All Forum Posts by: Adam Cherko

I just read a new article that a contract has been awarded for the highly anticipated 4th line of Metro North which will have direct access to New York’s Penn Station. For the first time in history, residents of the sound shore in westchester and Connecticut will have a choice whether to head to Grand Central on the New Haven line, or Penn Station on this new line ending up in central midtown or west side respectively.

This also gives a redundancy to commuters that has never existed, currently all of the commuter lines of metro north use the same bridge into and out of Manhattan. If something happens to the bridge or that main track from the bridge to the station tunnel, all commuting into westchester is hauled. This will give a second option in a situation like that.

There will be 4 new stations in the east and south Bronx which is amazing news for those communities including landlords and tenants!

They estimate the project to take 63 months and have a price tag of $2.67 B.

Being that New Rochelle is the last Westchester station before the tracks split, the station will be renovated and from what I hear it will be a bit more of a hub, similar to Stamford CT, however they don’t have nearly as much real estate to work with in New Rochelle.

I just wanted to post an update as we started talking about this years ago, and we are seeing lots of investment in New Rochelle with multifamily high rise and mid rise buildings preparing for this event.

I guess the biggest flip side discussion comes from what the potential necessity of the Bronx, Westchester and Connecticut residents to commute to Manhattan in the coming decade as technology keeps charging ahead.

@Bogdan Constantin Stefanide thanks, it is not showing up in my screen view, I am on the app, not sure if that makes a difference.

@Bogdan Constantin Stefanide thanks for the heads up. What is the date and time?

@Geovanny Hernandez join the westchester real eatate investors group on meetup and Facebook and you will get. Notifications when the next meeting will be help. Most likely zoom. 

@Jamila Thompson I would love to hear about your experience on the east side access project! I did an underground roadway in Miami when I first got out of school! I can’t wait to hear about it 

Thanks @Russell Brazil, @Justin Brown I’ll shoot you a message, always happy to help. 

Congratulations @Jamila Thompson! I got a BS in architectural engineering down at the University of Miami a few years back, and then made my way into project management and investing after designing for a few years. You are definitely going down the right path! And BP is the best place to make those relationships. 

I currently live on the new haven line of metro north as well down in New Rochelle, NY and have had a number of clients buying in CT lately along the line so they can still commute to the city when needed. As many people have suggested, I will also support. If you do want to be in the New Haven area, the university could be helpful, but keep in mind we may start to see the in person college trend start changing a bit. The reason I bring this up is more for the consideration of house hacking. It may mean that students are spending more time in their homes and educating virtually, which will put a larger strain on your living situation and utility bills if you are covering them in some way (house hacking of course). 

I do agree that townhouses are seeing less competition for sure, and it is better to own some real estate and wait than pay someone elses mortgage while you wait. Just make sure that HOA doesn't kill it. I know if westchester NY, and fairfield county CT sometimes Living in the unit will though the numbers off a bit while you live there at a reduced rate. As long as the benefit in your net worth is positive I think its a great way to get the ball rolling. Our price points are so high that cash flow is not as easy t find when getting started.

You also need to make sure that what ever area you end up deciding on, you get into as many houses as possible so you have a feel for the condition of the area. Just because they are cheaper in some areas, does not mean the product is worth what they are asking. They can be cheap, but require more rehab than they are worth. 

I know i didn't specifically answer your are question but hope to keep you thinking!

Also not sure if you heard about the 4th train-line metro north is adding that with go into penn station! its something that will add lots of value to the whole long island sound corridor!

@Maya Gorski

It sounds to me like you are doing the right things as far as communicating to those agents and treating them fairly. Many states are different but are you signing a contract with them? In NY, CT and RI where I am licensed, it’s important for me to set up a Fiduciary relationship with my buyer clients to actually start working for them, and protecting their best interest.

As an agent we sometime may get calls from people who “kick tires”, but if you are truly trying to build a relationship, and add some value and get to know them, and they are not responsive, they are not the ones I’d like to be building a relationship with personally.

I would suggest signing a representation contract and if they are not doing their job then, fire them! And find a new agent. There are far too many good ones out there to be stuck with a bad one.

Thanks @Joe Jor, I appreciate it, we are planning to talk this week! 

@Patrick Ruff I did just that in New Rochelle, and the commute is 35 mins. There are a few places in westchester. The traffic is far less than long island, you have great access to the Hudson valley or New England and you have great access to the water, either the sound or the river. There are a few good reasons new rochelle is having a huge rental boom, and most of that is coming from the 4th metro north line being added which will Go into penn station!

Happy to show you around any time!