Greystar Breaks Ground on $275M Development in WP
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Greystar Real Estate Partners and elected officials from city and county government broke ground on 25 North Lex — a new high-rise, mixed-use development set to be built across from the newly-renovated Metro-North station in White Plains — following an event in the lobby of the Gateway I office building on March 2.
Located at 25 North Lexington Avenue, the $275 million two-tower development will include 500 luxury rental residences, 60,000 square feet of amenities, 19,000 square feet of ground-floor retail space and a covered parking structure.
Complete with a fitness center, yoga studio, study rooms, golf simulator, pet spa, dog run, zero-edge pool and more, the development hopes to attract residents both for its state-of-the-art offerings and prime location.
“We work very hard in White Plains to make this a great place to live for the people who are here but also to make it an attractive place for people who are looking for a place to locate, both businesses and individuals,” White Plains Mayor Tom Roach said. “Getting the people to live here, our strategy was to build the housing. It has worked out very well for us, and things are moving.”
Westchester County Executive George Latimer commended everyone involved in the project — from architects and developers to contractors and real estate brokers — for their different skill sets, which will all come together for the completion of 25 North Lex.
“I have been in this county long enough to remember when there were tenements on these streets from Mamaroneck Avenue down to the train station,” Latimer said. “Now with transit-oriented development, with a different economic model that’s changing as we speak right now, this is a dynamic addition to the streetscape of White Plains.”
Latimer highlighted that the county’s Industrial Development Agency approved financial incentives for the project, including sales tax exemptions and mortgage recording tax exemptions.
25 North Lex, which is Greystar’s first residential development in New York, hopes to bring new energy to downtown White Plains and raise the bar for future construction in the city.
“We think this is truly unparalleled in the market,” said Gary Kerr, Managing Director of Northeast Development and Construction at Greystar. “We’re developing something that’s different here, something that’s going to be unique.”
Kerr added that he hopes 25 North Lex will be the poster child for success in White Plains, demonstrating that the city values growth and supports developers.
“Both the City of White Plains and the county of Westchester have worked with us to turn this from an underutilized site into a modern transit-oriented mixed-use development,” Kerr said.
25 North Lex will include 15 affordable housing units, in compliance with the city’s Affordable Rental Housing Program, and developers are contributing $3.8 million to the city’s affordable housing assistance fund.
The project is expected to create 600 construction jobs and 20 full-time jobs. 25 North Lex is slated to be completed in the first half of 2024.
Bailey has journalism experience covering local news in Westchester and Putnam counties and New York City on topics related to LGBTQ+ issues, women’s rights, climate change, the environment, and local politics. They have been a full-time reporter with Examiner Media since July 2021. Read more details from Bailey’s bio here. Read Bailey’s archived work here: https://www.theexaminernews.com/author/baileyhosfelt/
