In yet another boost to the City of New Rochelle, a 40-story apartment tower at 40 Memorial has been sold for $259 million – more than double the previous top sales price in Westchester County for 2018.
Harbor Group International, based in Virginia, acquired the apartment tower near the city’s train station with partner Azure Partners LLC. The seller, DSF Group, bought the 588-unit apartment tower in 2013 for $210 million, reports the Westchester County Business Journal.
The building is less than a quarter-mile from New Rochelle’s Metro-North train station, and across the street from the New Rochelle Public Library. Formerly called Halstead New Rochelle Metro North, Harbor Group has rebranded the apartments as Skyline New Rochelle. It features a mix of studios, one, two and three bedroom apartments and was over 95 percent occupied as of the sale. The building also features retail space on the ground floor and a parking garage.
One of the Business Council of Westchester’s top priorities has been the economic reimagining and revitalization of Westchester’s urban centers, with a focus on transit-oriented smart growth – exactly what this project represents, said Marsha Gordon, President and CEO of the BCW.
Gordon was instrumental in helping New Rochelle recently win a $10 million, highly competitive Downtown Revitalization Initiative (DRI) Grant from the Mid-Hud Regional Economic Development Council, which will help to transform the Lincoln Avenue Corridor of New Rochelle. Gordon currently serves as the co-chair of the Local Planning Committee for the DRI project along with New Rochelle Mayor Noam Bramson.
“New Rochelle continues to evolve in new and exciting ways,” said Gordon. “This sale further proves that the state of the city – and the county – is strong and that investors, developers, businesses and residents realize the potential of all that is still to come.”