21 Fountain Place, New Rochelle, NY for sale

Investment Overview

Houlihan Lawrence Commercial is proud to present a unique multi-family opportunity in the center of Westchester County's fastest growing city, New Rochelle. The building is made up of 54 FREE MARKET apartments and is currently leased by Westchester County. It's being utilized as affordable and transitional housing. The county is responsible for the upkeep of the building. At significantly below market rents, in January of 2029, the owner has the option to renegotiate with the county to increase the income or bring the property back to the rental market vacant. The county must deliver the building in good working order if their lease was to expire with no extension. 21 Fountain Place is positioned in the heart of Downtown New Rochelle, an area that has undergone one of the most significant waves of residential development in Westchester County. The property sits amid a rapidly expanding population base created by thousands of new apartments delivered throughout the downtown. This concentration of newer, amenity-rich apartment buildings has substantially increased the number of residents living within walking distance of 21 Fountain Place and continues to strengthen the location as part of New Rochelle’s growing downtown residential core.