June 28, 2022 11:00 AM
Newmark announces the coming bankruptcy auction of a prime development site at 115 Cedar Street in New Rochelle, New York. The site, which measures 19,706 square feet, is zoned for as-of-right commercial use and can span up to 137,942 square feet of buildable space. Newmark Executive Managing Director Ronald Solarz and Associate Jonny Yuran have been retained as exclusive agents by the bankruptcy estate of the property owner and approved by the U.S. Bankruptcy Court to solicit competing bids.
The property’s zoning designation provides diverse future uses that will appeal to a broad group of investors and developers. The site can accommodate office, hotel, medical laboratory, storage, or warehousing and distribution space. Potential uses include health and recreational clubs, restaurants, bars or nightclubs, motor vehicle rental agencies or dealerships that cater to the well-established suburban population in the immediate surrounding area.
“New Rochelle’s development-friendly climate has led to rapid growth over the past several years,” said Solarz. “This auction offers the rare opportunity to acquire a prime New Rochelle development site at a substantially discounted basis and begin construction of a new building, ideally-timed to be delivered as the market fully rebounds over the next 24-36 months.”
A “stalking horse” contract has been approved by the bankruptcy court for $4.8 million, against which other offers will compete to acquire the property. Initial bids will start at $4.95 million with a 5% good faith deposit and a 10% winning bid deposit.
The site has undergone extensive due diligence, including geotechnical, environmental, engineering and mechanical, electrical and plumbing (MEP). If a bidder envisions a hospitality use for the site, current ownership has assembled a complete set of drawings for a 146,000-square-foot hotel and entertainment complex featuring two restaurants and a full-scale catering facility.
The property’s LI-H zoning designation allows for an as-of-right 137,942 square feet of development on the 19,706 square foot parcel and provides for a diversity of future uses that can appeal to the broader universe of investor/developers. The site has existing entitlements for hotel development offering potential buyers the competitive advantage of existing plans and approvals for an extraordinary hotel and entertainment complex.
115 Cedar Street offers proximity to the core downtown area and Main Street. It is immediately adjacent to I-95/ New England Thruway and a few blocks from US Route 1 and the New Rochelle Metro North/Amtrak Train Station. The site’s exceptional visibility and accessibility will drive investor and developer interest in the property.
Qualifying bids for the property are due on 7/15/22 with final bids from qualified bidders are due on 7/19/22.
New Rochelle is poised for continued significant economic growth as The City’s Department of Development is working in concert with the Business Improvement District and New Rochelle Industrial Development Agency to attract investment that is changing the face of downtown. New Rochelle’s commuters have easy access to I-95 and the Hutchinson River Parkway and a convenient trip to the three major New York-area airports and the growing Westchester County Airport. The train station at New Rochelle accommodates the Metro-North railroad line and the regional Amtrak line with connections to Boston, New York and Washington, DC. Commuters can use the express trains to reach Grand Central in just over a half-hour. The Transit Center, adjacent to the train station, accommodates local buses and provides airport limousine service and convenient parking for over 900 cars.
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. Newmark generated revenues of nearly $3.1 billion for the twelve months ending March 31, 2022. Newmark’s company-owned offices, together with its business partners, operate from approximately 170 offices with 6,300 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
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