Montefiore acquires $38M development site in White Plains

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The
Gotham Organization and Grid Properties have sold a four-acre development site
in White Plains to the Montefiore Health System.

CBRE
announced it brokered the sale of 77 W Post Road to White Plains Hospital, a
member of the Montefiore Health System, for $38 million.

The CBRE team of Jeffrey Dunne, David Gavin, Eric Apfel, Jeremy Neuer, Steve Bardsley, Stuart MacKenzie and Zach McHale represented the seller, The Gotham Organization and Grid Properties.

The site (pictured above) is located between the northern edge of Scarsdale and White Plains Hospital, at the gateway into the urban center of White Plains and near the hospital’s facility on East Post Road (picture top).

Grid had planned a mixed-use
development on the site, however, the venture stalled as it failed to find an
anchor retail tenant and the local Council agreed to provide a one-year
extension for site plan approval to give the developer more time to attract
commercial tenants.

The developer had originally
planned about 220,000 s/f of retail space along with 12 townhouses, and parking.
It had also told the local council it could, with a zoning change, accommodate
a facility of White Plains Hospital.

CBRE’s
Jeff Dunne said, “The offering represented a highly unique opportunity to buy a
4+ acre site, representing nearly an entire city block in the heart of Downtown
White Plains with exceptional proximity to Scarsdale.”  

REW
is awaiting comment from the hospital.

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