216 King StPort Chester, NY 10573

Property Details for 216 King St

Year built

2026

Property size (Sq ft)

221,800 SF

Property type

Apartment buildings

Description

This exceptional development opportunity presents a fully approved, 185-unit luxury apartment building in Port Chester, New York. Located on a 0.57-acre site (25,719 sq ft) in the desirable Port Chester-Rye Union Free School District, this 12-story building boasts 221,800 square feet of living space, including studios to three-bedroom units averaging 865 sq ft. The project features 152 off-street parking spaces and 47 interior bicycle parking spaces. Residents will enjoy expansive luxury amenities totaling 13,087 square feet, encompassing a top-floor clubroom/lounge, co-working area, fitness center, yoga room, conference center, and dog run, complemented by a rooftop amenity deck and pool. Situated just 30 minutes from New York City, this pedestrian-friendly location offers easy access to Metro-North suburban trains, major bus stops, and highways. The project benefits from its designation as a Qualified Opportunity Zone, offering significant tax advantages. Municipal approval, secured in September 2022, ensures a streamlined construction process with minimal environmental impact. The projected occupancy date is July 1, 2026, with a pro-forma NOI of $6,410,954 and a pro-forma cap rate of 7.04%. The land value is estimated at $410-$560 per square foot. Nineteen units are designated as affordable housing. This development offers a rare blend of urban convenience and suburban tranquility, promising a strong return on investment.

Location Insight

City

Port Chester

County

Westchester

State

New York

Latitude

41.0042

Longitude

-73.6642

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