor Noam Bramson, who left city government to become executive director of Sustainable Westchester.
Mayor Ramos-Herbert said the key to the city’s economic resurgence was form-based zoning enacted in 2015 that allows developers to secure approvals for projects in the downtown district within 90 days as long as it conforms to the city’s zoning codes.
Under the direction of Master Developer RXR Realty, the city has approved approximately 11,000 units of housing and has about 6,400 units that have been completed or in active development. She said about 12% of those units are earmarked as affordable and most of the new developments are mixed-income properties. By having properties that are available to a variety of incomes, “it helps to build a more mature, cohesive community,” she said.
Mayor Ramos-Herbert noted that the city’s apartment leased rate is 85%, and demand is coming not just from New York City, but approximately 25% of the leasing activity is from Westchester residents.
She also announced that U.S. Senator Charles Schumer’s office informed her that the city secured $16 million in federal funding for “The Linc” project that will reconnect a historically African-American neighborhood that was fragmented and severed due to the construction of a highway through the community. The plan is to right-size Memorial Highway and transform it from a six-lane road into a local street and linear park.
The mayor also said that the Penn Access project will also provide significant benefits to the city once completed.
“This is a really exciting time to think about the future of New Rochelle and I am happy to be a part of bringing it to inception,” she said.
Mayor Roach said that his biggest job is to maintain the city’s quality of life while major development projects begin construction and come on line in the downtown district.
He said that despite some resident fears, these new multifamily projects are not bringing in an influx of new students to the White Plains School District.
A relatively new trend in the city is the repurposing of outdated office buildings into new uses. He cited the example of the conversion of the old AT&T building at 440 Hamilton Ave. into a new apartment project by New York City-based developer Rose Associates.
The mayor said that there are 1,985 units of housing currently under construction in the City of White Plains. Its pipeline also includes 2,385 approved units, and 2,633 units that are housed in relatively new buildings that recently opened, including an additional 123 units that have just been proposed at 99 Church St.
A major project on the drawing boards at the moment that could bring thousands of new units to the city is the redevelopment of the now shuttered Galleria Mall.
Mayor Roach said he tells residents: “A vibrant downtown is an engine that keeps taxes low.”
The mayors all noted that while they are concerned over possible oversaturation by these new developments, leasing activity has been brisk. For example, Mayor Roach noted that in its first 30 days of marketing, Lennar’s The Mitchell development secured 100 lease transactions.
All three mayors also stressed the importance of Industrial Development Agencies as a tool in facilitating new development. While New Rochelle and Yonkers have their own IDAs, the projects in the City of White Plains are serviced by the Westchester County IDA.
While all the mayors were upbeat about projects in the pipeline, Yonkers Mayor Spano noted that high interest rates and labor costs are prompting some developers to put some of their plans on the shelf for the moment.
Mayor Spano said that at present “It is becoming more challenging in this environment” for developers to introduce new housing projects.
At the session, BOMA Westchester President Stephanie Manfredi announced that the RPW Group of Rye and The Rebecca School of Mount Vernon will be BOMA’s 2024 Hall of Honor recipients. In addition, former BOMA Westchester President Anthony Lifrieri will be bestowed a Lifetime Achievement award.
The firm is “built by agents, for agents. Our mission is to provide real estate professionals with the mentorship, tools, and culture they need to thrive.”
“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.
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