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A 25-unit rental apartment complex in New Rochelle sold for $5.05M

January 2, 2019

NEW ROCHELLE – A 25-unit rental apartment building on Stonelea Place has recently been sold for $5.05 million.

Michael Nukho, principal real estate broker with NuRealty, along with the firm’s associate broker, Lukasz Przybylek, represented both the seller, Spadea Inc., and the buyer, Stonelea NR LLC., in the transaction.

“With all the new development activity in New Rochelle, this sale is ensuring the real estate market remains strong and lucrative,” said Nukho, adding that the new owner plans to renovate and modernize the building to compete with new apartment buildings currently under construction in the area.

Rental apartment complexes in the Lower Hudson Valley have been changing hands in the past couple of years; investors find them attractive because they generate cash flow.

In December, a 39-story rental apartment complex — originally known as Avalon II and now called Skyline New Rochelle — on Memorial Highway in New Rochelle was sold to Harbor Group International, a Virginia-based real estate investment and management firm, for $259 million.

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