This past year has been a momentous one in the world of local real estate, marked by the bottoming of the local housing market and a slew of major commercial real estate trades.
Here are our 10 top deals – in no particular order – for the year:
The deal that was finalized in September was a long time coming, but its inevitable closing sent the newspaper across I-287 to the multi-tenanted 1133 Westchester Ave. and fueled a transition along the once-heralded Platinum Mile commercial corridor which officials hope will continue once the state-of-the-art recreational campus is completed. In addition to being a big win for both parties involved, the sale – and subsequent moves – significantly reduced the corridor’s vacancy rate and reversed the area’s job-losing trend.
Louis Cappelli dumps interest in City Center and the Ritz Carlton.
White Plains mega-developer Louis Cappelli sold his majority interest in the City Center (a mix of retail and luxury condos) as part of a complex multi-mortgage deal with an out-of-state real estate company over the summer. A month later, he unloaded five parcels in the Ritz Carlton tower next door for $22 million to the Royal Bank of Scotland. Technically, the second part of Cappelli’s local liquidation was Westchester’s biggest residential real estate transaction of the year for the area. Here’s the Ritz, at right, with the City Center in its reflection.
Back in October, the property, which was shortly listed for $3,995,000, came with 10 acres, seven bedrooms, a pool and state-of-the-art amenities designed to make the home energy efficient. However, it is best known as the sight of the latest Kennedy family tragedy where Robert Kennedy Jr.’s estranged wife committed suicide.
Will-O-Woods gets a new steward.
One of the last large estate properties in Westchester went under contract recently. Originally about 100 acres, The Rosenthal family — owners of the estate since the 1930s — sold about 50 acres to New York City to preserve the land for its watershed, bringing down the size and price of the property; however, at 45 acres it was still one of the largest properties on the market in Westchester. Located on Journey’s End Road in Croton-on-Hudson, the property has a 1930s Art Deco house with 14 rooms, eight bedrooms and 6.5 bathrooms. There is also a private 8-acre lake with a separate boathouse. It was listed at $5,900,000.
Pfizer office finds new business.
A vaccine and biopharmaceutical company will invest millions of dollars to establish a manufacturing and development operation at Pfizer’s 550-acre campus in Rockland County, the governor announced in December. Protein Sciences Corp. will initially lease two buildings covering 83,000 square feet at the Pearl River site, creating about 50 full-time jobs that could eventually grow to 150 over the next decade, the governor said. The company will create a production line for Flublok, which it called the world’s first recombinant influenza vaccine.
In September, Montefiore Medical Center announced it was planning to buy the Kraft Foods research and development center in a deal that could bring 850 hospital employees to Tarrytown while keeping as many as 200 Kraft scientists on site. Though the deal won’t close until early 2013, it was a major highlight of the year following speculation that the Kraft brand would be leaving Westchester all together.
Horse farm goes for almost $10 million.
On May 24, Murray Kessler sold a horse farm at 14 Middle Patent Road in North Castle to Robyn Transport. At $9.3 million, it was the largest single-property residential sale of 2013 – not to mention a magnificent property in Northern Westchester.
Irvington estate goes for $9 million.
With a stunning view of the Hudson River, the mansion at 33 Matthiessen Park was sold by Katherine Martucci to Nora Capital LLC. It was the most expensive deals of the year if you’re only counting single-residence houses.
North Castle estate goes for a whopping $8.6 million.
Not to be outdone by a rivertown property, 14 Cowdray Park LLC sold a single-family residence at 14 Cowdray Park in North Castle to Lisa Baker on April 10. This mega-deal turned a lot of heads in early 2012 throughout Northern Westchester – not to mention neighboring Connecticut.
Chappaqua home goes to the highest bidder.As the weather heated up up over the summer of 2012, so did the high-end real estate market – in the form of auctions. A Chappaqua home at 22 Random Farms Drive, which came with a jaw-dropping indoor pool room, went up to bid for $999,000 and sold more than $1 million. The deal marked the arrival of a hot new market force – the bidding and out-bidding of top-shelf real estate in the Lower Hudson Valley – and the practice is expected to gain in popularity through 2013.