250 Boston Post Rd - Covered-Land - Approved 120-Unit Site Plan 1.47 Acres of Residential Land Offered at $8,400,000 in Port Chester, NY 10573

RIPCO Real Estate, as exclusive agent, presents 250 Boston Post Road in Port Chester, New York, a covered land opportunity offering immediate NNN income and a fully approved site plan for a 5-story, 120-unit market-rate multifamily development totaling approximately 171,070 GSF with 150 below-grade structured parking spaces.
TD Bank (S&P: A+) occupies the site on a NNN lease generating $385,000 per year through August 31, 2029, with two additional 5-year extension options. The tenant is dark, having closed its branch in July 2024, but remains current on all lease obligations. A buyer acquires stable, investment-grade income while completing the IDA process and securing construction financing.
On April 27, 2026, the Village of Port Chester Planning Commission approved the site plan for the proposed development, with an effective approval period running through April 27, 2029. Two variances were secured from the Village Zoning Board of Appeals. The entitlement risk that typically consumes years of a development timeline has been eliminated entirely.
Located in the Village of Port Chester in the Town of Rye, Westchester County, the site sits steps from the Port Chester Metro-North station on the New Haven Line, offering approximately 40-minute service to Grand Central Terminal. Adjacent to Greenwich, Connecticut and the broader Sound Shore corridor, Port Chester has emerged as one of the most active transit-oriented development submarkets in the New York metropolitan area, attracting institutional capital and national developers drawn by its transit access, walkable downtown, and chronic undersupply of new rental housing.