71 Apartment Community - Pedestrian & Transit Location – Tax PILOT – New Rochelle, NY
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Gene Pride joined Newmark in 2021 as Executive Managing Director and head of the Tri-State Suburban Multifamily Capital Markets Group. Gene is responsible for the execution of multifamily sales in the greater New York metropolitan area, encompassing northern New Jersey, suburban New York and Connecticut markets. Gene began his career in 1998, and since 2014 has been involved in the sale of more than 19,000 apartment units – valued in excess of $5.1 billion – and development land for 2,700 apartments. Gene received a Bachelor of Arts degree from Washington and Lee University and attended Deerfield Academy.
- Property Type
- Deal Type
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- Core Plus
Newmark has been engaged as exclusive advisor in the sale of The Printhouse, a 71 apartment community located in the rapidly transforming city of New Rochelle in lower Westchester County, New York. The property benefits from a tax PILOT, features designer finishes, robust amenities in a pedestrian and transit location (97 WalkScore). Lower Westchester rents are forecast to grow 12.5% in 2022.
Designer Finishes with quartz countertops, stainless steel appliances, tile backsplash, plank flooring, open floorplans, oversized windows, walk-in closets, and private terraces.
Class A Community features 2 rooftop terraces with Long Island Sound views, adjacent resident lounge and full fitness center in home smart technology package.
Pedestrian Centric location walkable to dozens of restaurants, coffee shops, entertainment and retail amenities.
Transit Oriented location with New Rochelle Train Station 5 minutes away offering Metro North service to Grand Central and Amtrak service to Penn Station, Boston, Philadelphia & Washington, DC.
Exceptional Market as rents have grown 7.2% since Q2 2021 and forecast to grow 12.5% in 2022 with current vacancy of 3.7%.
Downtown New Rochelle population is forecast to grow 9.4% through 2027 with incomes growing 24.7% during the same time period, outpacing Westchester County.
Major Employers in Westchester include IBM, Regeneron Pharma, PepsiCo, Mastercard, Morgan Stanley, Siemens, SwissRe and AT&T, among others.