New York & Tri-State + Uptown/Bronx + Hospitality | January 3, 2023

OPEN Impact Real Estate arranged the sale of Rising Ground’s campus in Yonkers and the Bronx to a real estate development company for $52.6 million

Rising Ground Sells Campus in Yonkers and the Bronx

OPEN Impact Real Estate LLC brokered the sale of Rising Ground’s 28-acre Leake & Watts campus in Yonkers and the Bronx to National Resources, a real estate development company, for $52.6 million. Lindsay Ornstein and Stephen Powers, founders of OPEN, with managing director Arthur Skelskie and VP Alexander Smith, represented Rising Ground, which will retain a three-acre parcel of the property for various programs.

The Leake & Watts campus overlooks the Hudson River and features a landscape designed by Frederick Law Olmsted. Located within a 30-minute train ride of Midtown Manhattan, the property includes 25 buildings, with 265,000 square feet of space and recreational facilities.

“Approaching the sale wholistically, we strategically structured the transaction to provide the financial and timing certainty necessary to implement the relocation of Rising Ground’s programs in a seamless manner while reducing risk to the nonprofit, said Powers.

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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).