The Leaf, a 477-unit 26-story mixed-use building at 12 Church St. in New Rochelle has been opened by developer BRP Companies, which is headquartered in Manhattan. The site also is known as 50 Main St. Construction on the project began in Feb. 2022. During the approval process, BRP estimated that the project would cost $291 million.
The plan called for 119 of the apartments in the building to be priced to be affordable to households earning between 50% and 80% of Area Median Income. Market-rate units include a 509-square-feet studio at $2.433 per month, a one-bedroom with 680 square feet at $2,947 per month and an 815-square-feet two-bedroom unit a $3,629 per month. There are 110 studio apartments, 218 one-bedroom units and 149 two-bedroom units.
Features include in-unit washers and dryers, stainless steel appliances, central air conditioning, a keyless entry system, and quartz countertops. The building has a rooftop swimming pool and sky lounge, a fitness center with a yoga studio and strength training room, an outdoor courtyard, a co-working lounge, on-site pet grooming, a dog run, and 420 on-site garage parking spots. The building has approximately 3,000 square feet of retail and community space. The community space will be programmed by the City of New Rochelle.
“The Leaf exemplifies our commitment to transformative, community-driven development that delivers high-quality housing and vibrant amenity spaces to the communities we serve,” said Meredith Marshall, co-founder and managing partner of BRP Companies. “As we celebrate this milestone, we look forward to continuing to welcome residents to their new homes in the heart of New Rochelle and contributing to the city’s continued economic growth and revitalization.”
Last summer, BRP unveiled a 20-story mural on the façade of the property. Partnering with Seven Willow Collaborative, a real estate and cultural advisory firm, BRP commissioned local artist Na’ye Perez to create “From the Source,” which is positioned as a vibrant testament to the area’s rich culture and spirit.
Financing for the project was provided through a combination of sources, including a construction loan backed by taxable and tax-exempt bonds issued by the New York State Homes and Community Renewal (HCR) Housing Finance Agency, with credit enhancement from the Urban Investment Group at Goldman Sachs Alternatives. Additional funding was contributed by the Urban Investment Group at Goldman Sachs Alternatives, Westchester County, and Interfaith Dwellings Corporation, with permanent financing secured through Merchants Capital Corp. via the Fannie Mae MBS as Tax-Exempt Bond Collateral program.
