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John JordanAnthony E. Malkin, president of W&M Properties, believes that Westchester is situated for solid office building investments with growth potential, and offers less downside risk than New York City. Malkin, who made his remarks at a recent meeting of the Association of Real Estate Women, says that several years ago his firm assessed the county’s office market as undervalued, one that promised investors a good return if they were repositioned for the multi-tenant class A market. “We recognized the potential early and acquired buildings at a good price,” he notes.

W&M, which has purchased 711 Westchester Ave., and Ten Bank Street in White Plains, as well as 500 Mamaroneck Ave. in Harrison, is now looking for more opportunities in Westchester.

Malkin points to the diversity of the tenant base in Westchester as a key incentive for further investment. He says that, “Relying on a concentration of tenants in only a few industries is risky. That’s why we’re not looking in Downtown Manhattan, which is dominated by the financial industry and technology, media, and telecom companies, and are continuing to seek out new acquisitions in Westchester.”

While dot.com and other high-growth sectors have fueled tremendous growth, “many of these companies do not generate cash and are shut off from raising new capital. A shakeout is inevitable, with a concomitant effect on occupancy rates and real estate values,” he says.

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