September 10, 2014
BlueGate Hired to Raise JV equity for a Class-A Transit-Oriented Multifamily Development in White Plains, NY
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.
55 BANK STREET TEASER