BRP Cos. Debuts Mixed-Use Project in New Rochelle
Nearly a third of the community's units are designated as affordable.
BRP Cos. have opened The Leaf, formerly known as 500 Main, in New Rochelle, N.Y. Situated at 12 Church St., the 26-story mixed-use development features 477 residences, approximately 20,000 square feet of common-area amenities and about 3,000 square feet of ground-floor retail and community space. The property’s opening culminates a more than three-year construction period that began in February 2022.
The unit mix is comprised of 110 studios, 218 one-bedroom apartments and 149 two-bedroom apartment homes. Of the total, 119 are earmarked as affordable, with 20 units set aside for renters earning 50 percent of Area Median Income and 99 units for those earning 60 percent of AMI. Residences feature in-unit washer-dryers, central air conditioning and smart keyless entry systems.
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Amenities at the Leaf include a rooftop swimming pool with sky lounge, a fitness center with a yoga studio and strength training room, as well as a co-working lounge with work pods, an outdoor courtyard, dog run and garage parking.
The Leaf’s on-site community space will feature programming overseen by the City of New Rochelle.
Project financing
With an address in the center of Downtown New Rochelle, The Leaf gives residents easy access to the downtown district’s dining, retailing and cultural destinations. The New Rochelle Transit Center is located within steps of the building, making it possible for residents to quickly commute to Manhattan via the Metro-North service.
Project financing came through an array of sources, which included a construction loan backed by taxable and tax-exempt bonds issued by the New York State Homes and Community Renewal, Housing Finance Agency, with credit enhancement from the Urban Investment Group at Goldman Sachs Alternatives. Additional funding was contributed by Urban Investment Group at Goldman Sachs Alternatives, Westchester County and Interfaith Dwellings Corp. with permanent financing secured through Merchants Capital Corp., through the Fannie Mae MBS as Tax-Exempt Bond Collateral program.
The Leaf’s leasing is being led by Greystar. Last week, a Greystar joint venture broke ground on The Whitney in St. Petersburg, Fla.
