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October 20, 2019Cart

Business

by Westchester County Business Journal
by WCBJ

LCOR hosts grand opening of 288-apartment complex in White Plains

Developers and government officials joined on Wednesday for the grand opening of the first phase of Continuum, a 16-story transit-oriented development in White Plains.

Developed by LCOR Inc., a Berwyn, Pennsylvania, real estate company with a Manhattan office, the 288-unit apartment complex at 55 Bank St. includes 3,000 square feet of ground floor retail space. The project also includes 57 units of affordable housing.

“Downtown White Plains is undergoing an extraordinary renaissance and we’re very proud to be a part it,” said Brian Barry, senior vice president of LCOR.

Continuum is nearly 50 percent leased, officials said.

“We are very pleased at the tremendous leasing activity we have experienced over the past several months,” Barry said. “Continuum offers an unbeatable combination of luxury residences, full array of top quality amenities and a convenient location that’s only steps from the Metro-North train station.”

Studios range from 523 to 587 square feet, are priced from $2,120 to $2,380 per month. One-bedrooms range in size from 710 to 732 square feet with monthly rents ranging from $2,680 to $3,020. The two-bedroom residences, ranging from  1,184 to 1,256 square feet, are priced from $3,845 to $4,220 per month.

“Continuum is an exciting addition to the White Plains Transit District and the city as a whole. I am particularly pleased that the project includes a 20 percent affordable component,” White Plains Mayor Tom Roach said.

From left:  Louis Cappelli of Cappelli Organization and LRC Construction; Anthony Tortora, Senior Vice President, LCOR; Westchester County Deputy County Executive Ken Jenkins; County Board of Legislators Chairman Ben Boykin; Brian Barry, Senior Vice President, LCOR; White Plains Mayor Tom Roach; White Plains Councilman John Martin, White Plains Councilman John Kirkpatrick; and Dennis Power, chief of staff, County Board of Legislators.

Amenities include a two-story lobby with 24-hour concierge, and a sky lounge with a fireplace, kitchen, private dining area and multiple smart TVs. The complex also features a rooftop deck, swimming pool, BBQ grills, fitness club, business center, children’s playroom and a game room.

“Today’s world requires safe, secure and affordable housing that is centrally located to all services that residents need,” said Westchester County Deputy County Executive Ken Jenkins. “The Continuum provides just that.”

LCOR bought the property in 2007 from the city for $15.5 million. The project, however, stalled in the wake of the financial crisis, and LCOR’s previous financial partner, Lehman Brothers, went bankrupt in 2008.

LCOR returned to the project in 2015 with an $80 million construction loan from Wells Fargo and the California State Teachers’ Retirement System as a financial partner, along with financial incentives from the Westchester County Industrial Development Agency.