HFF Sells New Rochelle Luxury Tower for $149M
- Nov 14, 2016
New Rochelle, N.Y.—HFF announced the closing of its $148.5 million sale of La Rochelle, a 412-unit, 25-story luxury apartment tower located at 255 Huguenot St. in downtown New Rochelle, to Boston-based DSF Group.
La Rochelle comprises 43 studio, 142 one-bedroom, 185 two-bedroom and 42 three-bedroom units, including loft-style apartments and penthouse suites. Residents have access to an outdoor swimming pool and sundeck, a conference room, a yoga room, a clubroom with a fireplace, a state-of-the-art fitness center and a landscaped courtyard with a grilling station. The property also has 6,000 square feet of ground-floor retail, a 422-space parking garage and the rights for the development of an additional 40-story residential tower.
HFF marketed the property exclusively on behalf of the seller, 255 Huguenot Street Corp. and DSF Group purchased the property debt free.
“The DSF Group saw significant upside in the tower and the local market,” said Jose Cruz, senior managing director at HFF, in prepared remarks. “Multifamily assets continue to attract core and core plus capital to urban markets within the New York area.”
The HFF investment sales team representing the seller was led by Cruz, Managing Director Kevin O’Hearn, Directors Michael Oliver and Stephen Simonelli and supported by Senior Managing Director Andrew Scandalios.
“We are thrilled to expand our presence in the New Rochelle submarket after having already enjoyed tremendous success in the market with the purchase of the adjacent 588-unit, 40-story Halstead New Rochelle property,” said Josh Solomon, president of DSF.
Image courtesy of HFF