News: Brokerage

Mayor Spano and city/state officials cut ribbon on Westchester Center; Yonkers IDA provided financial incentives

One of Westchester County's first and only full-service and affordable Assisted Living Program providers opened its doors and officially welcomed its first residents on February 8th at 10 a.m. Mayor Mike Spano, along with state and local leaders, marked the establishment of this much-needed facility for seniors in Westchester County who cannot live at home any longer and desire a full-service Assisted Living facility, but do not need the more intensive care of a nursing home. Located at 78 Stratton St. South, the Westchester Center is one of the first facilities in Westchester County to offer the fast-growing Medicaid funded Assisted Living model of care to seniors, regardless of their income level. As a participant in the NYS licensed Assisted Living Program (ALP), the Westchester Center will be able to provide ALP services for Medicaid benefit recipients. All residents, regardless of source of income, will have luxury apartments, combined with supportive services such as housekeeping and restaurant style dining. Amenities include an in-house movie theater, concierge services, beauty salon, billiard room and scheduled daily entertainment. Further, as a licensed ALP, health-related services such as medication assistance and personal care management will be available to residents, all designed to help seniors maintain independent lives but with the choice and privacy not found in a typical nursing home setting. Previously, this "entry-level" but upscale, Medicaid-eligible long term care model was unavailable in Westchester County, where the only option for many individuals seeking some assistance in their daily lives was the more intensive and often unnecessary care offered in a nursing home. "This is the best possible environment for an individual who needs some level of supportive services in order to remain independent but does not require the level of care provided in a traditional nursing home," said Charles Gros, president and CEO of the Westchester Center. "Westchester's seniors have been asking for something like this for many years, and I am proud that the Westchester Center for Independent and Assisted Living will now able to provide it to all seniors regardless of their income, thereby filling a niche for this growing segment of the population." Gros said the Westchester Center for Independent and Assisted Living will allow Westchester seniors to remain close to their former homes, friends, family, and community services, all in a picturesque setting on a 12 acre hilltop. "The Westchester Center is beautiful in design; its tranquil, wooded setting is unique for southern Westchester, and now we have the further distinction of being the only provider in Westchester County to offer our all our residents, Medicaid-eligible assisted living," said Michael Hoch, the Center's executive director. Yonkers mayor Mike Spano said, "I congratulate the Westchester Center for Independent and Assisted Living on becoming Westchester County's first fully-licensed, Medicaid-eligible, Assisted Living Program. The Assisted Living philosophy is all about independent living combined with basic health care, with the goal being the happiness and dignity of senior citizens who need some level of assistance in their daily lives, but do not need expensive, skilled nursing care. I am glad we will now be able to offer this option to the residents of Yonkers and Westchester County."
READ ON THE GO
DIGITAL EDITIONS
Subscribe
Columns and Thought Leadership
Tri-state capital  migrates nationally amid  regulation pressure - by Reese Weaver

Tri-state capital migrates nationally amid regulation pressure - by Reese Weaver

New York tri-state multifamily investors are increasingly reallocating capital to less-regulated markets across the U.S. as rent control and legislative risk erode returns at home. With over 60% of New York City’s rental housing stock classified as rent-stabilized, the traditional value-add model — buying under-performing buildings,

A fresh start - by Shallini Mehra and Amit Doshi

A fresh start - by Shallini Mehra and Amit Doshi

For the past several years, the New York City multifamily housing market has been defined by disruption. The combined impact of the HSTPA rent laws and a sharply higher interest rate environment has fundamentally reduced
The anticipated effect of Basel III and ISO 20022 implementation on commercial real estate - by Michael Zysman

The anticipated effect of Basel III and ISO 20022 implementation on commercial real estate - by Michael Zysman

July 1, 2025 is the deadline for US banks to begin to adopt Basel III banking standards and July 14, 2025 is the deadline for U.S. banks to adopt ISO 20022 messaging standards. Both will have a significant effect on the banking and commercial real estate (CRE) finance sectors.
The death of the generic offering memorandum: What buyers expect in 2025 - by Kimberly Zar Bloorian

The death of the generic offering memorandum: What buyers expect in 2025 - by Kimberly Zar Bloorian

There was a time when an offering memorandum (OM) was pretty bare bones, some photos, a few bullet points on income, and a rent roll thrown in at the back. That used to get the job done. Not anymore. In 2025, buyers are sharper, faster, and more selective. They’re looking