May 26, 2021 10:00 AM
Newmark announces the $26 million sale of 26 Locust Avenue, a student housing complex featuring 94 studio residences in the Westchester County community of New Rochelle, New York. Newmark Executive Managing Director Michael Byrne, Managing Director Thomas Greeley and Director Devlin Man of the firm’s Boston Capital Markets Group, in cooperation with Executive Managing Director Cory Gubner and Director Alex Haendler of the firm’s Stamford Capital Markets Group, represented the seller, St Katherine Group, and procured the buyer, W. P. Carey.
Completed in 2018, 26 Locust Avenue broke ground as a purpose-built studio apartment complex. Following the execution of a full-building master lease to Monroe College, an undergraduate and graduate institution that operates one of its three campuses adjacent to the property, the asset transitioned into a built-to-suit-student housing complex.
“26 Locust Avenue’s studios average 550 square feet in size and facilitate a traditional apartment living experience with full bathrooms and kitchens complemented by common study rooms, indoor and outdoor amenity spaces and 56 below-grade parking spaces,” said Haendler. “The asset also benefits from a transit-oriented location in downtown New Rochelle, a walkable mixed-use district that provides residents with swift access to a wealth of attractive amenities.”
26 Locust Street is situated within walking distance of the New Rochelle transit station, which is served by Metro-North Railroad and Amtrak trains and the Bee-Line bus, with connections to Manhattan’s Grand Central Terminal and Penn Station in just 30 minutes.
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate services, with a comprehensive suite of investor/owner and occupier services and products. Our integrated platform seamlessly powers every phase of owning or occupying a property. Our services are tailored to every type of client, from owners to occupiers, investors to founders, growing startups to leading companies. Harnessing the power of data, technology, and industry expertise, we bring ingenuity to every exchange, and imagination to every space. Together with London-based partner Knight Frank and independently owned offices, our 18,800 professionals operate from approximately 500 offices around the world, delivering a global perspective and a nimble approach. In 2020, Newmark generated revenues in excess of $1.9 billion. To learn more, visit nmrk.com or follow @newmark.
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