Page 2 of 4 FirstFirst 1234 LastLast
Results 16 to 30 of 48

Thread: White Plains: City Center, Other Projects

  1. #16
    Forum Veteran
    Join Date
    Nov 2002
    Location
    New York City
    Posts
    3,298

    Default

    I hope so, too. But consider this: if Buffalo tried to copy Manhattan instead of Detroit, it would probably get somewhere.

  2. #17

    Default

    January 3, 2005

    Shedding a Low Profile

    By LISA W. FODERARO


    The 35-story One City Place and its twin, Trump Tower, which is to be completed next fall, are changing the face of White Plains. About half of One City Place's 311 residential units have been rented.

    WHITE PLAINS - This unassuming city of shopping centers and quiet residential streets has begun to develop something that no other city in Westchester County has: a skyline.

    In the last few months, 35-story residential towers have begun poking above the squat, chunky office buildings that make up the downtown.

    Between the Bronx and Stamford, another urban retail and business hub, no other city or town has buildings even approaching Manhattan-like high-rise heights. But in less than two years, some 2,000 rental and condominium units have been built or are under construction in this county seat. And with the residential towers have come the first clear signs of after-hours life in the business district, with new restaurants and an enormous lighted fountain - synchronized to music - that draws crowds at night.

    The mayor, Joseph M. Delfino, used to joke that you could shoot a cannon down the street at night and not hit a car or a pedestrian. "Now you have to be careful where you aim," said Bruce Berg, an executive vice president of Cappelli Enterprises, the leading downtown developer.

    With the exception of the high-end Westchester Mall, on the edge of the business district and packed with well-heeled shoppers toting Tiffany bags, the retail scene in the heart of the downtown lagged.

    For the better part of a decade, a former Macy's department store sat empty at the corner of Main Street and Mamaroneck Avenue, a vital intersection that was dotted with vacancies and 99-cent stores. Even Starbucks, which plants a flag in almost any town with a retail pulse, had stayed away.

    But now there's a glossy new Starbucks overlooking the fountain. Macy's has been replaced by a huge mixed-used development called City Center, with a 35-story rental tower, One City Place, already built, and a twin condominium tower, bearing the Trump name, still rising. And in perhaps the clearest sign of the transformation of the business district, there is now a sales office for Trump Tower, as well as an adjoining loft building, where stores once hawked cheap toys and toiletries.

    Breaking the city's traditional 20-story skyline, the towers loom over a retail complex that includes Target, Barnes & Noble, Circuit City, the Legal Seafood restaurant, Filene's Basement and the first new movie theater the city has had in years.

    The towers also lifted the prices in the housing market. With an indoor pool and views of the Manhattan skyline and Long Island Sound, One City Place, with 311 units, is charging $2,000 to $2,600 for granite- and marble-sheathed one-bedroom apartments and as much as $5,500 for a three-bedroom apartment. Leasing started in April, and about half the apartments are rented.

    The Trump Tower condominiums are priced from $645,000 to $1.6 million. The tower, with 212 apartments, will not be finished until fall 2005. But the condominiums have sold so fast that the developer, Cappelli, has increased prices four times. Two-thirds of the units have sold since the apartments went on the market in early October, sold by Cappelli under a licensing agreement with Donald Trump.

    Both empty nesters and young professionals like Doug Champion are attracted to the new housing. Mr. Champion, a 36-year-old bachelor and the national director of sales training for Serta Inc., was recently transferred from Chicago to the company's New Jersey office.

    Having lived in downtown Chicago, Mr. Champion looked for an apartment in Manhattan but was discouraged by the prices. Although his rent is not cheap - $2,200 for a one-bedroom - it is far lower than rents for comparable apartments in Manhattan, which is about 40 minutes away by train.

    "I like nice new stuff, and in Manhattan you could find something in a great area, but it was old," he said. "I found this place and fell in love with it. It seemed comfortable."

    Older residents, many of whom took advantage of the galloping real estate appreciation of recent years when they sold their houses, say they like the convenience of being able to walk everywhere, as well as the vitality of an urban environment without Manhattan's noise, crowds and crime.

    "It's city living outside the city," said Michael W. Dolphin, 58, who moved into a two-bedroom apartment at One City Place in mid-December, after having sold a three-bedroom condominium for $750,000 in Somers, a semirural town in northern Westchester County.

    Mr. Dolphin, who pays $3,300 a month in rent, said he shortened his commute to the Westchester County Airport, about four miles north of White Plains, where he owns a business that services jets. He might buy a condominium in Trump Tower, which he can see taking shape from his 18th-floor window, he said. But for now he is enjoying an even faster trip to Target, an elevator and an escalator ride away.

    "Who's got a Target in their basement?" he boasted. "The other day I was putting together some furniture, and I ran downstairs and came back with a 12-wrench set, a pack of bagels, milk and toilet paper. Same store."

    City officials say the infusion of high-income residents is adding balance to the makeup of the downtown. Much of the nine-square-mile city of roughly 54,000 residents is composed of solidly middle and upper middle-class neighborhoods, with spacious single-family houses and some mansions.

    But according to Paul Wood, the city's acting executive officer, a recent study revealed that 82 percent of the housing stock in the downtown area, defined as the blocks between Main Street and East Post Road, from South Broadway to the Metro-North Railroad station, fell into the "subsidized, regulated or assisted" categories, either through limits imposed on rent or federal housing vouchers.

    "It was stacked the other way, so we evened out the demographic," Mr. Wood said. "The whole plan was to create a neighborhood downtown, which was ripped out during the urban renewal of the 1960's and 1970's."

    Officials do not seem worried about the impact of the new housing on the public schools. An analysis by the city found that only three dozen new students would be added to the schools from the hundreds of new rental apartments now being leased. The schools, in turn, would reap more than two-thirds of the so-called payments in lieu of taxes that the city negotiated with the building owners.

    "The compensation will more than make up for the additional students," said Mayor Delfino, who wooed housing developers in recent years by allowing taller buildings and simplifying the complex, lengthy approval process.

    Other new apartment buildings in and around the business district may not be quite as upscale as One City Place, but they are also reaching for the affluent market. Bank Street Commons, which consists of two new 21-story towers by the train station, with a total of 500 apartments, is almost fully leased, Mr. Wood said.

    Just outside the official downtown, at Canfield Avenue and Main Street, is Clayton Park, a 260-unit rental building with handsome landscaping and gleaming green-tinted windows. About 80 percent of the apartments are leased.

    Cappelli, which built the $350 million City Center, has city approval for an equally ambitious 35-story complex, called Renaissance Square. It will rise diagonally across Main Street from City Center, next to Grace Church, and will include a hotel, a 200-unit rental tower, a 200-unit condominium tower and a 28-story office building.

    "We're very upbeat about the market," Mr. Berg, of Cappelli, said. "The fact that we sold 65 percent of the units in Trump Tower in nine weeks tells us that there's enormous demand. White Plains is becoming a vibrant city, which is what it should have been. I don't think the market has seen anything near its peak."

    Copyright 2005 The New York Times Company

  3. #18
    The Dude Abides
    Join Date
    Jan 2005
    Location
    NYC - Financial District
    Posts
    4,418

    Default

    Listings of High-End Condos Proliferate

    By ELSA BRENNER

    Published: January 8, 2006

    WHITE PLAINS

    SOON after the luxury condominiums at Trump Tower went on the market early last year in this city's rapidly growing downtown, Mary Ellen Gramolini snapped up a two-bedroom, two-and-a-half bath unit for $570,000. "I got in on the ground floor," said Mrs. Gramolini, who then sat back and watched as the prices of units in Trump Tower soared.

    Mrs. Gramolini's plan was to rent out her unit for several years and then, once her three children were grown and on their own, move in with her husband, Tom.

    But she became worried that the market was becoming saturated and that she might have trouble renting her apartment, and she put her unit up for sale in the fall, asking $699,000.

    She was not the only one who decided to speculate on the 212 condos in the newly built 35-story Trump Tower at City Center, where some units offer views of the New York City skyline.

    John Durante, a real estate investor and law student at Pace University, purchased a two-bedroom penthouse condo with two and a half baths and a 500-square-foot terrace at the new Trump building for just over $1 million. Last fall, when the units in the residential tower were almost sold out, Mr. Durante put his condo on the market for $1.9 million. When it did not sell, he lowered the price to $1.79 million. It still has not sold.

    Both Mrs. Gramolini and Mr. Durante tried to do what many speculators have done during the hot condo market of the past 18 months - buy at a low price and then flip their units six months or a year later. But as Mrs. Gramolini and Mr. Durante and others learned this fall, the upward momentum of the real estate market seems to have abated somewhat.

    Mrs. Gramolini's condominium is in contract. She would not reveal the sale price, although she indicated it was below her asking price. "Because I got in at the ground floor, I'm not taking a loss," she said. "It just didn't work out as well as I had hoped."

    Mr. Durante put two condos on the market: a penthouse he occupied in another section of downtown White Plains and his Trump condo. The occupied unit sold quickly. He said he would move into his unsold Trump condo.

    "Not just in White Plains, but all over Westchester, the condo market has softened," Mr. Durante said. "It's especially true in White Plains," because another high-end residential project is nearing completion, "and people have a lot to chose from," he added.

    Of 125 apartments on which buyers have already closed at Trump Tower at City Center, about one-third returned to the market shortly after their closings. Some people describe the surfeit of condos on the market in White Plains as a glut.

    But P. Gilbert Mercurio, chief executive of the Westchester County Board of Realtors in White Plains, called that an overstatement, even though there are currently 56 percent more condominiums on the market countywide than there were a year earlier - 600 at last count, compared with 397 last December.

    "Yes, inventory has increased because the market is slowing down in Westchester and elsewhere," he explained. "But we're still a very long way from using words like 'overhang' or 'glut' to describe the situation." Looking back, he said, there were 860 condos for sale at the end of 1996, and 1,100 condos in the early 1990's.

    In addition, 2004 was a record year in terms of the number of condominiums sold, 1,438, and 2005 came close. As of Dec. 29, there had been 1,400 condo sales, Mr. Mercurio said.

    Clearly, though, the real estate market - for stand-alone and multifamily homes and co-ops as well as condos - is slowing down, and the net result is that some speculators, especially condo speculators like Mrs. Gramolini and Mr. Durante, have been disappointed.

    Greg Rand, a managing partner for Prudential Rand Realty, reported last week that his company has more than a dozen never-occupied units in Trump Tower in White Plains listed for sale. They range from a three-bedroom three-and-a-half-bath unit listed at $1.795 million, to a one-bedroom two-bath unit going for $789,000.

    This high number of units on the market partly reflects the property's exceptional early performance, Mr. Rand explained. Sales were so rapid that the building almost sold out within a few months of the initial offering. In response to the unexpectedly robust demand, the tower's developers, Louis Cappelli and Donald J. Trump, raised prices several times in the ensuing months.

    Mr. Rand said the rush to buy Trump condos was as feverish as a sale in a department store. When early buyers saw how much more later buyers were paying, a number of owners "turned around all at the same time and put the condos back on the market."

    This has rapidly changed the dynamics at the Trump Tower. "Whenever you have a lot of people selling the same product at the same time, you have a buyer's, not a seller's, market," he said.

    Mr. Cappelli estimated that about 25 percent of the condos in the project - an unusually high percentage - were bought by speculators who never intended to live in the units.

    Now Mr. Cappelli has 200 more units in Renaissance Plaza, two 40-story-high towers in downtown White Plains, coming on the market in February at prices somewhat higher than those at Trump Tower. Mr. Cappelli conceded that the speculators selling condos at Trump Tower were "undercutting the new product a little."

    Renaissance Plaza, a $400 million complex, includes hotel and office elements. In all, it has approximately 890,000 square feet and is diagonally opposite Trump Tower and City Center, a shopping and residential complex.

    Real estate observers like Mr. Mercurio at the Board of Realtors described the current real estate market as "in the process of sorting itself out."

    Henry Uman, a retired real estate lawyer in Larchmont who has witnessed market ups and downs over 40 years, said that speculators interested in flipping properties should always be prepared to weather the vicissitudes of the market.

    "When the need arises," he said, "you have to have the wherewithal to stay with things over time."


    Michael Cairns/Wet Orange Studio Inc.
    A rendering of Renaissance Plaza, two 40-story-high towers in White Plains, where 200 condos will come on the market in February. The $400 million complex will also have a hotel and offices.

    Copyright 2006 The New York Times Company

  4. #19

    Default

    Those are nice buildings for the suburbs! White Plains is turning out to be a decent little city. (In fact, it's better than "cities" in other parts of the U.S. such as Columbus, OH, Orlando, etc.)

    PS: Ginsburg Development Corp. is also planning a 35 story condo on the other side of the City Center.

  5. #20

    Default

    The softening of the market isn't a good sign at all for White Plains. But its a far worse sign for New Rochelle 15 miles away that is trying to follow in White Plain's footsteps and has a few high profile highrise projects in development and construction. New Rochelle has never been able to compete with White Plains in allure and success so this is definetley a grave issue.

  6. #21

    Default 40 Story Ritz Carlton to open in White Plains!


  7. #22

    Default

    Looks dull, featureless, lacking scale, built for drivers. Will White Plains become Stamford?
    Last edited by ablarc; May 19th, 2006 at 03:07 PM.

  8. #23

    Default

    Yes, just at double the height (even more parking garages!!!!).

    It already has enough suburban-style development that, although better than Columbus, OH, its character is already set and we know developers won't do anything to lessen it.

  9. #24
    Build the Tower Verre antinimby's Avatar
    Join Date
    Sep 2004
    Location
    in Limbo
    Posts
    8,976

    Default

    Quote Originally Posted by ablarc
    Will White Plain become Stamford?
    Well, not in terms of corporate business anyway. White Plains is in NYS and therefore has high taxes, the very exact reason why businesses set up right across the state border in Stamford CT, to avoid them.

  10. #25

    Default ritz carlton info - plus why so long?

    Or at least they asked the city council for permission and got it: http://www.whiteplainscnr.com/article4841.html

    I was also wondering why its going to take until 2008 to do this. It looks to me like the first tower is well on its way to the top and the second tower is rising at a healthy clip. Seems like its not that far from completion to the naked eye.

  11. #26

    Default oops - last post missed a sentence

    My last post somehow lost the first sentence. I meant to say "Looks like the Ritz Carlton will have a luxury pool, or at least they asked the city council for permission and got it." http://www.whiteplainscnr.com/article4841.html

  12. #27

    Default

    Quote Originally Posted by pianoman11686 View Post
    Listings of High-End Condos Proliferate

    By ELSA BRENNER

    Published: January 8, 2006

    WHITE PLAINS

    SOON after the luxury condominiums at Trump Tower went on the market early last year in this city's rapidly growing downtown, Mary Ellen Gramolini snapped up a two-bedroom, two-and-a-half bath unit for $570,000. "I got in on the ground floor," said Mrs. Gramolini, who then sat back and watched as the prices of units in Trump Tower soared.

    Mrs. Gramolini's plan was to rent out her unit for several years and then, once her three children were grown and on their own, move in with her husband, Tom.

    But she became worried that the market was becoming saturated and that she might have trouble renting her apartment, and she put her unit up for sale in the fall, asking $699,000.

    She was not the only one who decided to speculate on the 212 condos in the newly built 35-story Trump Tower at City Center, where some units offer views of the New York City skyline.

    John Durante, a real estate investor and law student at Pace University, purchased a two-bedroom penthouse condo with two and a half baths and a 500-square-foot terrace at the new Trump building for just over $1 million. Last fall, when the units in the residential tower were almost sold out, Mr. Durante put his condo on the market for $1.9 million. When it did not sell, he lowered the price to $1.79 million. It still has not sold.

    Both Mrs. Gramolini and Mr. Durante tried to do what many speculators have done during the hot condo market of the past 18 months - buy at a low price and then flip their units six months or a year later. But as Mrs. Gramolini and Mr. Durante and others learned this fall, the upward momentum of the real estate market seems to have abated somewhat.

    Mrs. Gramolini's condominium is in contract. She would not reveal the sale price, although she indicated it was below her asking price. "Because I got in at the ground floor, I'm not taking a loss," she said. "It just didn't work out as well as I had hoped."

    Mr. Durante put two condos on the market: a penthouse he occupied in another section of downtown White Plains and his Trump condo. The occupied unit sold quickly. He said he would move into his unsold Trump condo.

    "Not just in White Plains, but all over Westchester, the condo market has softened," Mr. Durante said. "It's especially true in White Plains," because another high-end residential project is nearing completion, "and people have a lot to chose from," he added.

    Of 125 apartments on which buyers have already closed at Trump Tower at City Center, about one-third returned to the market shortly after their closings. Some people describe the surfeit of condos on the market in White Plains as a glut.

    But P. Gilbert Mercurio, chief executive of the Westchester County Board of Realtors in White Plains, called that an overstatement, even though there are currently 56 percent more condominiums on the market countywide than there were a year earlier - 600 at last count, compared with 397 last December.

    "Yes, inventory has increased because the market is slowing down in Westchester and elsewhere," he explained. "But we're still a very long way from using words like 'overhang' or 'glut' to describe the situation." Looking back, he said, there were 860 condos for sale at the end of 1996, and 1,100 condos in the early 1990's.

    In addition, 2004 was a record year in terms of the number of condominiums sold, 1,438, and 2005 came close. As of Dec. 29, there had been 1,400 condo sales, Mr. Mercurio said.

    Clearly, though, the real estate market - for stand-alone and multifamily homes and co-ops as well as condos - is slowing down, and the net result is that some speculators, especially condo speculators like Mrs. Gramolini and Mr. Durante, have been disappointed.

    Greg Rand, a managing partner for Prudential Rand Realty, reported last week that his company has more than a dozen never-occupied units in Trump Tower in White Plains listed for sale. They range from a three-bedroom three-and-a-half-bath unit listed at $1.795 million, to a one-bedroom two-bath unit going for $789,000.

    This high number of units on the market partly reflects the property's exceptional early performance, Mr. Rand explained. Sales were so rapid that the building almost sold out within a few months of the initial offering. In response to the unexpectedly robust demand, the tower's developers, Louis Cappelli and Donald J. Trump, raised prices several times in the ensuing months.

    Mr. Rand said the rush to buy Trump condos was as feverish as a sale in a department store. When early buyers saw how much more later buyers were paying, a number of owners "turned around all at the same time and put the condos back on the market."

    This has rapidly changed the dynamics at the Trump Tower. "Whenever you have a lot of people selling the same product at the same time, you have a buyer's, not a seller's, market," he said.

    Mr. Cappelli estimated that about 25 percent of the condos in the project - an unusually high percentage - were bought by speculators who never intended to live in the units.

    Now Mr. Cappelli has 200 more units in Renaissance Plaza, two 40-story-high towers in downtown White Plains, coming on the market in February at prices somewhat higher than those at Trump Tower. Mr. Cappelli conceded that the speculators selling condos at Trump Tower were "undercutting the new product a little."

    Renaissance Plaza, a $400 million complex, includes hotel and office elements. In all, it has approximately 890,000 square feet and is diagonally opposite Trump Tower and City Center, a shopping and residential complex.

    Real estate observers like Mr. Mercurio at the Board of Realtors described the current real estate market as "in the process of sorting itself out."

    Henry Uman, a retired real estate lawyer in Larchmont who has witnessed market ups and downs over 40 years, said that speculators interested in flipping properties should always be prepared to weather the vicissitudes of the market.

    "When the need arises," he said, "you have to have the wherewithal to stay with things over time."


    Michael Cairns/Wet Orange Studio Inc.
    A rendering of Renaissance Plaza, two 40-story-high towers in White Plains, where 200 condos will come on the market in February. The $400 million complex will also have a hotel and offices.

    Copyright 2006 The New York Times Company
    These buildings look really nice in person. White Plains is better than the typical US city (i.e., Columbus, OH, Louisville, etc.)

    There are several empty buildings across the street from here adjacent to the fountain on Mamoraneck just east of Main St. Something will happen there too.

  13. #28

    Default

    They just opened a Wal Mart up there. I will try to get some pictures of the area for you guys who have never been.

  14. #29

    Default

    Quote Originally Posted by londonlawyer View Post
    These buildings look really nice in person. White Plains is better than the typical US city (i.e., Columbus, OH, Louisville, etc.)

    There are several empty buildings across the street from here adjacent to the fountain on Mamoraneck just east of Main St. Something will happen there too.
    That looks really nice. Everything else though is cookie cutter crap...especially the trump stuff....what he did to the upper west side is he should have been put in jail

  15. #30

    Default another high rise on main street

    Looks like a 28 story building will go up. http://www.thejournalnews.com/apps/p...66/1018/NEWS02

Page 2 of 4 FirstFirst 1234 LastLast

Similar Threads

  1. Winter Garden of World Financial Center - Recent pictures
    By Edward in forum New York City Guide For Visitors
    Replies: 166
    Last Post: August 31st, 2016, 12:04 PM
  2. Rockefeller Center Christmas Tree
    By Edward in forum New York City Guide For Visitors
    Replies: 16
    Last Post: December 21st, 2010, 09:17 PM
  3. Jazz at Lincoln Center - Time Warner Center
    By Edward in forum New York Skyscrapers and Architecture
    Replies: 8
    Last Post: October 16th, 2007, 12:47 PM
  4. Envisioning a Safer City Without Turning It Into Slab City
    By Kris in forum New York City Guide For New Yorkers
    Replies: 11
    Last Post: October 7th, 2006, 02:27 PM
  5. Big Planning Projects: Avoiding the Public?
    By Agglomeration in forum New York City Guide For New Yorkers
    Replies: 6
    Last Post: April 10th, 2003, 12:33 AM

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  


Google+ - Facebook - Twitter - Meetup

Edward's photos on Flickr - Wired New York on Flickr - In Queens - In Red Hook - Bryant Park - SQL Backup Software