RXR Tops Out New Rochelle High-Rise Building
Real Estate In-Depth | February 17, 2023
NEW ROCHELLE—RXR, master developer of Downtown New Rochelle, held a topping out ceremony with city officials on Feb. 16 of Two Clinton Park, a 28-story mixed-use tower. The development is RXR’s third development in New Rochelle.
At the event, RXR executives and City of New Rochelle officials joined partners from Bridge Investment Group, leadership from LRC Construction and Lessard Design, and development partners from Otera Capital onsite to celebrate the milestone.
Two Clinton Park will offer 390 state-of-the-art, luxury apartments, nearly 24,000 square feet of amenities, and more than 7,500 square feet of retail space. Designed by Lessard Design, Two Clinton Park is minutes away from the New Rochelle train station, and offers direct access to Midtown Manhattan in under 30 minutes. The approximately 513,374-square-foot development broke ground in November 2021.
“We take pride in our designation as master developer of Downtown New Rochelle, and the topping out of Two Clinton Park is another major milestone. We’ve delivered over six hundred residences to the downtown with more on the way, bringing in new residents, and anchoring our dedication to a downtown that grows more and more vibrant each year,” said Joseph Graziose, Executive Vice President of Development Services, RXR. “Two Clinton is one step closer to providing highly-amenitized, desirable homes and retail for the growing New Rochelle population.”
“We are incredibly proud to celebrate Two Clinton Park’s topping out this morning,” said Greg Clancy, Executive Vice President, Construction and Development Services, RXR. “Since the project broke ground, we’ve employed over 500 workers, many from right here in Westchester County. Today’s celebration is dedicated to their hard work, skill and tenacity as we’ve worked together to achieve this exciting milestone.”
Two Clinton Park’s 390 residences range from studios to 3-bedroom apartments. All apartments will feature open kitchens, floor-to-ceiling windows, walnut cabinetry with soft-close doors and drawers, and stainless-steel appliances. The building features unencumbered views of the Long Island Sound and surrounding skyline, as well as easy access to the waterfront and Downtown New Rochelle.
“New Rochelle is an attractive market with a mix of growing diverse population, excellent transit accessibility and infrastructure. Two Clinton Park possesses the essential components for a successful project, including a supportive local government and skilled development partners like RXR. Two Clinton Park will be a predominant piece of the neighborhood, and we are delighted to have partnered on this project,” said David Coelho, Chief Investment Officer at Bridge Investment Group.
Building amenities include co-working and dining spaces, a fitness center, spa with infrared saunas and yoga studio, library, lounge, and children’s playroom and, onsite 24/7 valet parking for residents and guests. Outdoor amenities include a dog run and multiple terraces with outdoor dining, grilling, seating and gaming.
The building is a sister tower to RXR’s One Clinton Park, which stands across Clinton Place in Downtown New Rochelle. One Clinton Park opened in June 2022 and is more than 60% leased.
Two Clinton Park’s topping out underscores RXR’s more than eight years of commitment to the growth of New Rochelle’s urban core since being named the Master Developer of the city’s downtown in December 2014. Together, One and Two Clinton Park provide New Rochelle with more than 29,000 square feet of ground floor retail and public-facing amenities.
RXR is an investor, developer and place-maker that is headquartered in New York City with a national platform strategy. RXR manages 91 commercial real estate properties and investments with an aggregate gross asset value of approximately $21.2 billion, comprising approximately 30.4 million square feet of commercial properties, a multi-family residential portfolio of approximately 8,000 units under operation or development, and control of development rights for an additional approximately 3,800 multi-family and for sale units as of Sept. 30, 2022.
Bridge Investment Group is a vertically integrated real estate investment manager, diversified across specialized asset classes, with approximately $43.8 billion of assets under management as of Sept. 30, 2022.