A Stately Georgian for Sale, Upscale Condos Selling, Bank Street Commons Sold, Elliman Expands into Westchester
HOUSE OF THE WEEK
Annual Property Taxes: $89,170
8 Heathcote Ln, Scarsdale
This stately Georgian-style home gives you access to one of the most sought-after school systems in the nation (plus all the status you could possibly want). On almost five tony acres in the heart of the Heathcote Association estate area, this early 1900s renovated classic has 10 bedrooms and 7 ½ baths, along with tennis courts, a 60-foot heated swimming pool with cabana, and a putting green. It was once the home of William Lamb, the lead architect for the Empire State Building. With a formal entry foyer and fireplaces in the living room, library, master bedroom, and on the patio—there are eight altogether—the home boasts a state-of-the-art kitchen, a butler’s pantry, a media room, an ice-cream parlor, a gym, a wine room, and a four-car garage. Interested? Call Suzy Glassgall at Houlihan Lawrence. She can be reached on her cell at (914) 649-0850.
Riverview Club 50 % Sold
Some sectors of the market may still be struggling, but demand is robust for the upscale resort lifestyle and million-dollar views at Riverview Club on the Hudson River in Yonkers. Times to check out this Greystone enclave only 30 minutes from Midtown are: Saturday and Sunday, 11 am to 4 pm; Monday, Wednesday, and Friday 10, am to 4 pm; Thursday, 11 am to 7 pm
Residences, which, by the way, are already 50 percent sold, range from $180,000 to the mid-$500,000s, with options for customization. Owners also have access to a state-of-the-art fitness center, an oversized pool with cabanas, and a 24-hour doorman, as well as a clubroom with a fireplace, a pool table, a flat-screen TV, and a serving kitchen.
Another option: the developers are offering a rent-to-buy alternative geared to first-time homebuyers who can deduct up to six months of rental fees from the eventual purchase price. For further information, call (914) 965-6360, or check out riverviewclub.com
Foreclosures Down But Outlook Uncertain, Says County Clerk
The final numbers of Westchester County foreclosures in 2010 show some improvement from the historic highs of 2008 and 2009 but remain “ominously inflated” when compared to the first half of the decade, according to the office of Westchester County Clerk Timothy C. Idoni.
“We should be heartened by the drop in foreclosures over the past twelve months,” Idoni says, “but we must recognize there is still a huge amount of effort needed to get this crisis under control. There are still far too many homeowners at risk in Westchester.”
Since January 1, 2000, 5,889 foreclosures have resulted in judgments against properties in Westchester. Idoni recommends that homeowners at risk obtain professional advice immediately upon being served notice that a foreclosure has been filed with his office. For more information, call (914) 995-3070.
Bank Street Commons Sold
The 502-unit apartment towers complex in White Plains, owned by Bank Street Commons L.L.C., of Berwyn, Pennsylvania, has been sold to a Chicago-based institutional adviser for $151 million. The property includes the 21- and 22-story residential towers, a 500-space parking garage, and convenience retail businesses. The developer, LCOR, had planned to build a $250 million apartment and retail development at nearby 55 Bank Street, but was stymied by the economic downturn and lack of project financing. The developer’s former partner in the proposed project, Lehman Brothers, collapsed and filed for bankruptcy in September 2008.
Prudential Douglas Elliman Expands In The Suburbs
New York’s largest residential brokerage, Prudential Douglas Elliman, will expand into Westchester and Putnam Counties with its recent acquisition of Prudential Holmes & Kennedy Real Estate, a family-owned company with six offices in upper Westchester.
Dottie Herman, president and CEO of Prudential Douglas Elliman, says the Westchester market has “a perfect synergy” with the Manhattan firm’s markets in New York City and Long Island. In the last quarter of 2010, the firm also opened its first Bronx office, where it acquired John Edwards Real Estate, a boutique Riverdale agency, and expanded on Long Island with its purchase of Prudential Galeria Real Estate in Williston Park.
Founded in Chappaqua in 1968, Prudential Holmes & Kennedy has offices in Armonk, Bedford, Chappaqua, Katonah, Pleasantville, and Somers. In a statement, William B. Holmes, founder and CEO of Prudential Holmes & Kennedy, called the acquisition’s timing “perfect.” With most of his company’s homebuyers coming from the metropolitan New York market, “What could be better than this direct pipeline from Manhattan northward to us?” Holmes asks. “This sale represents a significant event for all of our clients who stand to benefit immeasurably from the size, sophistication, and energy that Elliman brings to the table.”
Prudential Douglas Elliman Real Estate has more than 60 offices and 3,800 real estate agents and is ranked in the top four of all real estate companies in the nation.