BRP Companies celebrated the grand opening of The Leaf (formerly known as 500 Main), a 477-unit, 26-story, 602,000-square-foot mixed-use development located at 12 Church Street in New Rochelle, New York.
“The Leaf exemplifies our commitment to transformative, community-driven development that delivers high-quality housing and vibrant amenity spaces to the communities we serve,” said Meredith Marshall, co-founder and managing partner of BRP Companies. “As we celebrate this milestone, we look forward to continuing to welcome residents to their new homes in the heart of New Rochelle and contributing to the city’s continued economic growth and revitalization.”
The Leaf features 477 mixed-income residences, a mix of studio (110) one-bedroom (218) and two-bedroom (149) residences. 119 of the building’s units are designated as affordable, with 20 units available to those earning 50% of the Area Median Income (AMI) and 99 units available to those earning 60% of AMI. Interior unit features include in-unit washers and dryers, stainless steel appliances, central air conditioning, a smart keyless entry system, quartz countertops, and spacious closets.
Shared resident amenities include a rooftop swimming pool and sky lounge, a state-of-the-art fitness center with a yoga studio and strength training room, an outdoor courtyard, a co-working lounge with work pods, on-site pet grooming, a dog run, and 420 on-site garage parking spots. In addition to the residential component, the property encompasses approximately 3,000 square feet of retail and community space. The community space will be programmed by the City of New Rochelle.
The Leaf is located in the heart of historic Downtown New Rochelle, offering residents immediate access to a myriad of restaurants, shops, and cultural offerings within the area. Additionally, the property is conveniently located within walking distance of the New Rochelle Transit Center, providing residents with direct access to Metro-North service and a short commute to Grand Central Terminal in Manhattan.
In the summer of 2024, BRP Companies unveiled Westchester County’s largest mural on the façade of the property. Partnering with Seven Willow Collaborative, a real estate and cultural advisory firm, BRP commissioned local artist Na’ye Perez to create From the Source, a breathtaking 20-story mural celebrating life, community, and the City of New Rochelle. Hand-painted by Colossal Media, the mural stands as a vibrant testament to the area’s rich culture and spirit.
Financing for the project was provided through a combination of sources, including a construction loan backed by taxable and tax-exempt bonds issued by the New York State Homes and Community Renewal (HCR) Housing Finance Agency, with credit enhancement from the Urban Investment Group at Goldman Sachs Alternatives. Additional funding was contributed by the Urban Investment Group at Goldman Sachs Alternatives, Westchester County, and Interfaith Dwellings Corporation, with permanent financing secured through Merchants Capital Corp. via the Fannie Mae MBS as Tax-Exempt Bond Collateral (MTEB) program.
Greystar is leading the leasing efforts at the property on behalf of BRP.
