Houlihan Lawrence and NestEdge broker $1.03 million sale of development site

White Plains, NY Houlihan Lawrence Commercial, a division of Houlihan Lawrence, brokered the sale of a fully approved 12-unit multifamily development site located at 60 S. Kensico Ave. The purchase price was $1.03 million.

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 purchaser, Larry Regan of Regan Development Corp., will be developing the site with a three-story building consisting of 12-units affordable housing with covered parking. Funding for the project will 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 8,712 s/f site formerly used as a parking lot will now provide affordable housing to the community. The new, modern designed building will consist of three studio apartments and nine one-bedroom apartments available to households whose incomes are at or below 50% and 60% of the Westchester County area median income.