The College of New Rochelle’s John Cardinal O’Connor Campus in Melrose sold last month for the asking price of $10.5 million in an all cash transaction according to the real estate firm, Massey Knakal.
As we reported back in February when the property was first listed, The College of New Rochelle will still remain in the building, however, they will scale back their operations to just 4 floors in the 9 story, 50,000 square foot building in this sale / leaseback transaction.
We predicted that the property wouldn’t last long on the market due to its strategic location in Melrose coupled with the growing confidence in the area by the commercial sector.
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.
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 opened this Spring at the Opera House Hotel adding to the collection of fitness chains in Melrose such as Planet Fitness and the two Blink Fitness locations all located in the neighborhood.
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).
4 blocks north, another luxury boutique hotel, Umbrella Hotel, is slated to open come this September.
All one has to do is take a walk around Melrose, The Hub and the 149th Street corridor to see all the changes rapidly taking place.
It will be interesting to see what the new owners of 332 E 149th Street will do with the building.
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