Manhattan Developer Bets $57 Million on Mixed-Income Apartments in New Rochelle
The new mixed-income apartments at 10 Commerce Street hope to bring more affordable housing to the downtown scene.
Rendering by Humphreys & Partners Urban Architecture
Think of the diversity in age, income, and culture in New York City neighborhoods such as Brooklyn, Queens, and most recently in Harlem. Now transpose that broad spectrum of demographics into the heart of New Rochelle. That’s the goal of Manhattan-based BRP Development Corp., a group which has just received approval for a new $57 million apartment building that will sit at 10 Commerce St.
But if you’re imagining another downtown luxury condo development, think again. When applying for their tax abatement, BRP specifically stated it hopes to attract commuters, young professional singles and couples, and even older couples looking to downsize.
“The project will need to provide high-quality amenities and apartment finishes,” the company said, “while keeping the rents competitive when compared to similar projects in White Plains, Port Chester, Stamford, and NYC.”
The rendering above was designed by the firm Humphreys & Partners Urban Architecture, and includes 53 studios, 64 one-bedrooms apartments, and 55 two-bedroom units spread out through seven stories. Leases will range between about $1,900 for a studio and $2,700 for a two-bedroom, however 10 percent of the units will be made available as affordable housing, priced to correspond to 80 percent of the area median income: between $1,463 and $1,860.
The proposed apartments are planned to be a half-mile walk to New Rochelle Transportation Center, where tenants can take the Metro-North train to Manhattan. The building will also have electric car charging stations and parking for 162 cars and 56 bicycles.
BRP is expecting to break ground in late 2018 or early 2019, and finish construction over two years. With hints from both the city and developers about possible future projects, New Rochelle may be on the verge of an upcoming renaissance.