News: Brokerage

Waterstone of Westchester under construction in White Plains

White Plains, NY Waterstone of Westchester, a premier independent living community for those 62+ that features first-class amenities, 132 appointed residences and supportive services, is rising rapidly on Bloomingdale Rd.

Scheduled to open in the first quarter of 2022, Waterstone of Westchester is expected to generate $500,000 a year in taxes and create 180 construction jobs and 40 FTEs. Those jobs are anticipated to result in projected annual salary and benefits of $2.6 million once the project is up and running.

Waterstone of Westchester is also projected to boost economic development in the area as improvements to the property will benefit the city’s downtown. It will also provide needed housing for older adults. A survey of senior housing by developer National Development and operator Epoch Senior Living, shows that there is an unmet need for such housing within a 20 minute-drive of the project.

“We are thrilled to welcome Waterstone of Westchester to its premiere location in downtown White Plains,” said Westchester County executive George Latimer. “This independent living community will serve a great need for our seniors, providing them with a beautiful facility filled with dozens of amenities, and the added benefit of home care services through VNS Westchester. The development will also bring a boost to the local economy, with the addition of $500,000 in taxes annually and nearly 200 construction jobs.”

Located in a vibrant and walkable neighborhood, Waterstone of Westchester will offer its residents a full array of exceptional amenities including a movie theater, fitness center, indoor pool, lobby bar, art studio and salon. Services include chauffeured car service, parking and on-site concierge. Gourmet cuisine, which is served in a variety of on-site dining venues, is prepared by professional chefs who use locally sourced and seasonal ingredients.

Residents will also benefit from access to home care services through an on-site partnership with VNS Westchester.

Waterstone of Westchester features a choice of spacious one-bedroom, two-bedroom and two-bedroom plus den apartments, complete with elegant high-end finishes and upgrades. Unlike other senior living communities, Waterstone of Westchester is a rental property so there is less upfront financial commitment.

“With the growth of the senior population and so many Westchester residents looking to remain in their home communities, we are pleased to be opening one of the premier independent living facilities in Westchester County, Waterstone of Westchester,’’ said Joanna Cormac Burt, COO of Epoch Senior Living.

“This extraordinary community goes way beyond expectations by offering a luxurious setting with supportive services and a multitude of social opportunities. We are particularly excited about our location in downtown White Plains, a vibrant city with restaurants, shops and cultural activities all within walking distance, perfect for our new community.”

Waterstone of Westchester is the latest best-in-class independent senior living community created by leaders in the field EPOCH Senior Living and National Development. EPOCH Senior Living operates 12 senior living communities with four currently under construction. Waterstone of Westchester is the company’s first independent senior living community in New York State.

The Welcome Center is now open and located at 15 Maple Ave.

READ ON THE GO
DIGITAL EDITIONS
Subscribe
Columns and Thought Leadership
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
AI comes to public relations, but be cautious, experts say - by Harry Zlokower

AI comes to public relations, but be cautious, experts say - by Harry Zlokower

Last month Bisnow scheduled the New York AI & Technology cocktail event on commercial real estate, moderated by Tal Kerret, president, Silverstein Properties, and including tech officers from Rudin Management, Silverstein Properties, structural engineering company Thornton Tomasetti and the founder of Overlay Capital Build,
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,

Strategic pause - by Shallini Mehra and Chirag Doshi

Strategic pause - by Shallini Mehra and Chirag Doshi

Many investors are in a period of strategic pause as New York City’s mayoral race approaches. A major inflection point came with the Democratic primary victory of Zohran Mamdani, a staunch tenant advocate, with a progressive housing platform which supports rent freezes for rent