Eastern Consolidated Named Exclusive Agent to Market Prime New Rochelle Mixed-Use Development Site
NEW YORK, NY –– February 1, 2018 –– Eastern Consolidated has been retained as the exclusive agent to sell a development site adjacent to the Metro North train station in downtown New Rochelle, Westchester County. The asking price is $22.5 million for the property at 26 Garden Street, which offers the opportunity to build over 900,000 square feet based on local zoning.
Exclusive brokers Peter Hauspurg, Chairman and CEO, Benjamin Tapper, Senior Director and Principal, Peter Carillo, Senior Director and Principal, are marketing the property on behalf of ownership. Gary Meese, Senior Director, Financial Services, is the analyst for the offering.
The site, which allows for a mix of uses including residential, hospitality, commercial, and parking, is across the street from the Metro North and Amtrak train station, a short walk to the vibrant New Rochelle Central Business District, and less than a half a mile to 1-95.
“A mixed-use project at this location will complement the tremendous amount of investment underway and in the pipeline in New Rochelle,” Hauspurg said. “The city has already attracted established institutional-level developers such as Avalon Bay and Cappelli Enterprises, which have developed two residential high-rise towers “On the Sound” and “On the Sound East”, and Trump Plaza, respectively.”
Tapper added, “With the commute to Grand Central only 30 minutes, apartments at this site will attract young professionals, couples, families and empty nesters seeking to be near Manhattan as well as job centers in Fairfield County, Connecticut, and other parts of Westchester County.”
Carillo continued, “Downtown New Rochelle is experiencing a rebirth under the leadership of RXR and Renaissance Downtowns which have been designated “Master Developers” and are tasked with helping revitalize the historic area under the largest and most significant economic development initiative in the city’s history.”
Some 5,500 planned residential units and approximately 10.7 million square feet of new construction are planned for downtown New Rochelle, which was once one of Westchester’s premier economic engines. The area will be transformed into a center for job generation, quality, affordable housing for young professionals, empty nesters and others, dining, retail, and arts and culture.
Other significant projects in the area include Echo Bay, a mixed-use project Twining Properties is developing along the Long Island Sound that will include 1,000 residential units, 130,000 square feet of retail space, and a hotel. The proposal calls for building a town center with shops, restaurants, a public park and housing, along with a waterfront esplanade.
Powered by a highly skilled team of over 100 brokers with a fluency in 15 languages, Eastern Consolidated is one of the country’s preeminent full-service commercial real estate firms. Through three core divisions—Investment Sales, Capital Advisory, and Retail Leasing—Eastern Consolidated serves an impressive roster of international and domestic institutional and private investors on real estate transactions of all sizes and across all property types. For more information, visit www.easternconsolidated.com and follow us on Twitter@EasternConsol.
Back to news list