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Can Westchester Multifamily Development Stay Strong?

WHITE PLAINS, NY—Westchester's limitations are a boon to the multifamily market, but that won't continue without modifications to how developers build, say industry experts who will speak at the upcoming RealShare Westchester.

By Rayna Katz | Updated on April 22, 2014

WHITE PLAINS, NY—Multifamily housing investors in the Westchester market are sitting pretty, thanks to a favorable tilt in the supply and demand equation. But no one wants there to be a lack of development in a market forever, so interested parties—who will speak at the upcoming RealShare Westchester event on April 24—have a clear message for the community: mixed-use developments, particularly those close to mass transit, are the next generation of real estate.

“The multifamily market in Westchester is hot,” says Jose Cruz, senior managing director, HFF. “We’ve closed two transactions in the last 12 months, totaling $250 million. The biggest one of those was the sale of the Avalon Bay New Rochelle, which was an approximately $210 million deal.”

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