HudsonView is currently renovating the building and has already secured three new tenants for the building. Cotter says that the $7.5 million includes acquisition and building renovation costs. Chase Manhattan Bank financed the deal.

Cotter revealed that Mercy College has signed a lease for 25,000 sf of space to house its computer technology center, which will include classroom space. He reveals that Mercy has an option for an additional 27,500 sf of space at the building. Urban Textiles, a graphic design firm, has signed a lease for 15,000 sf and HudsonView is also in negotiations with an agency of New York State for 12,500 sf of space.

Cotter also notes that the firm is in discussions with an unnamed firm for 27,500 sf of space (a full floor) at the building. A potential high-tech incubator to be developed in conjunction with the city of Yonkers is being discussed and could total anywhere from 6,000 sf to 12,000 sf, he adds.

HudsonView officials say that the building features classic loft-type space with 18-foot ceilings, heavy floor loads and fiber optic availability from three vendors. Asking rental rates at the building range between $14 per sf and $16 per sf.

HudsonView previously purchased six other buildings that were formerly part of the Port Authority Industrial Park that total 450,000 sf. The city owns another 150,000-sf building at the entrance to the ipark that is being redeveloped to be the Yonkers Library and headquarters for the Yonkers Board of Education.

Instant Insights /

Original Otis Elevator Building Bought in $7.5-Mil Deal

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