NEW YORK CITY – Rose Associates, a real estate development and management company, has acquired 57 Alexander St., a six-acre development site in the Yonkers' submarket for $23 million. The firm will develop a 440-unit residential building on the land that has a total buildable square footage of 300,000 and sits along the Hudson River waterfront.
The Altman Family, who disposed of the real estate from its portfolio, had a 75,000-square-foot warehouse on the development site. DJ Johnston, partner at B6 Real Estate Advisors, and Bill Eisenhut and Brian Whitmer of Cushman & Wakefield represented on their behalf.
Yonkers has gotten an injection of equity as of recent, mainly in its Downtown submarket where there has been a rapid increase in luxury development and overall investor appetite, Johnston tells GlobeSt.com.
"This site at 57 Alexander Street offers the rare opportunity to develop a residential and/or mixed-use property along the Hudson River waterfront, featuring unobstructed views of the Palisades and situated within 30 minutes commute to Manhattan," he said. "The property also benefits from strong local government support of development and recent rezoning allowing for up to 300,000 buildable square feet of space."
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Mariah Brown
Mariah Brown is the New York Bureau Chief and Real Estate Reporter for GlobeSt.com, covering the New York Metro area, Northeast region and national real estate trends. She is responsible for producing multi-media content, including articles, podcasts and video. Before joining the GlobeSt team, she served as a New York Times fellow, reported for the Associated Press in New York and Philadelphia and several other New York City-based outlets.
