CBRE, Inc. has been retained as exclusive advisor in the sale of 53 co-op units in The Lofts at New Rochelle, a Class A residential property built in 2001. The property is located in the heart of New Rochelle just 19 miles from midtown Manhattan.
The Lofts at New Rochelle is part of a master planned mixed use development that includes a movie theatre, bowling alley, restaurants, retailers and a hotel. The property is located three blocks from the Metro North Train Station that provides service to Grand Central Terminal in less than 30 minutes. Unit interiors feature Class A finishes with 11’ ceilings and oversized windows while the property offers an extensive amenity package. There is substantial upside in the rental income as the property is currently 36% leased while an investor could also enhance their returns by selling the units separately to individual purchasers.
There are many compelling reasons for owning The Lofts at New Rochelle that include:
Co-op Sale Exit: As the market continues to improve for individual residential unit sales, an investor can execute an exit strategy of selling individual co-op units to end users.
Class A Finishes: The Lofts at New Rochelle was constructed in 2001 with high-end interior finishes that feature 11’ ceilings, oversized windows, wood flooring, gourmet kitchens with granite countertops, stainless steel appliances, microwaves and disposals. Other in unit amenities include full size washer/dryers, walk-in closets, tile showers and flooring in the bath. The property offers rich amenities that include a clubroom, fitness center, billiards room, business center, rooftop patio, on-site storage and ample parking.
Strong Rental Market: The South Westchester County Apartment Market currently has a vacancy rate of 2.4% and has averaged just 3.1% vacancy since 2004. The Lofts at New Rochelle are ideally positioned to capitalize on the strong rental submarket and the highly desirable transit oriented location to increase occupancy and drive revenue.
Pedestrian and Transit Oriented Location: The property is located in the heart of New Rochelle within walking distance to dozens of restaurants, bars, entertainment venues, movie theatres, retailers, banks and over 750,000 SF of office space. The Lofts at New Rochelle has access to a variety of transportation options as well that include the Metro North Train Station and Interstate 95.
Solid Demographics: Within 3 miles of the property, average household incomes exceed $108,000 annually with nearly 150,000 residents.
For more information please review the Confidentiality Agreement or visit our website at
https://www.cbremarketplace.com/loftsnewrochelle/
