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Corporate Housing Deal in White Plains

WHITE PLAINS, NY-ExecuStay Corp. by Marriott leases 50 apartments at White Plains building for short-term corporate stays. Rentals average $140 per night with a minimum stay of 30 days.

By John Jordan | Updated on August 07, 2000

ExecuStay by Marriott Corp., which is headquartered in the Washington DC area, has leased 50 apartments at the 21 Lake St. condominium. The company acquired the lease from Pine Equity Inc. of New York City. Financial details were not reported.David Lorenzo, vice president at ExecuStay, says that the deal marks the firm’s entrance into the White Plains market. It is the only corporate housing provider with available inventory here.

“The corporate housing trend has gained steady momentum in recent years because companies have found that placing out-of-town or relocating executives in corporate housing rather than hotels is more cost effective.” He adds, “We are seeing strong demand for our product from Westchester businesses looking to house out-of-town professionals as well as from Manhattan firms with executives who don’t mind working in the city for a few months but want to live in a suburban community.”

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