New York & Tri-State + Fairfield/Westchester + Student Housing | May 28, 2021

Newmark Closes Sale of New Rochelle Student Housing to W. P. Carey

Newmark arranged the $26-million sale of 26 Locust Ave., a 94-unit student housing complex in the Westchester County community of New Rochelle, NY. Boston-based Michael Byrne, Thomas Greeley and Devlin Man, in cooperation with Stamford-based Cory Gubner and Alex Haendler represented the seller, St Katherine Group, and procured the buyer, W. P. Carey.

Completed in 2018, 26 Locust broke ground as a purpose-built studio apartment complex. Following the execution of a full-building master lease to Monroe College, the asset transitioned into built-to-suit-student housing.

“26 Locust Ave.’s studios average 550 square feet in size and facilitate a traditional apartment living experience with full bathrooms and kitchens complemented by common study rooms, indoor and outdoor amenity spaces and 56 below-grade parking spaces,” said Haendler. “The asset also benefits from a transit-oriented location in downtown New Rochelle, a walkable mixed-use district that provides residents with swift access to a wealth of attractive amenities.”

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Newmark’s Haendler

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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