NEW ROCHELLE, NY (September 20, 2024) – City officials joined with LRC Construction today to celebrate a milestone in LCOR’s development of 247 North Avenue, a new 28-story residential tower in downtown New Rochelle.
A “topping out” ceremony signifying the completion of the final floor of the building was held with officials signing a steel beam and being cheered by several hundred construction workers who were treated to a BBQ lunch.
Attending the event were Peter Palazzo, President of LRC Construction, Anthony Tortora, Senior VP and Principal of LCOR, Acting City Manager Wilfredo Melendez, City Council Member Shane Osinloye and County Legislator Judah Holstein.
247 North Avenue will feature 307 luxury rental apartments in studio to two-bedroom layouts with 31 units reserved for households earning 80 percent area median income, as well as 1,800 square feet of ground-floor commercial space and parking for 257 vehicles.
The spaciously designed apartments offer stunning panoramic views of the Long Island Sound and Manhattan. A generous amenity package includes a variety of co-working spaces and tenant lounges, an outdoor pool, a professionally designed fitness center and yoga studio, a rooftop sky lounge and a conservatory.
247 North Avenue is located less than two blocks from the New Rochelle train station, which provides express Metro-North service to Grand Central Station and Amtrak service to Penn Station.
LRC Construction, an affiliate of the Cappelli Organization, is the general contractor for the property, which is located on an interior lot bound by Lecount Place to the north and North Avenue to the south.
247 North Avenue will be an all-electric property and one of the largest residential geothermal projects in New York. Rather than using fossil fuel-fired equipment, the geothermal system will provide heat and cooling throughout the property via a series of geothermal wells located deep under the building. This unique approach reduces carbon emissions and dramatically lowers utility costs. This will be LCOR’s second geothermal project.
“As general contractor of this outstanding project. We are very proud of our team of highly skilled and dedicated construction workers whose hard work is making this exciting and innovative residential project a reality,” said Peter Palazzo, President of LRC Construction.
ABOUT LRC CONSTRUCTION
LRC Construction, LLC is one of the leading general contracting firms in the tri-state area, with an extensive project portfolio exceeding $5 billion, and consisting of a balance of local institutions and national clients. LRC provides full-service general construction management services, including general contracting, design from concept to completion and pre-construction planning including estimating and budgeting. Also, the company offers Brownfield consulting and remediation and redevelopment. LRC Construction was ranked 15th on Crain’s list of the 30 largest construction companies in the NY metro region.
ABOUT LCOR
LCOR is a vertically integrated build-to-core, transit-oriented, multi-family operating company. Over its 40-year history, the firm has applied its comprehensive expertise across development, operations and investment management for more than 300 large-scale mixed-use projects throughout the East Coast.
