NORTHEAST SNAPSHOT, OCTOBER 2008
Westchester, New York – Industrial Market
Westchester County is a high-cost county, in terms of housing, taxes, and power. Thus, most industrial operations in the area are small to mid-size warehousing and light assembly. This type of space is concentrated in very few areas, most notably Elmsford, Port Chester, New Rochelle, and Mt. Vernon — with the most significant concentration of quality product in Elmsford and Port Chester. Rental rates are currently ranging from $8 to $13 per square foot gross.
Despite the lack of new development in the area, the market still has some activity. The most significant is the redevelopment of the former A&P Distribution Center by Diamond Properties in Mount Kisco. The 600,000-square-foot property has attracted a number of different uses, including an HVAC distributor, a large showroom/warehouse for a seller of wine coolers and accessories, a self-storage facility, a large indoor racecar track and other entertainment-type venues.
On the acquisition side, Long Island, New York-based Lighthouse Real Estate Ventures recently acquired the Baker portfolio of industrial and flex properties in Elmsford and Port Chester.
In April, Town Sports International, which operates New York Sports Clubs throughout the tri-state area, leased the entire 81,686-square-foot facility at 399 Executive Boulevard in Elmsford for a central laundry facility with some other ancillary uses. AFP Imaging renewed its 48,000-square-foot lease at 250 Clearbrook Road in Elmsford for office and flex space. A third notable lease is Howard Properties, Ltd. representation of Ultrafabrics, LLC in a 16,000-square-foot warehouse lease at the California Closets Building at 16 Saw Mill River Road in Hawthorne.
— Howard E. Greenberg is the president of White Plains, New York-based Howard Properties, Ltd./CORFAC International, Ltd.
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