Yonkers IDA Approves $177.3 Million In Construction Financing For 57 Alexander Street
Posted On October 12, 2019
Construction is expected to break ground soon at 57 Alexander Street, a 440-unit residential building in Yonkers, New York, following approvals for a major financing package valued at $177.3 million. The deal was approved by the Yonkers Industrial Development Agency, a public benefit corporation that provides business incentives to enhance economic growth in the City of Yonkers.
Rose Associates is responsible for development of the seven-story building. where 75 percent of the units will be studio and one-bedroom apartments. Ten percent of units will debut as affordable homes. In addition to residential area, the project will include 443 parking spaces and 25,000 square feet of open space including a landscaped public esplanade with access to the Hudson River waterfront and unobstructed views of the Palisades.
It is estimated that the project will create approximately 631 construction jobs and ten full-time positions.
57 Alexander Street arrives as the latest phase of the Alexander Street Master Plan, which outlines the City of Yonkers’ vision for redeveloping the Hudson River waterfront area. The 153-acre zone is described as a gateway project that will establish a mix of residential, retail, and commercial spaces in addition to outdoor public area.SOURCE: Yonkers IDA Approves $177.3 Million In Construction Financing For 57 Alexander Street
About Rose Associates, Inc.
Based in New York, Rose Associates is a developer, owner and operator of premium residential properties. From planning a new development to managing day-to-day property operations, the Rose 360 Platform offers a full range of services designed to maximize the value of real estate. The firm oversees more than 26,000 units across New York, with approximately $2 billion in projects under development. Rose recently opened the historic skyscraper 70 Pine Street, which the firm is transforming into a luxury rental property with 644 residential units, 132 extend-stay apartments and a destination restaurant/lounge occupying the top four floors.