In Westchester’s Commercial Real Estate Landscape, Tenant Retention is Key
Faros Properties’ Jeremy Leventhal says enduring partnerships are good for business – and the local community
White Plains, NY – (September 30, 2013) – In an afternoon filled with commercial real estate discussion by seasoned professionals, one piece of advice reigned supreme: tenant retention is the golden ticket to success.
Real estate industry leaders gathered at The Bristal at White Plains on Thursday, September 26 for “A Most Unique Real Estate Event” to hear Faros Properties Managing Partner Jeremy Leventhal discuss Westchester’s commercial real estate landscape, current trends and influence in the New York metropolitan area. Leventhal was joined by speaker Robert D. Scinto, chairman of R.D. Scinto, Inc. in Shelton, CT. The event was sponsored by the Westchester County Business Journal.
Leventhal co-founded Faros Properties with his brother Alexander and their partner Elliot Gould in 2010. In the past two years alone, Faros has purchased more than $100 million worth of property and a total of 750,000 square feet.
“Once you get tenants to your front door, don’t let them go,” Leventhal said, stressing the importance of attracting premium businesses to properties owned by Faros and keeping them happy. “It’s also a positive impact for the community.”
Leventhal’s advice dovetails with his current efforts in Westchester, which include the creation of a world-class corporate eatery in Rye and the purchase and renovation of 120 Bloomingdale Road in White Plains, the former Nestlé headquarters.
Earlier this season, Faros unveiled Kitchen 555, an elegant café at the International Corporate Center at 555 Theodore Fremd Avenue in Rye, NY. The restaurant offers a rotating menu of gourmet, globally-inspired entrées, sandwiches and fruit prepared from scratch by corporate chef Ross Goldflam. In the future, Kitchen 555 will incorporate an on-site vegetable garden and farm-to-table menu.
Faros is also developing Heritage White Plains, a 48,000-square-foot shopping hub set to house several high-end retailers and restaurants. Faros has partnered with Caspi Development, a Purchase, NY-based leader in the ownership, management and development of residential and commercial real estate in Westchester County and metro New York, for the project. The leasing agent is Cushman & Wakefield, the world’s largest privately-held commercial real estate firm.
Faros Properties is located at 551 Fifth Avenue, Suite 413, New York, NY and may be reached at 212.299.8700 or www.farosproperties.com.
About Faros Properties, LLC
Faros Properties is a New York City-based real estate investment firm established by Alexander Leventhal, Jeremy Leventhal and Elliot Gould as a platform to target long-term private investment opportunities. Faros primarily targets core investments in supply-constrained markets with high
concentrations of intellectual capital. Faros and its predecessor companies trace their roots to family-owned operations. The family has for over six decades been actively involved in the construction, development, acquisition, management and financing of over 50 million square feet of real estate internationally.
Kevin Zawacki/Mindy Hermann