Yonkers. The very sound of the word provokes titters. True to its name, the community for many years served as a target of laughter and scorn. On top of a reputation for corruption, the burg was also scarred by redlining and persistent racial tensions.
Today, the city of 211,000 is cultivating a new rep. With folks seeking a mix of suburban lifestyle and city living near the Hudson River waterfront at a price point within many renters’ budgets, the Empire State’s third-largest city has undergone the kind of metamorphosis that’s attracting newcomers from all over the New York City area.
Specifically, Yonkers is luring New York City renters who want a brief and convenient commute into Manhattan, along with housing that serves up a value vis-à-vis proximate enclaves. How much value? Consider this. According to RentCafe, average monthly rent for apartments in Yonkers is $2,494, and average size 808 square feet. Compare that to Manhattan, where rent comes in at $5,025, considerably more than double that of Yonkers, but for apartments more than 100 feet smaller at 704 square feet.
“We’ve seen a lot of younger communities develop over the years, such as Williamsburg, which has become a really popular and trendy place. Yonkers is next,” says Moshe Botnick, senior vice president, development with New York City-headquartered Extell Development Company. “And it is very up and coming. Renters are able to live along the waterfront while also getting access to a high level of finishes, an abundance of amenities and an easy commute.”
River promenade
Receiving its ribbon-cutting ceremony last week was Phase I of Extell’s Hudson Piers, to feature a total of a half dozen new residential buildings, along with retail and eateries. The Hudson Piers riverfront promenade spans more than 1.5 miles of greenspace, with running and biking paths, new shops and dining. The mixed-use development is among the largest in Westchester County and represents the final and largest component of the Yonkers Downtown Waterfront Revitalization. The initiative delivers for the general public access to Yonkers’ riverfront, enriching quality of life for Yonkersites and visitors.
Phase I marked the completion of two of the six rental buildings, as well as a variety of indoor and outdoor amenities. On top of this, The Learning Experience, a childcare and early education franchise, recently inked a lease with Hudson Piers to provide full-service childcare, preschool and enrichment programs within the development.
“Our renters have the opportunity to enjoy the tranquility of a suburban community lifestyle while being only half an hour’s train ride from Midtown Manhattan,” Botnick said. “Not to mention, the entire city will benefit from Hudson Piers with the addition of a 1.5-mile-long accessible waterfront experience to be enjoyed by all.”
Recently approved
A number of other residential developments are also filling the hopper in Yonkers.
For instance, AMS Acquisitions-developed Teutonia Towers, a luxury development hugging the waterfront, gained approval from the Yonkers Industrial Development Agency last year. The 41-story project will feature 906 apartments, with almost 3,000 feet of ground level commercial space. The project is budgeted at $458 million.
AMS Acquisitions is also working on a development called 18 North Broadway, which will offer a pair of 25-story residential towers featuring 650 residences, 1,000 square feet of commercial space and a 768-spot parking structure.
Recently garnering approval to start construction, Titan Real Estate Development’s Park Square will offer 339 units including studios and one-bedroom residences. Ground-floor commercial space and ample parking will also figure prominently in the development.
Israeli development firm Azorim is the force behind Miroza Tower, situated at 44 Hudson Street. The $145 million, 25-story multifamily development recently topped out. It will feature 250 apartments and ground-floor commercial space.
Given all the new buildings and amenities, Yonkers is less likely to provoke laughs.
Except, of course, from newcomers first to land its newly developed residences.
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