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Newmark Tapped for Bankruptcy Sale of New Rochelle Parcel
Newmark has been hired to lead the bankruptcy sale of a 19,706-square-foot prime development site at 115-117 Cedar St. in New Rochelle, NY. The property is zoned for as-of-right commercial uses and can span up to 137,942 square feet of buildable space. Managing director Ron Solarz represents ownership, retained by the owner’s bankruptcy estate.
The property’s zoning designation provides diverse future uses that will appeal to the broader group of investors and developers. Current ownership of the site has assembled a complete set of drawings for a 146,000-square-foot hotel featuring two restaurants and a full-scale catering facility. The hospitality component sits atop a built-in 433-car parking structure.
“New Rochelle has been growing very quickly over the past few years as the city looks to embrace new developments,” said Solarz. “This site at Cedar Street offers a potential investor to buy a well-priced development opportunity.
- ◦Sale/Acquisition
