67 New Broad Street
Port Chester, NY

In July 2024, Peakhill Equity Partners closed on a joint venture with Hines to acquire and develop a 1.44-acre site to be known as the Station Lofts in Port Chester, Westchester County, New York. Station Lofts will consist of a 5-story, 180-unit Class A multifamily residential development, ranging from studios to two-bedroom homes. It also features three levels of parking including 50 spaces accessible and reserved for the public at ground level, and an abundance of on-site amenities.

The property will be located in the heart of the Village of Port Chester, one block from the Metro-North Railroad Station. Port Chester is an emerging transit-oriented community adjacent to some of the region’s most recognizable suburbs including Rye, NY, and Greenwich, CT, and offers a unique cultural and dining scene. The Village’s 2020 form-based rezoning initiative dubbed “Plan The Port” has spurred new development activity primarily focused in the Village’s downtown, waterfront, and transit-adjacent locations.

New York has historically been the most expensive housing market in the U.S. with significant barriers to entry and limited developable land. The 421-a property tax abatement program was the primary incentive for the development of affordable rental housing in New York City, but this program expired in June 2022 resulting in limited or no ability to finance and build new rental housing. Transit-oriented suburban development is filling this gap, as the Station Lofts will have a ~40-minute commute on the Metro-North Railroad into Grand Central Station and will offer rents more than 50% below prime Manhattan neighborhoods.