BlueGate Partners, LLC has been retained
on an exclusive basis by LCOR to arrange for a joint-venture equity partner in
the ground-up development of Phase I of a planned two-phase luxury rental
apartment project at 55 Bank Street in downtown White Plains, New York (the
“Development” or “Project”).
The Project is located one block south of
15 Bank Street, which LCOR developed in 2004, and is also one block south of
the Metro-North White Plains train station which offers express train service
to Manhattan in just 35 minutes. The Development’s first phase will include the
construction of the podium for the both phases as well as the construction of
the North Tower, which will contain over 250, along with retail spaces and a below-grade
parking garage (“Phase I”). The second phase, containing an additional 250+
luxury units, will commence construction upon the stabilization of the first
phase, and will include an additional ancillary retail space and ground level
parking spaces (“Phase II”).
The Project represents a rare
opportunity to develop infill core multifamily units adjacent to the
Metro-North White Plains Train Station (the “Station”), in the Central Business
District of White Plains. The Project is located only one block south of the
Station, which offers service to Grand Central Station in Manhattan via a
35-minute express Metro-North train.
LCOR is a fully-integrated investment, management and development
company with over 30 years of experience.
BlueGate is a boutique real estate investment banking firm with offices in New York and Palm Beach, and offers services in the areas of investment sales, portfolio and property financing, and debt and equity capital raising for real estate projects.