Megalith Capital Cuts Ribbon on Printhouse Mixed-Use Project in Downtown New Rochelle
Real Estate In-Depth | October 7, 2019
NEW ROCHELLE—Developer Megalith Capital Management joined New Rochelle Mayor Noam Bramson, City Manager Charles B. Strome III, Commissioner of Development Luiz Aragon and other city officials for a ribbon-cutting ceremony on Oct. 4 to mark the grand opening of the firm’s The Printhouse project.
The six-story, 71-unit luxury mixed-use Printhouse development is located at 165 Huguenot St. in Downtown New Rochelle.
“I congratulate the Megalith team on the completion of The Printhouse,” said New Rochelle Mayor Noam Bramson. “This grand opening expands the range of highest-quality, modern housing options for current and future residents of our community, and marks yet another positive step in New Rochelle’s exciting downtown revitalization.”
In total, The Printhouse features 64 market-rate apartments and seven affordable units. Currently leasing, the first move-ins began in August, Megalith Capital stated.
“We are extremely excited for the official opening of The Printhouse,” said Philip Watkins, principal of New York City-based Megalith Capital Management. “We launched our leasing efforts earlier this summer and have received great feedback from current and prospective tenants. As one of the first new buildings to come to market, we have seen a strong demand for our product, and we are already over 20% leased.”
He added that the Printhouse appeals to a wide variety of tenants due to its prime location, high quality of design, and superior amenity package.
The 68,000 square-foot building, which broke ground in August of 2017, features a range of studio, one- and two-bedroom options, some with private balconies, offering premium finishes, and custom kitchens and bathrooms.
“The Printhouse is a pioneer and represents one of the earliest investments in Downtown New Rochelle and Council District 3,” said New Rochelle City Council Member Jared Rice. “Seeing the building come to life brings with it an energy and excitement for everything else that will soon follow. I congratulate Megalith Capital Management on being one of the first to take the plunge and show the rest of the region what Downtown New Rochelle can be.”
Designed by Magnusson Architecture and Planning with interiors by Gil Even-Tsur Architecture Workshop, the building also features 3,000 square feet of ground-floor retail, a rooftop terrace, resident lounge, a state-of-the-art fitness center and covered surface parking.
Residences at The Printhouse are outfitted with the latest in smart home technology and appliances, such as a premium Blomberg appliance package including an in-unit washer and dryer, wireless entry locks and Ori walk-in closets in select units. Expansive provide clear views over the Long Island Sound and Downtown New Rochelle.
“We’re excited to celebrate this milestone with Megalith Capital Management, as the grand opening of The Printhouse signifies the continued momentum of New Rochelle’s downtown revitalization,” said Luiz Aragon, New Rochelle’s Development Commissioner. “Additionally, the six-story building demonstrates the diverse scale of projects in the development pipeline for Huguenot Street specifically, with numerous high-rise and boutique projects either approved or currently underway.”
New Rochelle’s unprecedented redevelopment initiative, which launched in 2015 with the signing of a Master Developer agreement with RXR Realty, allows for more than 12 million square feet of new construction, including up to 2.4 million square feet of prime office space, one million square feet of retail, 6,370 housing units and 1,200 hotel rooms. This effort is projected to bring an additional 12,000-15,000 new residents to the Downtown area when complete.
Thus far, 31 projects—totaling 6 million square feet and more than 5,000 housing units—have been approved, and 11 are already under construction. With the residential component of the downtown revitalization effort well underway, the city is now looking to attract commercial space and other nonresidential development. As part of the next phase of development, the city hopes to attract the construction of approximately 1.8 million square feet of new office space in the downtown area.
The Hudson Gateway Association of Realtors’ Commercial Investment Division will be holding a session on Nov. 21 featuring Luiz Aragon, Commissioner of Development for the City of New Rochelle, who will discuss the city’s ambitious downtown redevelopment program. The event will be held at the HGAR offices in White Plains and will begin at 8:30 a.m.