2 Penn Place & 70 Nardozzi Place | NNN Ground Lease Portfolio - NY_Property for Sale
2 Penn Place & 70 Nardozzi Place | NNN Ground Lease Portfolio - NY_Property for Sale

2 Penn Place & 70 Nardozzi Place | NNN Ground Lease Portfolio - NY

Various locations

Description

Jones Lang LaSalle America, Inc. (“JLL”) is pleased to exclusively present the rare opportunity to acquire the fee position in 2 Penn Place, Pelham, NY ("Pelham Manor") and 70 Nardozzi Place, New Rochelle, NY ("70 Nardozzi"; both sites known as the “Land,” “Sites” or “Portfolio”), located 20 miles from Manhattan. Pelham Manor is subject to an existing ground lease with 14.4 years remaining (expiration of March 2040) and is currently improved by a retail shopping center development that comprises best-in-class retail, including BJ’s Wholesale, Lidl, Five Below, PetSmart, and Dollar Tree as anchor tenants. 70 Nardozzi is subject to an existing ground lease with 92.3 years remaining (expiration of January 2118) and is currently improved by a mixed-use development with the City of New Rochelle (Moody’s: Aa2) municipal offices at grade level, LA Fitness and Dello Russo Laser Vision on the second level, and an above-grade parking field supporting the property. The irreplaceable real estate is in two of the most sought-after submarkets in New York. Both Sites benefit from proximity to both the Amtrak and Metro-North railway networks that ensure flexibility for local travel, along with accessibility to major highways like I-95, Boston Post Road (US-1), and the Hutchinson River Parkway, attracting commuters and residents while enhancing its role as a regional transportation hub. This opportunity to acquire irreplaceable Land with contractually increasing stable cash flow at the epicenter of the country’s most notable city is extremely rare and presents a truly generational opportunity.

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Attributes

NOI
$3,240,000
WAULT
45 years
Building area net
469,183 sf
Land area gross
19 sf
Year built
2019
2 Penn Place & 70 Nardozzi Place | NNN Ground Lease Portfolio - NY (2 Properties)
2 Penn Place & 70 Nardozzi Place | NNN Ground Lease Portfolio - NY (2 Properties)

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Investment highlights

  1. 20 miles from Manhattan with direct I-95 & Hutchinson Pky access
  2. 45.4 years WALT with very attractive ground rent coverage ratios
  3. Generational fixed income investment; 70% of leasehold income via IG credit
  4. Scheduled rent escalations (nearly 10% in 2030) provide inflation protection
  5. $3.2M+ annual NOI from blue-chip leasehold tenancy
  6. Dense & affluent submarkets of Westchester County
2 Penn Place & 70 Nardozzi Place | NNN Ground Lease Portfolio - NY 4_Property for Sale
2 Penn Place & 70 Nardozzi Place | NNN Ground Lease Portfolio - NY 4_Property for Sale

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Last updated
Aug 7, 2025