Recently, I have been posting about the bull market in Westchester NY. Well, new construction is always a sign of a bull housing market! On Nov 19 the LCOR project at 55 Bank Street had its ground-breaking ceremony on a complex that when complete, will add 561 vitally needed units to the housing stock.
This is a $250 million project that will take place in two phases. The first phase will consist of a 16-story building with 288 units as well as 3000 sf of retail space on the ground floor. The second phase will involve another 16-story building that includes 273 units and 3500 sf of retail. It should be noted that 20% of the units are designated for desperately needed work-force housing. With so much emphasis by builders on luxury housing, this is a very refreshing trend.
The project is located a prime downtown location just across the street from the White Plains Metro-North station. Fine dining, shopping and entertainment are all within easy walking distance. The very short walk to the White Plains express stop for Metro-North enhances the desirability of the location. For those commuting by car, the proximity of the Bronx River Parkway, I-287, and the Hutchinson River Parkway make for a very easy commute no matter what the destination.
Although this is the first major residential development to break ground since 2009, it should be noted that there are numerous residential projects in the pipeline for the city. Its no secret that the recession of 2008 hit the housing particularly hard. Builders stopped building. Several years of stagnation resulted in a tremendous shortage of housing for an area so close to Manhattan.
One of take-home messages to buyers has been to observe where the builders are. After all, they don’t put their shovels in the ground unless they think the market is sound. So for prospective buyers, it should be noted that after a five year hiatus, the builders are very active in White Plains once again. This is particularly true of the downtown area.
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