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Luxury Rental Project in Westchester Gets Funding

Alexander Development Group, Bluestone Organization Secure $92 Million in Debt and Equity
January 3, 2018
Developers have secured $92 million in financing for a luxury apartment project in New York’s Westchester County suburb of Mount Vernon.

42 Broad Street West, in the Fleetwood section of the city, is a planned 16-story, 242-unit tower. The developers, the Alexander Development Group and the Bluestone Organization, both of New York, hired HFF to arrange both equity and debt for the project. Investors advised by J.P. Morgan Asset Management agreed to kick in $32.6 million of equity for the project and Santander Bank and People’s United Bank are providing a $59 million construction loan.

The property will be a mix of studio to three-bedroom apartments, with the expected complement of amenities: a swimming pool, a landscaped rooftop garden, fitness center, outdoor kitchens and concierge service. There will also be 16,000 square feet of street level retail space and an attached four-story, 580-stall parking garage.

The site for the tower has been cleared and work will begin in earnest this year, with completion scheduled for early 2019.

The property is just a block away from the Fleetwood Metro North Commuter Rail station, which connects the County to Grand Central Station. Westchester, like parts of suburban New Jersey, has become an increasingly popular home to commuters priced out of Manhattan and the trendier outer borough neighborhoods. CoStar research shows apartment vacancy in Westchester County falling steadily in 2017, from 6.8% at the start of the year to 5.5% at the end of 2017.

Still, rents in Westchester are about 50% lower than in tony Brooklyn neighborhoods like DUMBO and Williamsburg, according to CoStar.

John Doherty, Multifamily Reporter  CoStar Group   
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