700 Main St - Development Opportunity-Downtown New Rochelle 0.94 Acres of Commercial Land Offered at $4,900,000 in New Rochelle, NY 10801

INVESTMENT HIGHLIGHTS

  • Prime development opportunity in New Rochelle downtown.
  • Located in a highly trafficked area.

EXECUTIVE SUMMARY

Development opportunity in the middle of New Rochelle's vibrant downtown, which is currently undergoing a huge revitalization project. Potential to build up to 82,322 sqft of space on this 41,161 Sqft lot, for broad commercial and residential purposes. Or reuse the existing 13,647 square foot building already on the property, set up as a catering hall with parking for 100 and all utilities onsite.

PROPERTY FACTS

Price $4,900,000
Sale Type Investment
Sale Conditions
High Vacancy Property
  • Redevelopment Project
No. Lots 1
Property Type Land
Property Subtype Commercial
Proposed Use
Commercial
  • Retail
  • Apartment Units
  • Apartment Units - Condo
  • Apartment Units - Subsidized
  • Bank
  • Convenience Store
  • Department Store
  • Drugstore
  • Fast Food
  • Parking Garage
  • Parking Lot
  • Restaurant
  • Storefront
  • Storefront, Retail or Office
  • Storefront, Retail or Residential
  • Supermarket
Total Lot Size 0.94 AC
Opportunity Zone Yes

1 LOT AVAILABLE

Lot

Price $4,900,000
Price Per AC $5,185,585.76
Lot Size 0.94 AC

Large flat building lot (41,161 sqft lot / 82,322 sqft buildable), with utilities already on-site from existing building

DESCRIPTION

• Broad uses for the property, including: (i) business and professional offices, (ii) retail and personal services, (iii) banks, (iv) restaurants, (v) health clubs, and (vi) dwelling units located above retail • Max building height is 40 feet, with a permitted floor area ratio of 2.0 • Located in highly trafficked area, directly off I-95, minutes from New York City and some of the most affluent towns in Westchester County, walk to New Rochelle's Metro North Train station for short train ride to Grand Central Terminal • Located right outside the “Overlay Zone,” where the city of New Rochelle relaxed zoning requirements a few years ago leading to extensive development • The property is located in an opportunity zone (https://esd.ny.gov/opportunity-zones), which may have potential tax benefits for a buyer’s project • 13,647 square foot building on the property with 100 parking spaces, two full-sized industrial kitchens, and new tables, chairs, and place setting for at least 500 people • Building Features: Ground Floor: Two catering rooms, kitchen and two bathrooms Second Floor: Two catering rooms, kitchen and two bathrooms Basement: Storage, laundry, bridal suite, bathroom and refrigeration

Walk Score®
Walker's Paradise (93)

PROPERTY TAXES

ZONING

Zoning Code NB (Neighborhood Business)
  • Listing ID: 22043090

  • Date on Market: 1/22/2021

  • Last Updated:

  • Address: 700 Main St, New Rochelle, NY 10801