LoopNet · 20 Provide temporary roof repair payer and permanent roof with pavers 23600 SF $22.00...
Transcript of LoopNet · 20 Provide temporary roof repair payer and permanent roof with pavers 23600 SF $22.00...
Greg Corbin
Executive Managing Director
(646) 424-5077
Aaron Kline
Director
(646) 472-8747
Brandon Serota
Associate
(646) 472-8732
Leah Chen
Associate
(646) 604-7020
Chaya Milworn
Associate
(646) 424-5370
Paul J. Nigido
Senior Financial Analyst
(646) 424-5350
Richard Maltz
Chief Executive Officer
(516) 349-7022 x 202
Robert J. Gangi
Chief Marketing Officer
(516) 349-7022 x 204
Patricia Farino
Chief Financial Officer
(516) 349-7022 x 101
Debra A. Donovan
VP, Senior Project Manager
(516) 349-7022 x 203
David Constantino
VP, Director of Sales
(516) 349-7022 x 205
Richard Suss
Director of Field Operations
(516) 349-7022 x 206
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
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FLOOR PLANS
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EXECUTIVESUMMARY
STREET MAP
TAX MAP
9515
Block
5638
759 Palmer Road
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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
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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
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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
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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.
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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.
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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
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KOW COST TO COMPLETE ESTIMATE: REVISED MARCH 1st, 2019
35 UNITS - MIDMARKET Cost
Trade Sub Total $9,849,683.15
General Conditions 5% $492,484.16
General Contractor Overhead 6% $590,980.99
General Contractor Profit 10% $984,968.32
Grand Total $11,918,116.61
35 UNITS – HIGH END FINISHES Cost
Trade Sub Total $12,186,077.50
General Conditions 5% $609,303.88
General Contractor Overhead 6% $731,164.65
General Contractor Profit 10% $1,218,607.75
Grand Total $14,745,153.78
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Detailed breakdown available upon request
70 UNITS – MIDMARKET Cost
Trade Sub Total $12,124,683.15
General Conditions 5% $606,234.16
General Contractor Overhead 6% $727,480.99
General Contractor Profit 10% $1,212,468.32
Grand Total $14,670,866.61
70 UNITS – HIGH END FINISH Cost
Trade Sub Total $16,093,077.50
General Conditions 5% $804,653.88
General Contractor Overhead 6% $965,584.65
General Contractor Profit 10% $1,609,307.75
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
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PROPERTYPHOTOS
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RENDERINGS
RENDERING
RENDERING
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RENDERING
RENDERING
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RENDERING
RENDERING
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RENDERING
RENDERING
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RENDERING
RENDERING
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FLOOR PLANS
FLOOR PLANS | FIRST FLOOR
FLOOR PLANS | SECOND FLOOR
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FLOOR PLANS | THIRD FLOOR
FLOOR PLANS | PENTHOUSE & LOWER ROOF
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FLOOR PLANS | FIRST FLOOR UNIT PLANS
FLOOR PLANS | SECOND FLOOR UNIT PLANS
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FLOOR PLANS | THIRD FLOOR UNIT PLANS
FLOOR PLANS | CROSS SECTION
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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.
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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.
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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.
759 Palmer Road, Yonkers, NY 10708 | 75
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
759 Palmer Road, Yonkers, NY 10708 | 79
NEWS / PRESS
759 Palmer Road, Yonkers, NY 10708 | 83
759 Palmer Road, Yonkers, NY 10708 | 85
759 Palmer Road, Yonkers, NY 10708 | 87
RXR-RISING JV TO BUILD $200M
HIGH-RISE PROJECT IN YONKERS
759 Palmer Road, Yonkers, NY 10708 | 89
759 Palmer Road, Yonkers, NY 10708 | 90
759 Palmer Road, Yonkers, NY 10708 | 91
Greg Corbin
Executive Managing Director
(646) 424-5077
Aaron Kline
Director
(646) 472-8747
Brandon Serota
Associate
(646) 472-8732
Leah Chen
Associate
(646) 604-7020
Chaya Milworn
Associate
(646) 424-5370
Paul J. Nigido
Senior Financial Analyst
(646) 424-5350
Richard Maltz
Chief Executive Officer
(516) 349-7022 x 202
Robert J. Gangi
Chief Marketing Officer
(516) 349-7022 x 204
Patricia Farino
Chief Financial Officer
(516) 349-7022 x 101
Debra A. Donovan
VP, Senior Project Manager
(516) 349-7022 x 203
David Constantino
VP, Director of Sales
(516) 349-7022 x 205
Richard Suss
Director of Field Operations
(516) 349-7022 x 206
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.