Emerging Real Estate Trend Favors New Rochelle: Report

NEW ROCHELLE, NY — Taking a look at the Urban Land Institute's new report on emerging trends in real estate, Curbed.com noted one in particular: "Hipsturbia." That's the rise of housing markets outside big cities that are denser and more diverse than traditional suburbs, more walkable, with more transportation options, and more attractive to millennials.

Among the hottest of these new markets are New Rochelle and Yonkers in the Hudson Valley as well as places like Hoboken, New Jersey, the report said. "... all of them have developers taking the live/work/play formula that revived downtowns to the ’burbs, with much success," reported Patrick Sisson in "The 10 trends that will shape real estate in 2020."

Getting onto the list pleased New Rochelle officials.

“New Rochelle’s innovative downtown development plan is helping us take full advantage of favorable regional and national trends, in order to attract new investment and build a thriving city center," Mayor Noam Bramson told Patch. "We are very excited by the pace of progress, gratified by the widespread positive attention focused on our efforts, and confident that all of New Rochelle’s residents will benefit from a healthier downtown that is more economically and culturally vibrant.”

Reviving downtowns are a focus for all of Westchester's biggest cities.

Earlier in September, Bramson, Yonkers Mayor Mike Spano and White Plains Mayor Tom Roach addressed about 100 real estate professionals from Houlihan Lawrence. They discussed hundreds of units of housing either under construction or in the planning stages in the three cities. Also making their cities more attractive, they said, are major infrastructure projects such as a $90 million rehabilitation of White Plains’ Metro North train station and future plans for Penn Station access from New Rochelle.

New Rochelle and Peekskill have received $10 million state grants for downtown revitalization to include transportation, housing, and community projects.

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