/Westchester & Fairfield Cheat Sheet: Connecticut country estate seeks $20M, White Plains developers get $33M in tax breaks… & more

Westchester & Fairfield Cheat Sheet: Connecticut country estate seeks $20M, White Plains developers get $33M in tax breaks… & more

Clockwise from top left: Diageo signs Stamford lease amid relocation of North American headquarters, Melva Bucksbaum’s Litchfield County estate seeks a potentially record-breaking $20M, JTRE Holdings buys a former Babies ‘R’ Us building in Yonkers for $12.5M and a Fairfield residential property secures $28M in financing from Washington Trust.

Melva Bucksbaum’s Litchfield County estate seeks $20M
An estate in Sharon, Connecticut, owned by late arts patron Melva Bucksbaum has hit the market for $20 million, the Wall Street Journal first reported. The bucolic Litchfield County estate overlooking the Berkshires includes a five-bedroom main house, a 14,000-square-foot art museum, two guesthouses, a “caretaker’s cottage,” a pool and a pool house. If it sells for $20 million, the deal would mark the county’s priciest home sale ever, according to the outlet. Bucksbaum, a longtime trustee of the Whitney Museum of American Art, bought part of the estate for $3 million in 2005 and purchased the rest for $1.5 million in 2010. After she died in 2015, her fourth husband and her children became embroiled in a legal fight over her will, with Bucksbaum’s husband claiming he was owed more than she left him. The home, located about 70 miles north of Greenwich, was previously owned by puppeteer and director Frank Oz. Graham, Peter and Carolyn Klemm of Klemm Real Estate have the listing. [TRD]

Westchester IDA approves $33M in developer tax breaks
Three developers have secured preliminary approval for a total of $32.87 million in tax breaks for projects in White Plains from the Westchester County Industrial Development Agency, the Westchester County Business Journal reported. WP Mall Realty’s Hamilton Green project received approval for  $17.5 million in tax breaks; Lennar Multifamily got approval for $12.5 million in tax breaks to redevelop the former Westchester Pavilion; and a third developer got the go-ahead on $3.22 million in tax breaks for a planned 5-story independent living facility known as the Waterstone, according to the outlet. The projects are expected to cost around $1.2 billion to complete, the outlet reported. [WBJ]

Fitty takes 84 percent discount on Farmington estate sale
After a dozen years on the market, a 52-room mansion in Farmington has sold for $2.9 million, the Wall Street Journal reported. The Hartford County property owned by Curtis Jackson III, better known as the rapper 50 Cent, or “Fitty,” if you prefer, had cost him roughly $70,000 per month, according to filings from his 2015 personal bankruptcy case. The 17-acre estate, located about 80 miles north of Greenwich, comes with its own basketball court, conference center, nightclub and recording studio. Jackson bought the home at 50 Poplar Hill Drive for $4.1 million in 2003 from former boxer Mike Tyson. The 55,000-square-foot home first hit the market seeking $18.5 million in 2007, but subsequent price cuts trimmed its ask down to nearly $5 million. It had previously been listed for rent at $100,000 per month. Local news reports identified the buyer as Casey Askar, a Naples, Florida-based businessman who operates several quick-service restaurant chains. Jennifer Leahy of Douglas Elliman brokered the sale and Jackson has reportedly donated the proceeds to charity. [TRD]

Diageo inks Stamford lease as it relocates North American HQ
Alcoholic beverage giant Diageo has signed a lease for around 40,000 square feet of space in Stamford, the Fairfield County Business Journal reported. In January, the London-based spirits conglomerate said it would vacate its North American headquarters at 801 Main Avenue in Norwalk and relocate to 3 World Trade Center in Manhattan, but said it still planned to keep an office somewhere in Fairfield County. JLL’s Drew Saunders, Ed Tonnessen and Andrew Lutzer represented Diageo. The company plans to move into its new Stamford office at 200 Elm Street, which is owned by local developer Building and Land Technology, by early 2020. “This new space will bring us closer to downtown amenities while also providing an outstanding showcase for our diverse portfolio of brands,” a Diageo spokesperson said. Diageo’s North American headquarters were located in Stamford until 2004, when the company moved to Norwalk, according to the outlet. [FBJ]

Retired real estate exec seeks $16M for Greenwich mansion
Real estate developer Jason Brown has put a three-story stone and clapboard house in Greenwich on the market at $16.35 million, Mansion Global reported. Brown, a now-retired partner at Aby Rosen’s RFR Holding in Manhattan, told the outlet that he is looking to downsize and move closer to the water in listing the two-acre property that he bought for $5.3 million in 2012. He subsequently built his own 16,000-square-foot home on the site that was completed in 2015, according to Mansion Global. The outlet noted that the nine bedroom, nine bathroom and three half-bathroom property at 112 Indian Head Road also has four fireplaces and a “custom-built glass-enclosed bar” inspired by the Gramercy Park Hotel’s Rose Bar. Stephen Archino of Sotheby’s International Realty has the listing. [Mansion Global]

Former Babies ‘R’ Us building in Yonkers sold for $12.5M
Real estate investor Jack Terzi’s JTRE Holdings has shelled out $12.5 million for a 40,000-square-foot, two-story building in Yonkers, according to Royal Properties, a Bronxville-based retail brokerage and consultancy that handled the deal. The building, which sits on 2.62 acres of land, was previously home to a Babies “R” Us that closed last year after sister company Toys “R” Us filed for bankruptcy. Royal Properties’ Karnit Mosberg and Jeff Kintzer brokered the sale of the building at 2700 Central Park Avenue. “We had a tremendous amount of interest in this property and were able to exceed our client’s asking price,” Mosberg said in a statement. It was not immediately clear who the seller was for the property. The Real Deal reported in February on landlords in the Tri-State area trying various strategies to transform old retail spaces. [Royal Properties]

Yonkers rent-stabilized apartment complex sells for $5.5M
A buyer has snapped up a four-story apartment building located at 376-380 McLean Avenue in Yonkers, LoHud reported. McLean Yonkers bought the complex from fellow limited liability company PMT Realty for $5.5 million, according to the outlet. The complex houses 34 units, most of which are rent-stabilized. Mount Vernon-based PMT Realty purchased the building for $2.3 million back in 2008, according to the outlet. Michael Nukho, principal real estate broker with Yonkers-based NuRealty Advisors, represented the buyer, while NuRealty associate real estate broker Lukasz Przybylek represented the seller. [LoHud]

Fairfield multifamily property secures $28M in financing
BRCD Holdings, a limited liability company, has secured $28 million from Washington Trust’s commercial real estate group to refinance a multifamily residential property in Fairfield, according to a the Rhode Island-based bank. The development at 665 Commerce Drive, known as Trademark Fairfield, will house 101 luxury apartment units and 13,860 square feet of ground-floor retail space, the bank said. Amenities include a swimming pool, a fitness center, outdoor fire pits and a community room. “The property’s well-designed, lovely units provide luxury housing with wonderful amenities in an extremely well-located spot,” said a statement from Julia Anne Slom, senior vice president and team leader of Washington Trust’s commercial real estate group. “The on-site retail, once complete, will further enhance the property’s appeal.” [GlobeNewswire]