The parcel of land at 60 S. Kensico Ave. in White Plains where affordable housing is planned has been purchased by Larry Regan of Regan Development Corporation, who is set to proceed with the project. Approvals from the city to build a three-story 12-unit building at the site had been obtained in 2022 by applicant Kensico Project LLC/Mendel Schwartz. A number of real estate entities had advertised the property and the approved project as a package that was for sale.
The city’s Zoning Board of Appeals had signed off on the project and a building plan originally was granted approval by the city’s Planning Board on April 19, 2022.
Houlihan Lawrence Commercial, a division of Houlihan Lawrence, said that the purchase price was $1,030,000. The purchaser was represented by Garry Klein, regional manager of Houlihan Lawrence Commercial and the seller was represented by Rahul Soni, principal broker of NestEdge Realty.
The 8,712-square-foot site was formerly used as a parking lot. The new building will offer three studio apartments and nine one-bedroom apartments for households whose incomes are at or below 50% and 60% of the Westchester County Area Median Income. The building will offer covered parking.
Funding to help support the project was due to come from a variety of sources including the City of White Plains Affordable Assistance Fund, New York State Homes and Community Renewal, Westchester County New Homes Land Acquisition Fund, Westchester County’s Housing Flex Fund and Webster Bank.
The Business Journal reported last November that White Plains had approved providing money from its Affordable Housing Assistance Fund to help support the development and that Regan Development was working in partnership with the Housing Action Council.
Rosemarie Noonan, executive director of he Housing Action Council, had said that the total development cost for the project was projected to be $6,423,965.
“This includes a $2,000,000 award from New York State Homes and Community Renewal’s Small Rental Development Initiative, a $1,030,000 acquisition grant from Westchester County’s New Homes Land Acquisition Fund, and a $2,116,151 grant from Westchester County’s Housing Flex Fund.,” Noonan said. She said there would be a permanent mortgage of $777,814 from Webster Bank. White Plains would provide $500,000 from its affordable housing fund.
Under the city’s requirements, the development would have to remain affordable in perpetuity.
