Tallest resi building in Westchester sells for $259M

The buyers are Harbor Group and Azure Partners

New York /
Dec.December 05, 2018 05:09 PM

Skyline New Rochelle

A partnership between Harbor Group International and Azure Partners acquired the tallest residential building in Westchester for $259 million.
The property, known at Skyline New Rochelle, is a 40-story rental building with 588 apartments. The transaction marks the second time that the property has changed hands since 2013. The seller is Massachusetts firm DSF Group.
HGI went into contract to acquire the property in October. The Class-A building is subject to a 30-year tax break, so city officials needed to sign off on the purchase. At the time, the property was assessed with a value of $223.2 million, according to the Journal News. The partners are funding the purchase with a Freddie Mac loan from Capital One and Meridian Capital.
The property, which is located at 40 Memorial Highway in Downtown New Rochelle, is currently 95.6 percent leased. HGI plans to spend $5.5 million to renovate the property. The alterations will cover 375 units, with plans to update the appliances, lighting and cabinets in the apartments.
HGI controls a portfolio of assets valued at $8.2 billion. Its New York City holdings include Manhattan office buildings 55 Broadway and  24 West 40th Street.

Related Articles

arrow_forward_ios
Steven Mnuchin and 740 Park Avenue (Getty, Google Maps)
Steven Mnuchin’s $26M home finally finds a buyer
Steven Mnuchin’s $26M home finally finds a buyer
Robert Millard and 9 East 88th Street (MIT Corp, Google Maps)
Former Lehman exec lists Carnegie Hill mansion for $38M
Former Lehman exec lists Carnegie Hill mansion for $38M
April’s occupancy levels climbed to 61.6 percent, above March’s 60.9 percent. (iStock)
Demand for short-term rentals surges past pre-pandemic levels
Demand for short-term rentals surges past pre-pandemic levels
Cape Cod and the Jersey Shore suffered among the sharpest inventory declines. (iStock)
Here’s where homes virtually sold out in the pandemic
Here’s where homes virtually sold out in the pandemic
1384 Meadow Lane
The 20 priciest Hamptons sales this year
The 20 priciest Hamptons sales this year
Airbnb CEO Brian Chesky. (Airbnb, Getty)
Airbnb’s losing spree continues with $1B loss in Q1
Airbnb’s losing spree continues with $1B loss in Q1
Madison Realty principal Josh Zegen, Raphael Toledano with the properties at 325-329 East 12th Street and 223-235 East 5th Street (Madison Realty, Google Maps, Toledano by Michael McWeeney)
Madison Realty Capital closes on Toledano’s bankrupt East Village portfolio
Madison Realty Capital closes on Toledano’s bankrupt East Village portfolio
Manhattan and Brooklyn saw all-time records in lease signings in April (iStock)
April leases soared across city; so did concessions
April leases soared across city; so did concessions
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...