Newmark announces it has been retained to sell a 19,706 s/f prime development site at 115-117 Cedar Street in New Rochelle, NY.
The property is zoned for as-of-right commercial uses and can span up to 137,942 square feet of buildable space.
Newmark’s Executive Managing Director Ron Solarz represents ownership retained by the owner’s bankruptcy estate approved by the US Bankruptcy Court.
The Westchester City Planning Board previously okayed the development of a Tryp Hotel by Wyndam at the site envisioned by developer Ward Capital Management, but that plan collapsed when the sponsor was unable to secure financing.
Current ownership has assembled a complete set of drawings for a 146,000 s/f hotel featuring two restaurants and a full-scale catering facility (rendering top). The hospitality component sits atop a built-in 433-car parking structure.
The development site can accommodate office space, hotel, medical laboratories, storage, warehousing and distribution space, health and recreational clubs, restaurants, bars and nightclubs, motor vehicle rental agencies, and motor vehicle dealerships.
“New Rochelle has been growing very quickly over the past few years as the city looks to embrace new developments,” Solarz said. “This site at Cedar Street offers a potential investor to buy a well-priced development opportunity.”
New Rochelle is poised for continued significant economic growth as The City’s Department of Development is working in concert with the Business Improvement District and New Rochelle Industrial Development Agency to attract development that is changing the face of downtown.
RXR Realty has designed an urban masterplan that will yield more than 12 million square feet of new construction, including up to 2.4 million square feet of commercial office space, one million square feet of retail, 6,370 housing units, and 1,200 hotel rooms. This effort is projected to bring an additional 12,000 to 15,000 new residents to the surrounding area when complete.
New Rochelle’s commuters have easy access to I-95 and the Hutchinson River Parkway and a convenient trip to the three major New York-area airports and the growing Westchester County Airport. The train station at New Rochelle accommodates the Metro-North railroad line and the regional Amtrak line with connections to Boston, New York and Washington, DC. The express trains to Grand Central take just over a half-hour for commuters. The Transit Center, adjacent to the train station, accommodates local buses and provides airport limousine service and convenient parking for over 900 cars.