FINANCIAL_SERVICESAPPROVED

City of New Rochelle Awards Financial Services Contract to Brp 466 Main Street Llc (June 2026)

The New Rochelle Industrial Development Agency approved a straight‑lease transaction and financial assistance package for BRP 466 Main Street LLC’s 489‑unit mixed‑use project at 466 Main Street. The package includes a 25‑year PILOT with a deviated abatement schedule, sales and use tax exemptions up to $8.6 million, and a mortgage recording tax exemption estimated at $1.94 million.

Document date · June 24, 2026

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WithersRavenel logo
Derivita logo
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Scope & details

The full contract record, as filed.

Contract amount
IDA financial incentive package valued at approximately $62,045,680 (including $51,503,462 in property tax savings, $8,600,707 sales tax exemption, $1,941,512 mortgage recording tax savings)
Contract type
FINANCIAL_SERVICES
Contract term
25-year PILOT term; Sales and Use Tax Exemption agent status through December 31, 2029; mortgage tax exemption term per financing documents
Renewal
PILOT term is fixed at 25 years with step-down abatements and full taxation beginning in year 26; sales tax exemption agency appointment expires December 31, 2029 unless extended by the IDA Chair or Executive Director; no automatic renewal stated.
Document type
AgendaPacket
Source document
New Rochelle Industrial Development Agency AgendaPacket BRP 466 Main Street LLC Project 2026-06-24

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Frequently asked questions

Common questions about this contract, answered from the record.

Who was awarded the financial services contract by City of New Rochelle?

Brp 466 Main Street Llc was awarded this financial services contract by City of New Rochelle, as recorded on June 24, 2026. The contract value is IDA financial incentive package valued at approximately $62,045,680 (including $51,503,462 in property tax savings, $8,600,707 sales tax exemption, $1,941,512 mortgage recording tax savings).

How much is the Brp 466 Main Street Llc contract with City of New Rochelle worth?

The Brp 466 Main Street Llc contract with City of New Rochelle is valued at IDA financial incentive package valued at approximately $62,045,680 (including $51,503,462 in property tax savings, $8,600,707 sales tax exemption, $1,941,512 mortgage recording tax savings), covering financial services work.

What type of contract is this?

This is a Financial Services contract, documented as a agendapacket record.

Where was this contract approved?

This contract appears in New Rochelle Industrial Development Agency AgendaPacket BRP 466 Main Street LLC Project 2026-06-24 (AgendaPacket), dated June 24, 2026 from City of New Rochelle. Civic IQ extracts contract records directly from agency meeting documents and solicitations.

What other contracts does Brp 466 Main Street Llc hold?

Brp 466 Main Street Llc may hold additional government contracts. View their full contract history, the agencies they serve, and total tracked spend on their Civic IQ vendor profile.

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