NAIOP Connecticut and Suburban New York recently honored members of HFF's New Jersey multi-housing team as the recipient of the Westchester County Multi-Family Sale of the Year for 2018 for Halstead New Rochelle Metro North. The team that led the Halstead New Rochelle Metro North investment advisory transaction comprises Jose Cruz, Stephen Simonelli, Kevin O’Hearn, Michael Oliver and JB Bruno, along with Andrew Scandalios, co-office head of HFF’s New York office.
“We are very excited to have been awarded such a prestigious honor by NAIOP,” stated Cruz, who also co-heads HFF’s New Jersey office. “Our continued focus on the Westchester and Fairfield marketplace has resulted in many more capital market opportunities.”
This years’ winners were recognized on March 7, 2019, at NAIOP Connecticut and Suburban New York's Night of the Stars Awards Gala, which began in 1998 to recognize and honor excellence in the real estate industry. Each year, NAIOP selects and recognizes outstanding real estate stars and projects for their impact on the community, market adaptability, ingenuity and local contributions. This event has become the chapter’s signature event to honor those in the commercial real estate industry for their outstanding transactions.
HFF announced that it had closed the $259.4 million sale of Halstead New Rochelle Metro North, Halstead New Rochelle Metro North, a 40-story, 588-unit, Class A apartment tower in New Rochelle, Westchester County, New York, in December 2018. Halstead New Rochelle Metro North was completed in 2007 and comprises a mix of 95-percent-occupied, market-rate studio through three-bedroom units averaging 956 square feet. The transit-oriented property, which has earned a Walk Score® of 97, is situated along Huguenot Street adjacent to the New Rochelle Metro North train station and is within walking distance to New Rochelle’s many shops and restaurants. As the tallest apartment tower in Westchester County, residents enjoy panoramic views of the Long Island Sound and Manhattan skyline. DSF purchased the property in November 2013 and implemented an amenity renovation program, including the delivery of a 40th floor, state-of-the-art sports club, which includes cardio machines, free weights, weight machines, yoga studio, spin room and lounge. Additional amenities include a resort-style swimming pool, resident lounge, landscaped courtyard, coffee bar, dog park, conference room, business center, billiards room and nearly 6,000 square feet of on-site, ground-floor retail.
“This transaction was a result of strong collaboration between the buyer and seller as well as the city of New Rochelle,” Simonelli said. “We are thrilled to have been a part of it and to have worked with great people. We look forward to many more opportunities to transact together.”
NAIOP, the Commercial Real Estate Development Association, is the leading organization for developers, owners and investors of office, industrial, retail and mixed-use real estate. NAIOP provides advocacy, education and business opportunities by connecting members in a powerful North American network in the commercial real estate development and investment industry.
NAIOP Connecticut and Suburban New York represents owners and developers throughout Connecticut and in Westchester County.