Overview

Description

THE OPPORTUNITY
99 Church Street and 6 Cottage Place are located on nearly one acre of land at the confluence of Church Street, Cottage Place and Hamilton and Barker Avenues only three blocks from the White Plains transit center. The existing structures include a four story office building of 110,000 square feet and a 6-story, approximately 40,000 SF dormitory building of 55 units including 140 beds. The lot size is 40,150 SF or .922 acres with dimensions of 180x315. The site is zoned CB-3 with a maximum lot coverage of 85%. The gross buildable square footage is 136,510.

99 Church Street has four existing tenants. A full-service restaurant on the first floor and three office tenants on the fourth floor with varying lease expirations. 99 Church Street has a combination of classrooms, office space, dormitories and retail. 6 Cottage Place is strictly dormitories, with each of the 55 units having a kitchenette and a private bathroom.

The subject property is being offered for sale as a development site or for an investor or user/buyer with endless possibilities in such a well located transit oriented site.

SUPERIOR LOCATION
This transit center oriented development is truly in the center of it all. Located in the vibrant City of White Plains, Westchester County’s Center of Commerce, the properties are within a very short walk to everything from award winning restaurants, high-end hotels, large corporate tenants, mass transit and brand name shopping. The City also offers community and cultural destinations such as Arts Westchester and the Neuberger Museum to name just a few. Westchester County is one of the most affluent communities in the Country and is immediately adjacent to New York City.

MARKET STRENGTH
The City of White Plains has been an absolute hotbed of development activity with over thirty large scale developments either approved or underway. The market fundamentals for mixed use, commercial and office in the City all remain very strong.

This offering represents a chance for a buyer to take ownership of a nearly one acre site in a downtown transit oriented location.

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99 Church Street is a four story 110,000 SF office building with a full basement. 6 Cottage Place is a six story dormitory style residential building. The buildings are located on one tax lot in the Central Business District of White Plains. The office building is partially leased. The dormitory building has 140 beds in 55 units. There is also a small parking lot on-site.

The property sits on a CB-3 zone in White Plains, NY. In relative terms, CB-3 is considered fairly flexible. Permitted uses include Office, Retail, Residential, Schools, and Medical to name a few. Zoning permits development of three (3) times the size of the property being developed (FAR), subject to 85% coverage, and a 4-story limitation.

99 CHURCH
FIRST FLOOR:
99 Church Street consists of a large lobby for the office space above, an elevator bank, a long established full-service restaurant as well as additional student amenities of 18,000 SF (vacant) including 22 dormitory units (75 beds).

SECOND & THIRD FLOOR:
The second and third floor of the building hosts Berkeley College meeting rooms, large classrooms, and conference space totaling approximately 53,464 SF. There are many updated windows throughout the building offering excellent natural lighting.

FOURTH FLOOR:
The fourth floor has 3,723 SF of vacancy, the balance is leased to three office tenants.

6COTTAGE
6 Cottage Place is currently configured as six-story student housing consisting of 55 units with 140 beds. Each apartment includes kitchenette and bathrooms. There is limited parking at the ground floor level.

FIRST FLOOR:
Located on the first floor is security, the manager’s office, elevators, entry to the garage and mechanical rooms.

SECOND-SIXTH FLOOR:
The second to sixth floors consist of 11 apartments per floor with 9 studios,1-two bedroom and 1-three bedroom on each floor.

Documents

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