Residents Begin Moving Into VillaBXV In Downtown Bronxville

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Fareri Associates Opens New Luxury Residence Village Has Been Seeking for More than a Decade

Village Gains 203 Spaces in New 309‐Space Garage

VillaBXV’s exterior features classic Mediterranean styling.

BRONXVILLE, NY — October 21, 2017 — Some things are worth waiting for. For the Village of Bronxville that has proven to be the case with VillaBXV, the stunning new condominium that this month is welcoming its first residents more than a decade after a residential plan for the property in the heart of the Village’s charming downtown was first approved. Eighty percent of the homes have been sold.

The stylish 53‐home building on Kensington Road was developed by Fareri Associates and constructed by Gateway Development, a Fareri company. It is the culmination of plans to redevelop the site that have been in the works since the mid‐2000s. A prior developer was caught in the 2008 housing market collapse and was unable to move forward with its approved plan for the long vacant site.

Three years ago, the Village Board decided the time had come to reactive the development effort and sought proposals from developers. After careful review, Greenwich‐based Fareri, which is well known for its high‐quality residential developments particularly in Greenwich, was selected to tackle the complex construction that involved major excavation and site work immediately adjacent to the MetroNorth Harlem line tracks. Construction began in mid‐2015.

Fareri held to the essential architectural design that had already been approved by the Village. However, the company made numerous adjustments to floor plans, window designs and made a myriad of often subtle changes to interior and exterior design elements that significantly enhanced the aesthetic appeal and of the building and the layouts of the residences. The building’s classic Mediterranean styling fits comfortably with the architectural look of Bronxville while featuring European designs and contemporary interiors.

“We knew we had a unique opportunity with this community and this site,” said John Fareri, who founded his company more than 40 years ago. “We have earned a reputation for tackling very challenging sites and making them work and this site put us to the test. But with Gateway President Jim Carnicelli and his construction crews we finished on time and we are extremely pleased with the end result.”

Carnicelli said the job required extensive coordination with both the Village in terms of monitoring truck traffic to and from the site and MetroNorth. “Construction of this nature is commonplace in Manhattan or other major urban downtowns, but rare in a community like Bronxville,” he said. “Transforming a site in an existing downtown area is not like building on an open field. You go in knowing that and make sure you have people who understand this type of construction on the job. Then it works.”

He added: “It’s also necessary to have commitment and buy‐in from a lot of different individuals and organizations to assure that everything goes right. We had great cooperation from the Village and everyone else involved. While construction projects of this scope by their nature cause some level of disruption, I think we came through it well.”

The site had once been the home to Lawrence Park Heat, Light and Power, a local utility company that for more than a century provided electricity to the Village. The plant was finally closed and torn down. The site was then used for municipal parking while it waited for redevelopment. The Village ended up owning the property and ultimately sought developers to construct a residential property. This resulted in today’s basic design by Sullivan Architects of White Plains.

In order to undertake the new construction, Fareri conducted a major excavation that required extreme care because of the proximity of the railroad tracks and other nearby structures including Christ Church. The deep excavation, that included the removal of 20,000 cubic yards of contaminated soil from the days of the coal‐fired power plant, was necessary to allow construction of a 309‐space parking garage serving both the village and VillaBXV. The Village recently opened its portion of the garage that provides 203 spaces for use by local residents, shoppers and merchants. The balance of the spaces is for VillaBXV residents, guests and staff. Each residence includes garage parking.

Bronxville Village Mayor Mary Marvin said she is extremely pleased with the new addition to the downtown. “The redevelopment of this property has been a long time coming and what has been created by John Fareri and his partners is something we all can be proud of. It fits in perfectly, provides wonderful new residential opportunities, many of which have been taken by Village residents who are downsizing from large homes, and replaces what has long been an under‐utilized site. In many ways, it has been the missing piece in the downtown and now it has been seamlessly filled with this great new building.”

Elise Platt, the Director of Sales and Marketing for VillaBXV, who has marketed luxury residential developments throughout the region for more than 30 years, said sales have been strong from the time the development was announced. “This is an exceptional opportunity in a special community, and it’s a case where the residences and the amenities more than match buyer expectations,” she said. “Virtually everyone who has toured the building has been impressed. The location is a two‐minute walk from the Village shops, restaurants and services and a 30‐minute train ride and you’re in Midtown Manhattan.

With our fully‐decorated model residences now open, we expect the remaining homes will sell quickly.” She noted that the quality of the construction is exceptional. “This is the best quality building I have seen since the “pre‐war” era buildings that are so coveted by today’s buyers.” VillaBXV features a 24‐ hour doorman/concierge, a bright open lobby, a spacious club room with a catering kitchen that opens to an outdoor courtyard with a pavilion and bar, as well as a fitness room and Zen Garden.

Priced beginning at $1.1 range up to $3.6 million for penthouses with roof‐top terraces. The one, two and three‐bedroom residences range in size from 1,300 to more than 2,000 square feet. Garden‐level homes offer expansive patios. Flooded with natural light, the residences feature open plan great rooms and kitchens with gourmet islands featuring appliances by Wolff, Bosch and Sub Zero. Master bedroom suites feature spa baths with glass enclosed wet rooms featuring free‐standing tubs and separate showers.

The move‐ins to the residences that have already been purchased will continue through the end of the year.

About Fareri Associates

Fareri Associates is a diversified real estate investment and development company well known for its more than 40 years creating distinctive residential homes as well as high‐quality office and retail space. Fareri specializes in high‐end residential construction as exemplified by the VillaBXV residences in Bronxville. The company has a deep understanding of the quality, craftsmanship and lifestyle discerning homeowners demand. Its uncompromising commitment to excellence is evident in its residential and hospitality projects: In Greenwich, CT, the company’s developments include: Delamar Court, six luxury condominiums; Chieftans, 28 estate homes on the former Gimbel Estate; The Harbor at Greenwich, 11 luxury homes and condominiums; The J Lofts, 60 loft‐style rental apartments close to Greenwich Station; and The J House, an 86‐room luxury boutique hotel on Boston Post Road.

The company is also the developer and owner or partner in many prominent commercial and office properties including Greenwich Office Park, a 380,000‐square‐foot Class A office center, and in partnership with Simone Development, Purchase Professional Park a 4‐building 13‐acre office campus in Harrison, NY. In one of the largest real estate transactions in the region, Fareri signed a 99‐year‐lease with Westchester County on 60 acres adjacent to the Westchester Medical Center in Valhalla, NY. The company plans to create the Westchester Bioscience & Technology Center, a 1.2‐million‐ square‐foot laboratory and research complex on the site that will include 20 contiguous acres owned by Fareri. When complete the $3 billion project will be the largest and most advanced facility of its kind in the region. John Fareri serves on the board of the Maria Fareri Children’s Hospital, a world‐class, all‐specialty pediatric hospital in Valhalla, NY, a $200 million project was built in memory of his daughter, Maria.

eHeziResidents Begin Moving Into VillaBXV In Downtown Bronxville

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