BRP Cos. inaugurates the new Rochelle tower – Multifamily real estate news
BRP Cos., the urban investment group within Goldman Sachs Asset ManagementCity of New Rochelle and Westchester County officials opened a new mixed-income residential complex in downtown New Rochelle, NY
Located at 500 Main Street, the rental building of the same name will rise to 26 floors and will offer 477 apartments. Goldman Sachs and Merchants Bank provided the financing for the residential complex, which is expected to be completed by the end of 2024.
Apartment developments at 500 Main Street will vary in size, from studios to two-bedroom residences. Of a total of 477 units, 119 will be affordable. Twenty of the units will be available to residents who earn up to 50% of the area’s median income.
An additional 99 units will be available for those earning up to 60% AMI.
The development’s 24,000 square feet of amenity space will include a fitness center for residents.
The City of New Rochelle’s Primary Development Initiative calls for the creation of a vibrant downtown community with ethnic and cultural diversity that will attract people from across Westchester County and beyond. A successful redevelopment plan has attracted $2.2 billion in private investment, with 32 development projects approved. These projects have brought downtown New Rochelle 9.2 million square feet of space, as well as the development of more than 4,000 new homes.
BRP undertook the development in conjunction with Skycore Builders, a New York-based construction company that oversaw the construction of more than 18 million square feet of residential buildings. Earlier this year, RXR launched rentals at New Rochelle Tower in downtown New Rochelle.