The College of New Rochelle in Melrose at 332 East 149th Street between Courtlandt and Morris Avenues has put its 50,000+ square foot, 9 story campus / office building for sale with an asking price of $10.5 million (the former location of the old Savemart electronic store for you history buffs).
The building is located a mere 2 and a half blocks west from the landmarked Bronx General Post Office (which is currently for sale) on the Grand Concourse and 149th Street. One and a half blocks east and a 3 minute walk finds you at the 3rd Avenue and 149th Street subway station on the 2 and 5 express trains at the nexus known as the HUB which according to the business improvement district is the busiest intersection outside of Times Square with over 200,000 pedestrians walking by a day.
According to an article by the New Rochelle Daily Voice, the John Cardinal O’Connor Campus of the College of New Rochelle plans on staying put by leasing 4 floors back from whomever purchases the building.
They also went on to say that:
School officials said sale of the building will enable the college to enhance academic offerings and improve facilities, as well as generate significant cash flow, which will increase financial reserves, provide additional income, and reduce operating expenses.
“This sale-lease-back transaction demonstrates prudent financial management and provides a unique opportunity for the College to exchange a fixed asset for a more liquid asset that can be redirected to further strengthen its academics programs and its financial position,” Judith Huntington, president of the college said in a statement. “In conjunction with the implementation of the College’s current strategic plan, this will aid in creating a vibrant and compelling institution, allowing us to thrive and our students to be successful.”
Recently there have been sales of a number of large properties in Melrose. The New York York National Bank building at 369 East 149th Street, just half a block away from CNR’s campus sold for $4.4 million in October of last year. The old 60,000 square foot YMCA building aka the Pyramid Reception Center, also in Melrose, at 470 East 161st Street sold for $6.65 million in October as well.
The College of New Rochelle’s property sits in an area that is rapidly growing and has transformed from one of blight to one that is highly desirable due to strategic location.
Confidence in the area by the commercial and retail real estate sector is quite evident and all you have to do is walk around to see what’s happening.
3 blocks away on 149th Street you have the Opera House Hotel which is the first luxury boutique hotel in the Bronx and right across from it, construction is well under way for Triangle Plaza which is a mixed retail and office development which will house a new campus of Metropolitan College of New York.
Crunch Fitness, which signed a lease last summer at the Opera House Hotel for an 18,000 square foot space, is currently scheduled to open sometime this Spring adding to the collection of fitness chains in Melrose such as Planet Fitness and the two Blink Fitness locations all located in Melrose.
Directly behind Triangle Plaza will rise one of five buildings that will make up the massive, 985 mixed income unit, La Central development that is scheduled to break ground sometime in the summer of 2015 (a 48,000 square foot YMCA with 2 swimming pools will be located in this building).
With all the activity in the area in all sectors of the real estate industry, The John Cardinal O’Connor Campus of the College of New Rochelle probably won’t be on the market too long.