The 1.3-acre property at 1 Water St. in White Plains owned by 1 Water Street L.C.C., which has its address at Veris Residential Inc. in Jersey City has been sold to 1 Water Street Acquisition L.L.C., also with a Jersey City address. The site, which is adjacent to the White Plains Metro-North train station, has been approved for construction of a 301-unit apartment building.
The sale price was $16 million according to documents filed with the Westchester County Clerk’s Office.
According to the real estate services firm CBRE, the individuals who were involved in buying the property were David Gaber of Bijou Properties and Kavneet Sethi of Green Property LLC. The CBRE team of Jeffrey Dunne, Eric Apfel, and Travis Langer represented the seller, Veris Residential.
Apfel said, “We are pleased to have represented our client, Veris Residential. We expect that David Gaber of Bijou Properties and Kavneet Sethi of Green Property LLC will bring fresh energy to this project and contribute to the ongoing rejuvenation of White Plains. We look forward to seeing this project take form.”
In May 2019, the Business Journal reported that real estate giant Mack-Cali had plans to tear down its office building at 1 Water St. and put up a high-rise, mixed-use structure. Mack-Cali briefed the city’s Common Council on its plan during a special meeting and submitted plans using 1 Water Street LLC, a related entity of Mack-Cali Realty Corp.
In December 2021, Mack-Cali Realty Corporation announced that it had rebranded to become Veris Residential Inc., reflecting the company’s new strategic direction and corporate values and its transitioning into a pure-play multifamily REIT. The company continued to be publicly traded on the New York Stock Exchange under its new name and new ticker symbol, VRE.
In addition to the 301 residential units and approximately 1,212 square feet of ground-floor retail space, the plan called for 307 parking spaces in a four-level parking structure. Amenities would include an outdoor pool, courtyard, fitness room, golf simulator, dog park and dog wash and a rooftop deck. An open space at the southeast corner of the site would be landscaped and made accessible to the public during daylight hours.
The applicant proposed a land swap with the city’s Urban Renewal Agency that would involve the city discontinuing as a public right of way an unpaved portion of North Lexington Avenue.
White Plains Common Council Member Justin Brasch said at the time that the 1,212 square feet of retail space seemed small, prompting the developer to note that the concept for the retail was to put in a “grab and go” coffee outlet. The developer also described putting in a pocket park that would be made available to the public during daylight hours.
