New Rochelle, NY Palladium Management has acquired two multifamily buildings totaling $9.1 million. The first, a fully-occupied 31-unit elevator building located at 260 Centre Ave. closed for $3.6 million. The off-market deal represented the first ever sale of the building, managed by its original builder since 1965. The fully rent stabilized property features a mix of studio, one and two-bedroom units, and a 40-car parking lot. Financing was arranged by Meridian Capital, and provided by Sovereign Bank. Coldwell Banker Commercial represented the buyer and seller.
Palladium also acquired a 55-unit multifamily building at 21 Fountain Place for $5.5 million. The property is currently under master lease to nearby Monroe College. The college uses the building as a dorm facility where it houses 150 of its full time students. The property, which was gut renovated in 2001, has large format units, high ceilings. The master lease runs through December, 2014. Financing was arranged by Meridian, and provided by Oritani Bank. Investment Design Properties represented the buyer and the seller.
Palladium’s founding principal David Roth said, “We’re pleased to add these two quality assets to our growing portfolio of multifamily properties throughout the boroughs and lower Westchester. We feel strongly that downtown New Rochelle is a solid, working class submarket where we can find yield, and add value over time.”
Palladium Management, LLC
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