NEW ROCHELLE, NY -- Iona College has signed a contract to purchase 748 and 754 North Avenue, which includes four storefronts: Gemelli Pizzeria, Beechmont Tavern and two vacant retail spaces. The property owner approached the College several months ago and the parties have reached an agreement that includes the assumption of all existing leases, which run for 8-11 years.
The purchase is part of the commitment of the College to invest and improve the financial viability of North Avenue and generate auxiliary revenue. The College intends to maintain this property for commercial tenancies and seek to rent the vacant spaces in order to provide additional amenities for Iona students and the public at large.
“The Beechmont Tavern is a landmark business that is fondly remembered by many of our alumni and, as such, we look forward to a long-term relationship with its owners,” said Anne Marie Schettini-Lynch, Iona College senior vice president for Finance and Administration. “Although Gemelli Pizzeria is a newer establishment, it has been well received by the Iona community and we look forward to continuing that relationship as well.