Downtown New Rochelle Parcel For Sale For $27M

NEW ROCHELLE, NY — One more high-rise apartment building could be going up in New Rochelle.

B6 Real Estate Advisors said a development site located at 525 Main St. in New Rochelle is on the market with an asking price of $27 million.

According to the brokerage firm, the property is a prime corner development offering more than 521,000 buildable square feet consisting of five lots.

The site is at the corner of Main Street and Memorial Highway, next to Memorial Plaza.

It is currently approved for a 28-story building with 351 residential units, 5,417 square feet of retail space and 274 on-site parking spaces.

Thomas Donovan, partner and vice-chairman of B6, said the location provides developers with a "unique opportunity in size, scale and location in a suburb near New York City that has quick and easy access to the city."

The building would be three blocks away from the Metro-North Railroad station. The commute to the Grand Central Terminal is about 35 minutes. It also has access to Interstate 95.

"Currently, there are no available units allocated for new development in the downtown area of New Rochelle, which opens entry barriers for a developer who doesn't already have an approved site plan in the area and would like to be part of adding to the growing downtown skyline," Donovan said.

Among the businesses currently at the location is Alvin & Friends. A spokesperson for the restaurant said they were unable to comment at this time about what would happen if the parcel was sold and development was started.

A spokesperson for B6 Real Estate Advisors said they didn't have a comment regarding the status of the businesses located at the possible development site.

B6 Real Estate Advisors is an investment sales and capital advisory firm with operations in New York City and New Jersey.