Commercial real estate services and investment firm CBRE has announced the sale of a 2.02-acre site in New Rochelle where a 334-unit residential development is planned. CBRE said that the closing took place last month and the property at 24 Maple Ave. and 115 Centre Ave. was sold by the Church of the Blessed Sacrament to Mill Creek Residential. The sale price was not disclosed.
Mill Creek Residential Trust LLC, which has its main offices in Dallas and Boca Raton, develops and acquires apartment communities in U.S. cities from coast to coast. In May 2019, it received approval from the city of New Rochelle to build a project at the site to be called Modera New Rochelle. The Modera name is used by Mill Creek on other projects, such as Modera Hudson River in Yonkers and Modera in Mineola.
In addition to the apartment building, the New Rochelle project is to include a parish center for Blessed Sacrament. The former Blessed Sacrament School was housed on the site.
“Blessed Sacrament parish recognized the opportunity to convert its unused property to support its mission,” said William V. Cuddy Jr., executive vice president at CBRE. “We are thrilled to have the site change hands to such a well-regarded player in the multifamily sector.”
Cuddy and CBRE’s Jacqueline Novotny represented and advised the Church of the Blessed Sacrament in the transaction. The seller’s attorneys included Peter N. Bassano of Bleakley Platt & Schmidt LLP and Michael Zarin of Zarin & Steinmetz.
The apartment mix would be eight studios, 201 one-bedroom units and 125 two-bedroom units. There would be 334 parking spaces and three courtyards created at the site.
Mill Creek went before the New Rochelle Industrial Development Agency last year for incentives including a 20-year payment in lieu of taxes agreement, $843,000 in a mortgage recording tax exemption and approximately $3.7 million in sales tax exemptions.