Westchester County Business Journal 102014

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YOUR ONLY SOURCE FOR REGIONAL BUSINESS NEWS | westfaironline.com

October 20, 2014 | VOL. 50, No. 42

INSIDE

HOME PRICES, LISTINGS RISE IN COUNTY

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SPECIAL REPORT • 19

GOOD THINGS • 23

White Plains developer David Mann. Photo by John Golden

FACES & PLACES • 35

Developer walks into business in White Plains BY JOHN GOLDEN jgolden@westfairinc.com LESS THAN FOUR YEARS AFTER starting his residential development company, David Mann is taking on projects in threes this year in White Plains. And in Westchester County, he’s only just begun. On a recent weekday afternoon, the 36-yearold apartment-building developer could be found at 10 DeKalb Ave., moving between unfurnished

glass-walled rooms off the lobby and quick talks with a project manager, a rental agent for Better Homes and Gardens Rand Realty, contractors putting the final touches on a building project that broke ground in early 2013, and the developer’s design team at Papp Architects in White Plains. Mann, who founded Lighthouse Enterprises LLC in early 2011, had other construction sites to check on within a few blocks of La Gianna, the five-story, 56-unit, $19 million luxury developDeveloper, page 1

BY JOHN GOLDEN jgolden@westfairinc.com

he third-quarter median sale price for single-family homes rose along with the inventory of homes on the market in Westchester County, though the volume of closed sales in the recently ended quarter was down nearly 3 percent from a year ago, according to the Hudson Gateway Association of Realtors. In the four-county region serviced by the Hudson Gateway Multiple Listing Service, 4,545 housing units — including single-family, condominiums, cooperatives and two-to-four-family houses — were sold in the third quarter, down 1.9 percent from the third quarter of 2013. Total housing sales in Westchester dropped 2.7 percent for the quarter, and sales of singlefamily homes were down 2.8 percent in the county. Market analyst and former Hudson Gateway Association of Realtors CEO P. Gilbert Mercurio in HGAR’s quarterly report said the sales pace from July through September “was just a shade slower than it was in 2013 when there was a very strong post-recession recovery underway.” The regional residential market — including Westchester, Rockland, Putnam and Orange counties — is on pace to end 2014 with total sales of about 13,300, the second best year for sales since 2008, according to the report. Total sales in the region through the first nine months of this year amounted to 10,180 units, a 3.5 percent decrease from 2013. In Westchester, 1,935 single-family houses were sold in the third quarter this year, 56 fewer homes changing owners than in the third quarter last year. But the county’s quarterly median sale price of $682,500 for a single-family house was Home Prices, page 6


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