In and around New York City, luxury rentals are all the rage these days.
With mortgages hard to come by in the wake of the global financial crisis, the push toward apartment living has flooded up into the northern suburbs and beyond. And with monthly rents well above $3,000 in Manhattan, $2,500 for comparable place in White Plains might seem like a steal.
Now the trends is taking off in some unexpected places, such as New Rochelle and Port Chester, as hot rental markets are popping up throughout Westchester anywhere within walking distance of a Metro North train station.
In Tuckahoe, a village without any luxury rentals available, a group of developers – Glenco Residential, Roseland (a subsidiary of Mack-Cali Realty Corporation), Mirado Properties and Sharp Management – are moving forward with a significant high-end project that will serve as the gateway into the downtown area.
“Tuckahoe has experienced quality revitalization over the past decade, and this project is further testimony to the vibrant renaissance taking place in our community,” said Tuckahoe Mayor Steve Ecklond. “We look forward to its completion and to welcoming its residents to their new home town.”
The design of the luxury residential building will offer 59 one-bedroom units and 49 two-bedroom units with hard wood flooring, stainless steel appliances, washer/dryers, marble countertops and more. Amenities will include a fitness center with state-of-the-art equipment and yoga studio, a club room, and an expansive outdoor terrace with gardens, a fountain sculpture, a large freestanding stone fireplace pit, and an outdoor kitchen for private entertaining. Parking will be provided in secured, well-lighted underground garages.
“I’m delighted to bring this new residential development to the Tuckahoe, Eastchester and Bronxville communities, and southwestern Westchester County,” said Glen Vetromile, Glenco Residential’s development partner. “There have been no new housing offerings of this type in this area in nearly two decades. The demand for a quality residential offering with a high amenity package is very strong.”
“We believe couples, singles, people in transition and empty-nesters will like our new community,” Vetromile added. “Not everyone needs or wants a large home and many people want the carefree lifestyle that apartment living offers. Their busy lives limit the time that they can commit to maintaining a residence and they prefer the simplicity of apartment living.”
This new building is immediately proximate to several new townhome and condo developments, as well as an array of restaurants, cafes, Starbucks and convenience shops. Metro-North rail service to Grand Central is a four block walk from the project to the Tuckahoe train depot.
The project also will feature 3,500 square feet of quality retail space on Main Street that will soon be brought to market for lease. Inquiries can contact Admiral Real Estate Services Corp. of Bronxville.
“These buildings will provide the perfect home for young couples and small families looking to separate themselves from the hustle and bustle of New York City without completely giving up their link to urban life,” said Marshall B. Tycher, co-president of Roseland. “Tuckahoe living provides easy access to Manhattan, but at an affordable price.”
“Tuckahoe has been my passion for the last 10 years,” said Philip Raffiani vice president of Mirado Properties. “While building on Main Street I saw the potential of the site but It took seven long years to get this project to where it is today and I am proud to have my name associated with this final version.”
The project’s architect is Minno & Wasko of Lambertville, New Jersey, the landscape architect is Mellilo & Bauer of Manasquan, New Jersey and construction management is being overseen by Sharp Management of Clifton, NJ.
In this Sunday’s “Living Here,” a weekly real estate section of The Journal News, we’ll break down the trend and look at some of the Lower Hudson Valley’s newest and most in-demand luxury rental buildings.