A prime piece of Bronx commercial real estate is up for sale by its owner—who wants to stay in the building in a hot neighborhood.
The College of New Rochelle has announced a plan to sell its nine-story John Cardinal O’Connor Campus on 149th street and lease back four floors.
College President Judith Huntington said the sale - with an asking price of $10.5 million - will contribute to the neighborhood by freeing up both office space and potential retail space on street level. She said the sale should also increase property and sales tax revenue.
“It’s a win-win,” she said.
Chamber of Commerce President and CEO Lenny Caro agreed, and said the available space will create an opportunity for economic development in an area that has become a strong, viable commercial neighborhood.
“It’s a prime spot,” he said of the college’s location on 149th Street between Morris and Cortlandt avenues. “Finding space there is a positive.”
Kathy Zamechansky, president of the Bronx-Manhattan Association of Realtors, agreed that 149th street is a prime realty location right now.
She pointed to the Triangle Plaza project in the HUB, which will include a supermarket, restaurant, retail and office space on 149th Street, and the Bronxchester development, which will include retail and restaurant space alongside mixed-income affordable housing.
“I think we’re going to see a revitalization on the block,” she said.
The corridor, she noted,is one of the most heavily trafficked areas in the Bronx.
Huntington said the sale will benefit the students as well as the community, because she can put the money from the building back into educational services for the college. She said the college’s School of New Resources will stay in the building and in the community long term.
The School of New Resources offers bachelor degrees to adult students.
Huntington said it’s important to her to offer these students high quality education where they live and work.
“Our mission is about access,” she said, pointing out that the school was the first Catholic college for women in the state. “Today that mission is expressed through the School of New Resources South Bronx location.”
Huntington said the school’s classrooms, computer labs and library will be condensed into the four floors, but that no cuts to education or staff will be made.
“It’s just a better utilization of space,” she said.
The sale of the building is being brokered by Massey Knakal Realty Services.
©2014 Community News Group