28 Stories Building, 450,000 Square Fit, 250 Apartments - 24 Minutes from Manhattan

The proposed deal is for a lot that includes a City Bank, Retro Fitness, an Art shop and a Furniture Shop and another offices floor in down town New Rochelle.

The approximate cost of the project is between $ 80M to $ 110M based on the finishes, that's besides the purchase of the land which is an approximate $ 28M - so overall with really nice finishes brings us to around $ 138M, which can be refinanced very easily in a later on date, and the ARV when all the units are rented is approximately $ 180M, with around 5% CAP Rate.

The lot price is based on an appraisal by the well known company B6 Real Estate Advisers. The assessment report can be provided per request.

The Location

Vibrant down town with young professionals and new skyscrapers 

24 minutes drive (16.4 Miles) from Central Park, Manhattan but way more affordable

24 minutes drive (16.5 Miles) also to the center of Queens - the vibrant Forest Hills Neighborhood

New Rochelle Revitalization - The Next Mini Affordable Manhattan in 5 years? Watch the video!

New Rochelle is Booming!

The city zoning for this lot is approved to build 450,000 SF and 28 stories building.

Approximately 250 Apartments

Approximate Lot Size - 150 feet on North Avenue and it goes a 100 foot deep. The lot is an approximate 16,000 Square Foot.

The Business Plan

Doing a JV with a builder or selling the lot as is.

The City Bank

The Retro Gym and the Lot Layout

Underneath the property there is a huge Retro Gym. ON top we have the City Bank, a Art Store, a Furniture Store and has another level of offices. The lot is close to an HSBC bank.

The Retro Fit Gym from Inside and the Entire Lot Size from the Outside

New Skyscrapers Behind It

Chase Headquarter Near By

The Buildings Around it And The Surrounding Area

The Offices Floor

Driving in Down Town New Rochelle