The Hudson Companies has its sights set on Westchester County for its next large-scale multifamily project.
The real estate firm 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 maintain a minority stake in the property.
Provident Bank provided the funding for the acquisition and a pre-development loan. Cushman & Wakefield brokered both the sale and debt financing.
Plans call for a 203-unit residential portion, of which about 20 units will be deemed affordable. The residential component will consist of about 50 studio apartments and 153 one and two-bedroom units.
The development will include about 10,000 square feet of street-level retail, a facility for the non-profit organization Human Development Service of Westchester, a fitness center and outdoor courtyards. The project’s total capitalization is expected to be $89.2 million.
The majority of the project’s equity is coming from Hudson’s partnership with the New York City Employees’ Retirement System and the Teachers’ Retirement System of the City of New York, which announced last year they would invest up to $250 million in mixed-income, sustainable development projects in the tri-state area.
Hudson noted the site’s close proximity to transportation connections like the nearby Metro North station in Port Chester for its interest in the property. Hudson’s acquisitions director Laszlo Syrop pointed to the area’s “diverse community and a wonderful, walkable downtown with numerous food and nightlife options.”
“We see that even outside of the big cities, people are increasingly looking for opportunities to make their homes in places like this,” Syrop said.
Ivy Realty originally proposed the development project in 2020, the Westchester & Fairfield County Business Journals reported, and the plans were approved last year by Port Chester officials.
Elsewhere in New York, Hudson recently broke ground on a 127-unit mixed-use project in Pelham. The firm 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 the Lirio, would include 30,000 square feet of commercial use for the MTA and 7,000 square feet of retail.