(To read more on the multifamily market, click here.)

|

YONKERS-The developer of the 294-unit Hudson Park North luxuryrental project under construction here has a new equity jointventure partner in the project--AIG Global Real Estate. CollinsEnterprises LLC of Stamford, CT says that New York City-based AIGGlobal Real Estate investment has committed to provide $24.5million in equity for the luxury rental project. In total, AIG hasnow invested more than $48 million in the two-phased Hudson Parkwaterfront project.

|

Officials with Collins Enterprises told GlobeSt.com back inOctober when the Hudson Park North project broke ground, that AIGhad acquired the equity interest in the first phase of thedevelopment--Hudson Park--from Simpson Housing LP of Denver. At thetime no specifics of that transaction were released. However, aCollins spokesman tells GlobeSt.com that AIG Global paid Simpson$24 million for the equity interest in the first phase.

|

Hudson Park--a $60-million luxury rental community featuring 266luxury rental apartments and 15,500 sf of retail, restaurants andprofessional office space--was completed in 2003. The apartmentsare now 100% leased.

|

Arthur Collins, co-founding principal of Collins Enterprisessays of AIG's latest investment in the Yonkers venture, "We arevery pleased to have a company of the stature of AIG Global RealEstate as our joint venture partner in the Hudson Park development.Their investment in this project is a testament to the vitality andstrength of the revitalization under way in Downtown Yonkers."

|

Hudson Park North, when completed in December 2008, will featureone- and two-bedroom apartments in two towers of 14 and 12 storiesconnected by a four-story building. The project is located on twoparcels just north of the first phase of Hudson Park. In additionto the rental housing, Collins plans to build a two-acre publicriverfront esplanade and the City of Yonkers intends to construct acity-owned marina adjacent to the site.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 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.

John Jordan

John Jordan is a veteran journalist with 36 years of print and digital media experience.