NYPA Pays $30M for New HQ At Downtown White Plains Site
WHITE PLAINS—The New York Power Authority took another major step forward when it paid a likely record of $30 million earlier this month to acquire a pad site at the Hamilton Green development property in Downtown White Plains. It is expected to become the new home to its 350,000-sq/ft corporate headquarters building.
In addition to the lofty land purchase price, NYPA will construct at the former White Plains Mall site the first major commercial office building in Westchester County in nearly half a century. A spokesperson for the New York Power Authority confirmed reports that NYPA had purchased the pad site recently for $30 million from the ownership of Hamilton Green (LRC Construction of White Plains and RXR of New York City).
The NYPA spokesperson said that Hamilton Green and NYPA are still in negotiations for the design and construction of the new corporate headquarters office building. The authority is currently headquartered at 123 Main St. in Downtown White Plains but has deemed that building out of date and too expensive to upgrade. NYPA is currently considering disposing of the more than 417,000-sq/ft office building, according to reports.
The new corporate headquarters transactions stems from an RFP issued by NYPA in August 2023 detailing the company’s search for a new corporate headquarters site limited strictly to the White Plains Central Business District.
Previously, NYPA had determined Hamilton Green as the preferred developer for the project, and last October at its Board of Trustees meeting it approved a resolution to move forward on a binding agreement with Hamilton Green. If that project moves forward as expected, sources have indicated the development project for the new state-of-the-art headquarters would exceed $300 million.
At the NYPA Board of Trustees meeting on Jan. 28, the Board approved a security design services contract and a real estate consulting services contract in connection with the new headquarters project that detailed other expenditures and previewed some of its plans going forward.
This report first appeared in the publication, Real Estate In-Depth.