1,000,000 SF OFFICE PARK, ROCKLAND COUNTY, NY
Westchester County,NYandRockland County,NYare connected to each other by theTapanZeeBridge, which spans theHudson River.Westchester Countyis well served by commuter rail and Amtrak whileRocklandis not. Perhaps that is one of the primary reasons that Westchester his far more prosperous thanRockland. Many prestigious companies have offices inWestchesterand senior business executives and owners and professionals live there. Although Rockland Countyhas a few wealthy communities, it is primarily home to a middleclass, predominantly blue-collar workforce.
When we were searching for office development sites in Westchester, we were frustrated by the paucity and expense of said sites. So we crossed over the Hudson River to Rock landand found a 40 acre “industrial site” at exit 14a of the NY State Thruway. The site had great visibility from the Thruway. The price per acre was less than one fifth of the price per acre of Westchester“office sites”. We entered into a contract of purchase, subject to site plan approval. When we told our professionals to do a site plan for four, 250,000 square foot, three story office buildings with one level of underground parking, the response was shock. “No one builds corporate office buildings inRockland, especially on spec!” We weren’t dissuaded. Site plan approval took one year.
We built and leased the first building and then sold the building and the remaining three building sites — at a very substantial profit. We created value by thinking outside of the box.