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.