loopnet · 20 provide temporary roof repair payer and permanent roof with pavers 23600 sf $22.00...

Greg Corbin

Executive Managing Director

(646) 424-5077

[email protected]

Aaron Kline

Director

(646) 472-8747

[email protected]

Brandon Serota

Associate

(646) 472-8732

[email protected]

Leah Chen

Associate

(646) 604-7020

[email protected]

Chaya Milworn

Associate

(646) 424-5370

[email protected]

Paul J. Nigido

Senior Financial Analyst

(646) 424-5350

[email protected]

Richard Maltz

Chief Executive Officer

(516) 349-7022 x 202

[email protected]

Robert J. Gangi

Chief Marketing Officer

(516) 349-7022 x 204

[email protected]

Patricia Farino

Chief Financial Officer

(516) 349-7022 x 101

[email protected]

Debra A. Donovan

VP, Senior Project Manager

(516) 349-7022 x 203

[email protected]

David Constantino

VP, Director of Sales

(516) 349-7022 x 205

[email protected]

Richard Suss

Director of Field Operations

(516) 349-7022 x 206

[email protected]

INVESTMENT SALES TEAM

Maltz Auctions

39 Windsor Place

Central Islip, NY 11722

Tel: (516) 349-7022

Fax: (516) 349-0105

Besen & Associates

381 Park Avenue South

New York, NY 10016

Tel: (212) 689-8488

Fax: (212) 689-9518

LOCATION OVERVIEW

TABLE OF CONTENTS

EXECUTIVE SUMMARY / PROPERTY OVERVIEW

FINANCIALS AND PROFORMA

11

23

EXECUTIVE SUMMARY/PROPERTY OVERVIEW

PROPERTY OVERVIEW

PROPERTY FINANCIALS AND PROFORMA

PROPERTY PHOTOS

RENDERINGS

FLOOR PLANS

LOCATION OVERVIEW

NEWS / PRESS

PROPERTY PHOTOS

759 Palmer Road, Yonkers, NY 10708 | 9

31

67

11

15

23

31

43

55

65

73

FLOOR PLANS

55

EXECUTIVESUMMARY

STREET MAP

TAX MAP

9515

Block

5638

759 Palmer Road


EXECUTIVE SUMMARY

The subject property is a 144,258 square foot building located at 759 Palmer

Road. The three story building, situated on over an acre, was formerly a Hall

of Records for the Metropolitan Life Insurance Company. It is mid-conversion

to a luxury residential project, and is approximately 70% complete. It contains

35 luxury units ranging from 1,776 to 4,399 square feet and features massive

windows inlaid in an architecturally significant and beautiful brick façade.

The sought-after area, frequently referred to as "Bronkers," is within a stone's

throw of Bronxville's shopping and dining center (and sometimes shares its

P.O. address). Although the property is situated close to the border, and is only

a 3 minute ride to the Bronxville train station, it carries the comparatively more

affordable real estate prices of the city of Yonkers.

Out of the gross 144,258 square feet, the apartments comprise 105,346 net

sellable square feet. Planned high end amenities include a two-level indoor

parking garage, rooftop common area, movie theatre, indoor pool, fitness

center, hair salon, and concierge area. The property is within walking distance

of the village of Bronxville and is less than one mile from the Metro North train

station, which offers a 28 minute train ride to Grand Central Station. 759

Palmer also has exceptional access to the major surrounding highways

including The Sprain Brook Parkway, The New York State Throughway (I-87),

The Bronx River Parkway, Saw Mill River Parkway and the Cross County

Parkway.

50 Orange Street, Brooklyn, NY 11201 | 14

PROPERTYOVERVIEW

Physical Description

Gross Site Area 1.01 Acres | 43,842 SF

Primary Road Frontage Palmer Road | 270 Feet

Average Depth 183 Feet

Shape Irregular

Zoning District MG, Residential - Low Density

Flood Zone Zone X (Unshaded)

Adjacent Land Uses Residential & Municipal Uses

SITE SUMMARY


Property Name Proposed Metropolitan Loft Condominiums

Location759 Palmer Road, Yonkers, Westchester County,

New York 10708

Highest and Best Use Multi-Family Residential

Land Area 1.01 AC | 43,842 SF

Zoning MG, Residential - Low Density

Property Type Multifamily (Condominium Lofts)

Number of Stories 3-stories, 6-levels, plus Penthouse & Lower-Level

Gross Building Area 144,258 SF

Net Rentable Area 105,346 SF

Number of Units 35

Average Unit Size 3,010 SF

Year Built 1906 & 1927 | Renovated 2013-2018

Assessed Value $5,555,556

Total Taxes $133,765

PROPERTY OVERVIEW

BIRD’S-EYE VIEW LOOKING NORTH

BIRD’S-EYE VIEW LOOKING SOUTH

BIRD’S-EYE VIEW LOOKING EAST

BIRD’S-EYE VIEW LOOKING WEST


ZONING

ZONING MAP

The following chart summarizes the subject’s zoning requirements.

ZONING SUMMARYCurrent Zoning MG, Residential - Low Density

Legally Conforming Yes

Uses PermittedApartment Houses or Other Residential Properties

Serving Neighborhood

Zoning Change Not likely

Category Zoning Requirement

Minimum Lot Size 10,000 Square Feet

Minimum Lot Width 100 Feet

Minimum Height 35 Feet / 3 Stories

Minimum Setbacks

Front Yard 25 Feet

Street Side Yard 25 Feet

Rear Yard 25 Feet

Maximum Building Coverage 75%

Minimum FAR/Density 1.20 : 1

Subject's Actual FAR 3.29 : 1

Subject's Actual Density 34.8 Units/Acre

Parking Requirements 1 Space / Dwelling Unit+ .33 per bedroom

Subject's Actual Parking 2.14 Spaces / Dwelling Unit


UNIT MIX/TYPE NO. UNITS % OF TOTAL UNIT SIZE (SF) AGGREGATE (SF)

4BR/4.5BA 2 5.7% 4,073 8,146

3BR/4.5BA 3 8.6% 4,399 13,197

1BR/2.5BA 3 8.6% 2,103 6,309

3BR/3.5BA 3 8.6% 3,036 9,108

4BR/4.5BA 3 8.6% 4,166 12,498

1BR/2BA 3 8.6% 1,958 5,874

1BR/2BA 3 8.6% 1,986 5,958

3BR/4.5BA 3 8.6% 3,561 10,683

3BR/3.5BA 3 8.6% 2,470 7,410

2BR/2.5BA 3 8.6% 2,988 8,964

2BR/2.5BA 3 8.6% 2,959 8,877

4BR/4.5BA 1 2.9% 3,673 3,673

3BR/4BA PH 1 2.9% 2,873 2,873

1BR/2BA PH 1 2.9% 1,776 1,776

Total/Average: 35 100.0% 3,010 105,346

UNIT MIX

50 Orange Street, Brooklyn, NY 11201 | 22

PROPERTYFINANCIALS AND PRO FORMA

PROJECT SUMMARY | ASSUMPTIONS

• The developer of the subject property filed a Condominium Offering Plan with

the New York State Attorney General’s Office on June 2, 2016 and the First

Amendment September 9, 2016. The total offering price of the First

Amendment-Schedule A is a gross sellout of $116,552,300, which equates to

$1,106 per square foot of saleable area.

• We analyzed a dozen comparable condominium buildings in the area, which

averaged $816 per square foot. According to this and additional research, we

feel comfortable this is where sales will take place. We lowered the developers’

projected number by 25%, thus estimating the sellout at $85,950,000

• We project the cost to complete at $17,000,000. There were two estimates,

one from KOW Building Consultants ($11,342,156) and one from WY

Management ($15,912,168). We feel the higher number we are projecting

more accurately reflects a contingency for job run-over, carry costs, financing,

and miscellaneous.

• The bank is owed $25,300,000

• Assuming a $26,000,000 purchase price, plus $17,000,000 cost to complete

the investment would be $43,000,000.

• Subtracting 8% closing costs from the projected condo sellout of $85,950,000,

the net sellout is $79,100,000. Less the $43,000,000 invested, the potential

profit is $36,100,000

• Opportunity exists for a developer to make an 80%+ return on equity.


RENOVATION PROGRESS

• All demolition work, both structural and elevator, have been completed. All lead and

asbestos abatement work is complete.

• Structural steel installation, including the parking garage support, has been installed.

Sprayed on fireproofing is partially completed.

• Elevator shaft is in place. Rails and platform are installed, and motor is present

within the building.

• The concrete piers and grade beams in the cellar level have been poured. All roof

curbs have been poured.

• Site concrete installation, including stairs, sidewalks, and retaining walls, are

substantially completed.

• The parking deck concrete has been poured on the Upper Level.

• Electrical Room equipment is installed, including an automatic transfer switch system

for a generator. The generator is not onsite.

• A temporary roof has been installed, there are significant leaks. A permanent roofing

system should be installed to prevent further damage within the building.

• Windows have been installed and seem to be intact.

• Gypsum board installation is completed at all demising walls. All gypsum boards

found in the site have been exposed to roof leaks and will need to be disposed of and

replaced.

• All framing looks to be substantially completed.

• Duct work installation is well advanced.

• Rough work, including sprinkler, waste, water, and gas is mostly complete at all three

floors.

• Sprinkler piping installation is essentially complete at all floors. Branch piping and

sprinkler head installation is well advanced.

• Electric roughing is nearly complete at all floors. Electric panel installation is

essentially complete.

• Penthouse façade panel installation is in place and the first level installation is

complete.

• Sandblasting is complete, including sandblasting of the stairwells. Much of this work

was complete prior to our first visit. Some stairwell painting has been completed.


NO. ITEM DESCRIPTION QTY UNITS UNIT $ COST

1 Landscaping allowance 1 LS $75,000.00 $75,000.00

2 Provide ramp at parking, minor site work and retaining wall 1 LS $225,000.00 $225,000.00

3 Parking area deck concrete 1 LS $150,000.00 $150,000.00

4 Allowance to provide pointing and masonry restoration 1 LS $500,000.00 $500,000.00

5 Complete steel dunnage and roof water tower 1 LS $450,000.00 $450,000.00

6 Allowance for metal framing pick ups 1 LS $45,000.00 $45,000.00

7 Install windows stools & aprons 35 Each $1,700.00 $59,500.00

8 Install wood base at apartments bedrooms, closets and foyers 35 Each $1,573.00 $55,055.00

9 Install closet shelves & rods 35 Each $675.00 $23,625.00

10 Provide kitchen cabinets 35 Each $3,750.00 $131,250.00

11 Provide bathroom vanities 35 Each $275.00 $9,625.00

12 Provide bathroom accessories 35 Each $450.00 $15,750.00

13 Interior doors 1 LS $230,448.75 $230,448.75

14 Door hardware 1 LS $197,029.50 $197,029.50

15 Ceramic tile, stone and countertops 1 LS $545,997.40 $545,997.40

16 Acoustical ceiling tile finishing 1 LS $247,600.00 $247,600.00

17 Flooring throughout 1 LS $645,000.00 $645,000.00

18 Furnish medicine cabinets at all apartments 35 Each $250.00 $8,750.00

19 Furnish shower rods 35 Each $50.00 $1,750.00

20 Provide temporary roof repair payer and permanent roof with pavers 23600 SF $22.00 $519,200.00

21 Complete insulation throughout 35 LS $5,000.00 $175,000.00

22 Enclosure for water tower 1 LS $150,000.00 $150,000.00

23 Roof drains and scuppers 1 LS $6,000.00 $6,000.00

24 Provide Fire stopping systems at all new floor penetrations 35 Each $500.00 $17,500.00

25 Sheetrock completion at apartments 35 Each $12,500.00 $437,500.00

26 Sheetrock completion at common areas 1 LS $120,000.00 $120,000.00

27 Taping, Spackling and Painting throughout 1 LS $750,000.00 $750,000.00

28 Fireplace completion 1 LS $117,000.00 $117,000.00

29 Furnish USPS approved mailboxes per F9/A105 35 Each $250.00 $8,750.00

30 Provide ranges 35 Each $625.00 $21,875.00

31 Provide refrigerators 35 Each $650.00 $22,750.00

32 Furnish range hood/recirculating fans 35 Each $195.00 $6,825.00

33 Elevator completion 1 LS $275,402.50 $275,402.50

34 Low voltage rough completion and finish work 1 LS $153,000.00 $153,000.00

35 HVAC completion 1 LS $858,000.00 $858,000.00

36 Plumbing completion 1 LS $877,500.00 $877,500.00

37 Fire sprinkler completion 1 LS $316,000.00 $316,000.00

38 Electrical work completion 1 LS $825,000.00 $825,000.00

39 Common area amenity space allowance for finish work 1 LS $100,000.00 $100,000.00

Trade Sub Total $9,373,683.15

General Conditions 5% $468,684.16

General Contractor Overhead 6% $562,420.99

General Contractor Profit 10% $937,368.32

Grand Total $11,342,156.61

COST TO COMPLETE ESTIMATE #1: KOW Building Consultants, October 2018

COST TO COMPLETE ESTIMATE #2: WY Management, September 2017

Pre development costs $4,100,432

General Requirements $0

General $4,450

Sitework $1,560,323

Hazardous Materials Abatement $344,408

Site Preparation $65,800

Landscaping $75,000

Concrete $1,204,908

Masonry $700,000

Structural Metals $1,920,262

Millwork- Interior Trim $1,450,050

Thermal & Moisture Protection $1,836,174

Interior Doors $337,265

Windows $2,468,100

Door Hardware $262,706

Gypsum Wallboard $3,210,951

Tile, marble Slate $849,996

Ceiling Finishes $247,600

Floor Finishes $1,150,275

Paints & Coatings $1,112,002

Specialties $88,950

Masonry Fireplaces $0

General Requirements $27,500

Bathroom Accessories $27,690

Conveying Equipment $415,000

Appliances $777,400

Detection & Alarm $153,000

HVAC Instruments & Controls $2,499,922

Plumbing $2,773,457

Fire Suppression $900,020

General Requirements $99,200

Electrical $3,627,602

In-Ground Concrete Swimming Pools $0

Roof Accessories $0

Special Construction $100,000

General $0

$34,390,441

General Conditions Total $2,744,704

Insurance Total $629,373

Hard Cost Contingency Total $480,578

$3,854,656

Total Construction Budget: $38,245,097

LESS: Committed Funds ($22,332,928)

Total Cost to Completed Budget: $15,912,168


KOW COST TO COMPLETE ESTIMATE: REVISED MARCH 1st, 2019

35 UNITS - MIDMARKET Cost




General Contractor Profit 10% $984,968.32

Grand Total $11,918,116.61

35 UNITS – HIGH END FINISHES Cost




General Contractor Profit 10% $1,218,607.75

Grand Total $14,745,153.78


Detailed breakdown available upon request

70 UNITS – MIDMARKET Cost





Grand Total $14,670,866.61

70 UNITS – HIGH END FINISH Cost





Grand Total $19,472,623.78

COMPARABLE CONDOMINIUM SELL OUT PRICING | LOWER-CENTRAL

WESTCHESTER COUNTY MARKETS

No. NAME/LOCATIONNO. OF

UNITS

YEAR

BUILT

AVG.

PRICE

1

The Cambium

10 Byron Place

Madison Avenue & Interstate 95

Larchmont, NY

1492013

2015$661.65

2

The Residence at the Ritz Carlton

1 & 5 Renaissance Square

221 Main Street

White Plains, NY

181

121

2006

2008$692.57

3

Villa BXV

5-27 Kensington Road N/O Pondfield

Road Bronxville, NY54 2014 $1,057.60

4

Christie Place

11 East Parkway at Christie Place

Scarsdale, NY42 2008 $882.67

5

The Heathcote

2-4 Weaver Street

Scarsdale, NY14 2018 $1,031.20

6

Hudson Harbor

16-18 Rivers Edge Drive

Tarrytown, NY54

2011

2013$619.44

7

Print House Lofts

40-50 Chestnut Street

Dobbs Ferry, NY16 2018 $699.67

8127 West Main Street

Tarrytown, NY238 2009 $570.13

9

Hudson Harbor

11 River Street

Sleepy Hollow, NY343 2016 $721.50

1045 Hudson View Way

Tarrytown, NY43 2018 $976.34

11

The Pointe

1-10, The Pointe

Rye Brook10 2014 $1,312.11

12105 Delancey Avenue

Mamaroneck, NY7 2018 $563.62

Average Price Per Square Foot: $815.70

12

1 2 3

4 5 6

7 8 9

10 11

The Cambium

10 Byron Place

Larchmont, NY

The Residence at the Ritz Carlton

221 Main Street

White Plains, NY

Villa BXV

5-27 Kensington Road

N/O Pondfield Road Bronxville, NY

Christie Place

11 East Parkway

Scarsdale, NY

The Heathcote

2-4 Weaver Street

Scarsdale, NY

Hudson Harbor

16-18 Rivers Edge Drive

Tarrytown, NY

Print House Lofts

40-50 Chestnut Street

Dobbs Ferry, NY

127 West Main Street

Tarrytown, NY

Hudson Harbor

11 River Street

Sleepy Hollow, NY

45 Hudson View Way

Tarrytown, NY

The Pointe

1-10, The Pointe

Rye Brook

105 Delancey Avenue

Mamaroneck, NY


PROPERTYPHOTOS

RENDERINGS

RENDERING

FLOOR PLANS

FLOOR PLANS | FIRST FLOOR

FLOOR PLANS | SECOND FLOOR


FLOOR PLANS | THIRD FLOOR

FLOOR PLANS | PENTHOUSE & LOWER ROOF


FLOOR PLANS | FIRST FLOOR UNIT PLANS

FLOOR PLANS | SECOND FLOOR UNIT PLANS


FLOOR PLANS | THIRD FLOOR UNIT PLANS

FLOOR PLANS | CROSS SECTION


LOCATIONOVERVIEW

WESTCHESTER COUNTY OVERVIEW

Westchester County is considered to be part of the New York City Metropolitan area. It is located just

north of the Bronx. The western border of the county is the Hudson River; Putnam County is the

northern border and the Long Island Sound and Fairfield County, Connecticut are the eastern borders

Westchester has undergone significant changes over the past twenty-five years. Westchester was

mainly known as a suburban residential location for those who worked in New York City. However,

over the past several decades, many corporations relocating to Westchester County have

transformed the area into a more dominant employment center over the last twenty years.

The subject is in the City of Yonkers and is considered a suburban location. The City of Yonkers is

situated in southwest Westchester County, about 5 miles north of Manhattan, New York City. The city

covers an area of approximately 18.1 square miles.

TRANSPORTATION

A vast network of highways serves Westchester County. Four Interstate highways are used

extensively in Westchester County. The New York State Thruway (I-87), linking Westchester County

with New York City and Rockland County and points north, the Cross Westchester County

Expressway (I-287), running from the Tappan Zee Bridge to the New England Thruway near the

Connecticut border are heavily traveled highways. The New England Thruway (I-95) links New York

City with the Connecticut Turnpike along the southeastern border of the county. Interstate 684

provides access from Interstate 287 in White Plains to the northern parts of the county, and connects

with Interstate 84 in Brewster. In addition to the Interstate Highways, U.S. 1 and U.S. 9A are used for

local commercial traffic.

There are also six major parkways, which provide limited non-commercial traffic. The Hutchinson

River Parkway runs from New York City in the south, through southeastern Westchester to I-287 and

the Connecticut Merritt Parkway. The Cross County Parkway serves as the major east/west roadway

in southern Westchester, linking the Saw Mill River Parkway, the New York State Thruway, and the

Hutchinson River Parkway. The Bronx River Parkway runs from the Sprain Brook Parkway in

Bronxville, through White Plains to Valhalla where it becomes the Taconic State parkway traveling

north towards the Putnam County line.

Westchester County's bus transit system, known as the BEE-line, is a public/private partnership

between the county and six operators that are responsible for the system. There are 55 routes in the

system covering the county, and routes to Manhattan, the Bronx, and Putnam Counties. Most routes

serve the new White Plains Trans Center, enabling passengers to take Metro North or inter-county

bus routes. Westchester County is also well served by its railroad system. The three lines of the

Metro-North Commuter Railroad provide direct access to Manhattan. The Hudson line runs along the

western portion of the county along the Hudson River; the Harlem line provides access to the central

portion of the county; and the New Haven line serves the communities in southeastern Westchester

and Fairfield counties. At the Mount Kisco and Croton-Harmon stations, there is direct access to

Amtrak service to Boston and Upstate New York.


SELECTED AREA DEMOGRAPHICS

2018 Westchester County New York State

Population 986,000 19,930,000

Households 363,000 7,562,000

Average Household Income 130,000 87,000

BRONXVILLE AT A GLANCE

Bronxville is a village in Westchester County, New York, located about 15 miles (24 km) north

of midtown Manhattan. It is part of the town of Eastchester. The village comprises 1 square

mile (2.5 km2) of land in its entirety, approximately 20% of the town of Eastchester. As of the

2010 U.S. census, Bronxville had a population of 6,323. In 2016, Bronxville was rated the

number one most expensive suburb around America's ten largest cities by CNBC with a

median home value of $2.33 million. In 2017, it was ranked 8th in Bloomberg's "America's

100 Richest Places". It was ranked 8th once again in the same Bloomberg ranking in 2018.

Bronxville is home to Concordia College, a liberal arts college operated by the Lutheran

Church–Missouri Synod. Adjacent to the Concordia College campus is the Chapel School—a

pre-K-8 school affiliated with the Lutheran Church-Missouri Synod.

The Bronxville Public School is known as The Bronxville School. The school was started as a

progressive educational institution in the 1920s.

The Village of Bronxville has more than 70 acres (280,000 m2) of parkland including athletic

fields, woodlands, and a very small part of the Bronx River Parkway Reservation. The

Reservation, Westchester’s oldest park, was created as an adjunct to the Bronx River

Parkway that opened in 1925, and was the first linear park in the United States. The

Reservation features ponds, wooden footbridges and hundreds of varieties of native trees

and shrubs. The park is owned by Westchester County, and it is a favorite place for bicycling,

walking, running, and nature study. It is sometimes referred to by locals as "The Duck Pond.“

The region that includes the contemporary village of Bronxville was deeded to British

colonists in 1666. However, it was not until the early 18th century that the area was first

settled. The two founding inhabitants were the Underhill and Morgan families. The Underhills

built a sawmill and a gristmill, which was the first factory in the area, on the Bronx River.

There, they also constructed a wooden bridge, which gave rise to the area being known as

Underhill's Crossing.

Millionaire real estate and pharmaceutical mogul William Van Duzer Lawrence sparked the

development of Bronxville as an affluent suburb of New York City with magnificent homes in

a country-like setting. The area, once known as "Underhill's Crossing", became "Bronxville"

when the village was formally established. The population grew in the second half of the 19th

century when railroads allowed commuters from Westchester County to work in New York

City. Lawrence's influence can be seen throughout the community, including the historic

Lawrence Park neighborhood, the Houlihan Lawrence Real Estate Corporation, and

Lawrence Hospital. John F Kennedy, the President of the United States, also resided here for

a time.


The village was home to an arts colony in the early 20th century during which time many

noteworthy houses by prominent and casual architects were built. After the Bronx River

Parkway was completed in 1925, the Village expanded rapidly with the construction of

several apartment buildings and townhouses much of it built by the Lawrence family. As of

1959, they continued to own or manage 97% of the rental market. In both rentals and

ownership, the village discouraged and effectively prohibited Jewish residency, earning the

name "The Holy Square Mile."

The Gramatan Hotel on Sunset Hill was a residence hotel in the late 19th century and early

20th century. Gramatan was the name of the chief of the local Siwanoy Indian tribe that was

centered in the Gramatan Rock area above Bronxville Station. Chief Gramatan sold the land

to the settlers. The hotel was demolished in 1970, and a complex of townhouses was built on

the site in 1980.

Elizabeth Clift Bacon, General George Armstrong Custer's widow, lived in Bronxville, and her

house still stands to this day.

St. Joseph's Catholic Church, located in the downtown area, was attended by the Kennedys

when they were residents from 1929 to about 1938 before moving to London. In 1958 future-

senator Ted Kennedy married Joan Bennett in St. Joseph's Church. In 1960, the Village

voted 5:1 for Nixon over Kennedy.

The US Post Office–Bronxville was listed on the National Register of Historic Places in 1988.

Other sites on the National Register are the Bronxville Women's Club, Lawrence Park

Historic District, and Masterton-Dusenberry House.

The Bronxville School's athletic fields contain a football field, three smaller fields used for

various sports like field hockey and lacrosse, and a running track (which is only 380 meters in

Lane 1 because of space issues). Bacon Woodlands, located on Kensington Road, is a

natural rock outcropping which has been left in its natural state, the flatter portion of which is

used as an informal play area by children. Scout Field, a Westchester County Park which is

located predominantly in Yonkers and Mount Vernon but is controlled by Bronxville, is heavily

utilized by the Bronxville schools' soccer, football, baseball and cross-country running

programs.[22] In 2006, Chambers Field was replaced with turf, which was funded by the

community and parents of athletes in Bronxville.

From April to June and September to October, a 7-mile (11 km) stretch of the Bronx River

Parkway (no part of the roadway of which is in Bronxville) from Scarsdale Road in Yonkers

(north of Bronxville) to White Plains closes to automobile traffic each Sunday (except on

holiday weekends) between 10 a.m. and 2 p.m. During those times, the Westchester County

Parks Department runs "Bicycle Sundays" along this stretch of the parkway.

YONKERS AT A GLANCE

• The fourth largest city in New York State

• The largest city in Westchester County

• 18 square miles of urban and suburban development

• 4 ½ miles of Hudson River waterfront

• Amtrak and both Hudson and Harlem Lines of Metro-North rail service with express

service into Midtown Manhattan in under 30 minutes

• Regional bus service connecting to the New York City subway system

• Interstate and parkways connections to the region

• Accessible to 4 major airports within a 40 minute drive

About Yonkers

Located along the Hudson River, Yonkers is New York’s fourth largest city and the largest city

in Westchester County. A city in the center of it all, Yonkers serves as the gateway between

New York City and the Hudson Valley.

Yonkers is convenient, affordable, and offers opportunity for almost every residential and

commercial investment. It’s why some of the biggest projects in the Hudson Valley are

happening here.

Accessible

You can get to Yonkers from almost anywhere, and easily so. Ten Metro North Railroad

stations serve Yonkers; five major highways connect Yonkers with the rest of Westchester

County, New York City and beyond; and Yonkers has 4.5 miles of beautiful Hudson River

waterfront.

Desirable

Yonkers’ Downtown Waterfront district continues to grow, with hundreds of new luxury high-

rise apartments offering stellar views of the Hudson River and Palisades, gourmet

restaurants, shops, and parks, just a 25-minute train ride to midtown Manhattan. Businesses

– large and small – continue to thrive and grow in Yonkers. The city is home to cultural

amenities such as the Hudson River Museum, prestigious colleges such as Sarah Lawrence,

shopping centers, the arts, entertainment venues such as Empire City Casino and beautiful

parks.

Livable

Unlike many other comparable cities in New York State and the Northeast, Yonkers is

growing. That’s because Yonkers has some of the best-rated schools in the region such as

PEARLS Hawthorne School and Yonkers Middle High School, and Yonkers is ranked among

the safest cities in the country. Yonkers offers dozens of beautiful and historic neighborhoods,

luxury waterfront living and housing for all incomes. It’s no wonder Yonkers was ranked as

one of the “Top 100 Best Places to Live” by Liveability.com.


Workable

The range of opportunity in Yonkers is astounding. Yonkers is Westchester’s retail center,

from the Central Park Avenue corridor, to the newly-renovated Cross County Shopping

Center, to the upscale Ridge Hill shopping complex, to local small businesses, to the big box

stores, Yonkers has it all. The city has a large inventory of commercial, industrial, medical

and new-economy spaces. Yonkers has one of the area’s largest office parks, two hospitals,

40 public schools and several neighborhood shopping districts.

Summary:

Conveniently located on the New York City border with a 20-minute commuting time, Yonkers

is the oldest and largest city in Westchester County. Boasting a highly developed

transportation system that also includes bus transit service and access to major

thoroughfares, Yonkers serves as a residential community for commuters as well as a

bustling commercial/retail center in its own right. This diverse city of tree-shaded suburbs,

businesses, and neighborhoods is comprised of diverse cultures and varying economic

levels. Most of the home styles are Victorians and older Colonials. Some of the larger

homes have been converted into attractive multi-family dwellings. The recreational amenities

include lush parks, tennis courts, skating rinks, country clubs, senior and youth centers,

lakes, swimming pools, trails, and golf courses.

With a population of over 200,000, Yonkers is the most populous city in Westchester County,

with a population of 195,976 (according to the 2010 Census). An inner suburb of New York

City, Yonkers directly borders the Bronx and is located two miles north of Manhattan at the

municipalities' closest points.

Downtown Yonkers is centered on a plaza known as Getty Square, where the municipal

government is located. The area also houses significant local businesses and non-profits,

and serves as a major retail hub for Yonkers and the northwest Bronx. Yonkers is home to

several attractions, including the Hudson River Museum; Saw Mill River Daylighting, wherein

a parking lot was removed to uncover a river; Science Barge; Sherwood House; and Yonkers

Raceway.

Major shopping areas can be found in Getty Square, on South Broadway, at the Cross

County Shopping Center, at Westchester's Ridge Hill, and along Central Park Avenue,

formally called "Central Ave" by area residents, a name it takes officially a few miles north in

White Plains.

Yonkers is served by Amtrak and both the Hudson and Harlem Lines of Metro-North railroad

with express service into Midtown Manhattan in less than 30 minutes. Easy access to

highways, parkways such as Saw Mill River Parkway and I-87 (NY State Thruway). Yonkers

has city and regional bus service connecting to the New York City subway system.

TRANSACTION

PARTICULARS

Seller of the subject property, the Chapter 11 Trustee, was appointed in the bankruptcy case

commenced by the owner and now pending before the U.S. Bankruptcy Court for the Southern

District of New York, Case No. 18-22963(RDD).

Investment Sales Team is retained as exclusive agents for Chapter 11 Trustee.

Transactions will be subject to definitive documentation and approval of the U.S. Bankruptcy Court

Seller contemplates that sale of the subject property will be completed with title transfer in form

acceptable to reputable title company at standard rates for transactions of this type and otherwise in

accordance with an Order of the U.S. Bankruptcy Court that will, among other things, provide for

transfer of title free and clear of all liens, claims and encumbrances.

Seller makes no representations or warranties of any kind in this Offering Memorandum, including

with respect to the condition of the subject property or any improvements thereon.

TRANSACTION PARTICULARS

NEWS / PRESS


RXR-RISING JV TO BUILD $200M

HIGH-RISE PROJECT IN YONKERS

Greg Corbin

Executive Managing Director

(646) 424-5077

[email protected]

Aaron Kline

Director

(646) 472-8747

[email protected]

Brandon Serota

Associate

(646) 472-8732

[email protected]

Leah Chen

Associate

(646) 604-7020

[email protected]

Chaya Milworn

Associate

(646) 424-5370

[email protected]

Paul J. Nigido

Senior Financial Analyst

(646) 424-5350

[email protected]

Richard Maltz

Chief Executive Officer

(516) 349-7022 x 202

[email protected]

Robert J. Gangi

Chief Marketing Officer

(516) 349-7022 x 204

[email protected]

Patricia Farino

Chief Financial Officer

(516) 349-7022 x 101

[email protected]

Debra A. Donovan

VP, Senior Project Manager

(516) 349-7022 x 203

[email protected]

David Constantino

VP, Director of Sales

(516) 349-7022 x 205

[email protected]

Richard Suss

Director of Field Operations

(516) 349-7022 x 206

[email protected]

Although all information furnished regarding property for sale, rental or financing is from sources deemed reliable, no express representation is made nor is any implied

as to the accuracy thereof and is subject to error, omissions, change of price, rental or other conditions, prior sale, rental or financing or withdrawal without notice. No

warranties or representations are made as in the condition of the property of any hazards contained therein nor are any implied. Rendering pictured in offering materials

is not specifically approved for referenced development site. Buildable square footage is subject to verification by purchaser’s own architect and/or zoning attorney.

loopnet · 20 provide temporary roof repair payer and permanent roof with pavers 23600 sf $22.00...

Documents