RyeCity REVIEW THE
June 9, 2023 | Vol. 10, Number 23 | www.ryecityreview.com
Fordham U., Business Council of Westchester host forum SEMIFINALS BOUND! Rye celebrates their Class C regional final win over Burnt Hills-Ballston Lakes on June 3. The Garnets will play Long Island power Manhasset in the state semifinals, after press time. For story, see page 11. Photo/Mike Smith
Latimer unveils ‘John Carey Place,’ renaming portion of county property
In celebration of the life and legacy of the late Honorable John Carey, Westchester County Executive George Latimer has renamed a portion of Playland Parkway to “John Carey Place.” Carey passed away in October 2019 at the age of 95 after a long, distinguished career in public service, and John Carey Place has been permanently named in his honor. Carey was a veteran of World War II, served as Mayor of the City of Rye as well as City Councilman, was a gifted attorney and legal scholar of international human rights law, a Westchester County Judge and Acting
Supreme Court Judge. He was appointed to the United Nations Subcommission on the Prevention of Discrimination and the Protection of Minorities, where he served for nearly 25 years. Carey is well known for being a strong coalition builder, and for his acquisition of Rye Golf Club and a public beach next to Playland Amusement Park. The Westchester County Board of Legislators unanimously passed legislation for the naming of “John Carey Place.” Latimer said: “John Carey held a long and distinguished career in public service – a Judge, Mayor, City Councilman and activist for
so many important causes, a true public servant in every sense of the word. He was a man of many accomplishments, and he shared his life, his talents and his spirit with everyone he touched. It is fitting that this portion of County property adjacent to Playland be named in his honor, so future generations of residents will remember his lasting contributions to the City he loved so much.” The section of the Playland Parkway that is now John Carey Place extends from Rye Beach Avenue, and runs along the beach and pool parking lot north to the intersection at the upper circle of Playland Park in Rye.
Leaders in real estate, economics and finance discussed industry trends and market influencers and how they are impacting the commercial sector in Westchester County and beyond at a forum last week hosted by Fordham University’s School of Professional and Continuing Studies and The Business Council of Westchester. “Let’s Get Fiscal! – How Real Estate and Finance Trends Are Reshaping Westchester’s Economy” was presented virtually June 1 and featured Nikki Greenberg, founder and Chief Innovation Officer, Real Estate of the Future; Al Gutierrez, Managing Director, Brokerage, JLL; and Melinda White, Commercial Banking Leader, Hudson Valley, Wells Fargo. The discussion was moderated by Dr. Joshua Harris, a real estate economist and investment strategist who is Managing Partner of the Lakemont Group and an adjunct professor at Fordham’s Real Estate Institute. Harris set the stage by looking at the ‘yield curve inversion,’ where short-term rates are higher than longterm, and the impact on real estate. He noted the U.S. Treasury one-month rate is at 5.2% while the 10-year – which sets the tone for mortgage rates and commercial real estate valuation – is at 3.6%. “We’ve seen interest rates go up in the last 12 months at one of the fastest clips the Fed has ever managed to do,” Harris said. “This is occurring under a landscape of recovery in a post-Covid world, which is unique for a place like Westchester – one of most storied suburban commuter zones to New York City.” He asked the panel if Westchester is benefitting from work-from-home and other “turmoil” in Manhattan. “Historically, Westchester was a recipient of many headquarters coming out of NYC, looking for a better way of work and life. Then we saw a pull back toward the urban setting,” said Gutierrez. “Now there’s ques-
tions about occupancy – do they need to be in NYC? Should we be thinking of more regional offices? Westchester, from a locational standpoint, is wellpoised to benefit.” Gutierrez added the challenge for Westchester is its “dated” office buildings: “There’s a lot of reinvestment that needs to be done in order to attract those occupants out of NYC.” Harris shifted the conversation to transit-oriented development (TOD) – noting progress in Yonkers, New Rochelle and Port Chester – and asked whether Westchester’s real estate community is up to the task of providing that product going forward. “Multifamily housing is a sweet spot in real estate right now,” said White. “The limiting factor is the economics – with the current interest rates, can these projects pencil out? We’re seeing projects on hold, not due to a lack of capital but to the costs of construction and to carry.” Greenberg, a futurist and innovation strategist, pointed to Gen Z as a target for TOD. “They’re a generation with different expectations and definitely want to be homeowners,” she said. “They love technology and also care very deeply about the environment. It’s a natural fit for them to want to live close to where they work, or at least near highly connected transport.” Harris asked how changes in access to capital are affecting the office market, in terms of expansions, reconfigurations and other capital expenditures. “Office space is a tough market. Everything is case by case, of course, and if there’s a good story to tell there’s an appetite,” White said. “Investors are very cautious about putting more money into buildings ... owners are having to reach into their pockets, which becomes a downward cycle: if they don’t have the liquidity to put money in, there’s an inability to
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