A 2025 Delivery Traded At Four Hundred Eighty A Unit

$479,851 per unit for suburban Westchester product. About 16.75 units per floor across eight stories. More than 149 sf of amenity space per unit — an unusually heavy amenity load for a building of this size.

A developer sold a building it finished last year. That is the transaction: a merchant takeout at the earliest credible moment, before a full year of stabilized operations exists to argue about.

For RMS, it removes lease-up risk and construction-loan exposure in one move. For CIM and Hulic, it buys a brand-new asset with no capital plan for a decade — and the price says they paid for exactly that. At $479,851 a unit, this is priced closer to urban infill than to a Westchester suburb.

The amenity load is the underwriting question. More than 149 sf per unit of common area is aggressive for 134 units; it is what a developer builds to win a lease-up, and it is expensive to operate forever. Whoever underwrote the exit had to decide whether that space drives rent or just drives cost.

Metro-North puts Grand Central about 38 minutes away. That is the entire thesis, and it is a good one — but at this basis it has to be worth roughly half a million dollars a door.

Implications. Developer takeouts of just-delivered assets are pricing on trailing lease-up rents rather than stabilized performance. That is a favorable trade for the merchant builder and a bet on rent durability for the buyer, particularly where concessions used to fill the building may not yet have burned off.

Uncertainty: no cap rate, occupancy or in-place rents disclosed. The CIM/Hulic equity split is undisclosed, so the true cross-border capital share is unknown. $479,851 per unit is rich for Westchester — pressure-test whether lease-up concessions were still burning off at closing.