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

Officials with Collins Enterprises told GlobeSt.com back in October when the Hudson Park North project broke ground, that AIG had acquired the equity interest in the first phase of the development--Hudson Park--from Simpson Housing LP of Denver. At the time no specifics of that transaction were released. However, a Collins 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 266 luxury rental apartments and 15,500 sf of retail, restaurants and professional office space--was completed in 2003. The apartments are now 100% leased.

Arthur Collins, co-founding principal of Collins Enterprises says of AIG's latest investment in the Yonkers venture, "We are very pleased to have a company of the stature of AIG Global Real Estate as our joint venture partner in the Hudson Park development. Their investment in this project is a testament to the vitality and strength of the revitalization under way in Downtown Yonkers."

Hudson Park North, when completed in December 2008, will feature one- and two-bedroom apartments in two towers of 14 and 12 stories connected by a four-story building. The project is located on two parcels just north of the first phase of Hudson Park. In addition to the rental housing, Collins plans to build a two-acre public riverfront esplanade and the City of Yonkers intends to construct a city-owned marina adjacent to the site.