Rose Associates Acquires Hudson River Development Site for $23M
The Altman Family, who disposed of the real estate from its portfolio, had a 75,000-square-foot warehouse on the land. B6 Real Estate Advisors and Cushman & Wakefield represented on behalf of the seller.
NEW YORK CITY – Rose Associates, a real estate development and management company, has acquired 57 Alexander St., a six-acre development site in the Yonkers’ submarket for $23 million. The firm will develop a 440-unit residential building on the land that has a total buildable square footage of 300,000 and sits along the Hudson River waterfront.
The Altman Family, who disposed of the real estate from its portfolio, had a 75,000-square-foot warehouse on the development site. DJ Johnston, partner at B6 Real Estate Advisors, and Bill Eisenhut and Brian Whitmer of Cushman & Wakefield represented on their behalf.
Yonkers has gotten an injection of equity as of recent, mainly in its Downtown submarket where there has been a rapid increase in luxury development and overall investor appetite, Johnston tells GlobeSt.com.
“This site at 57 Alexander Street offers the rare opportunity to develop a residential and/or mixed-use property along the Hudson River waterfront, featuring unobstructed views of the Palisades and situated within 30 minutes commute to Manhattan,” he said. “The property also benefits from strong local government support of development and recent rezoning allowing for up to 300,000 buildable square feet of space.”