The Hudson Companies is targeting Westchester County for its next large-scale multi-family project.
The real estate company has acquired a development site at 27-45 North Main Street and 28 Adee Street in Port Chester for $11.4 million with plans to build a six-story, 226,000 square foot mixed-use project. The seller, Connecticut-based Ivy Realty, will retain a minority stake in the property.
Provident Bank provided acquisition financing and a pre-development loan. Cushman & Wakefield negotiated both the sale and the debt financing.
Plans call for a residential portion of 203 units, of which approximately 20 units will be deemed affordable. The residential component will include approximately 50 studios and 153 one- and two-bedroom units.
The development will include approximately 10,000 square feet of street-level retail, a facility for Westchester’s nonprofit Human Development Service, a fitness center and outdoor courtyards. The total capitalization of the project is expected to be $89.2 million.
The majority of the project’s equity comes from Hudson’s partnership with the New York City Employees’ Retirement System and the New York City Teachers’ Retirement System, which announced last year that they would invest up to $250 million dollars in development projects in the tri-state area.
Hudson noted the site’s proximity to transport links like the Metro North station in nearby Port Chester for his interest in the property. Hudson’s director of acquisitions, Laszlo Syrop, noted the area’s “diverse community and a wonderful, walkable downtown area with plenty of dining and nightlife options.”
“We’re seeing that even outside of the big cities, people are increasingly looking for opportunities to move to places like this,” Syrop said.
Ivy Realty originally proposed the development in 2020, Westchester & Fairfield County Business Journals reported, and plans were approved by Port Chester officials last year.
Elsewhere in New York, Hudson recently broke ground on a 127-unit mixed-use project in Pelham. The company received approval in August for a 112-unit, 129,000-square-foot affordable housing project at 806 Ninth Avenue in Hell’s Kitchen. The nine-story development, known as Lirio, would include 30,000 square feet of commercial use for the MTA and 7,000 square feet of retail.