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The City of Yonkers announced on Monday it had signed a letter of intent to sell the six-acre property located northeast of City Hall for $16 million to New York City-based AMS Acquisitions.
Louis Haddad, president and CEO of Armada Hoffler Properties, states that the company intends to exercise its purchase option upon completion and may use the asset as a replacement property in a tax-free exchange.
The Navy Broadway Complex, which is currently the home of the Navy's regional headquarters, will make way for a new mixed-use development. Manchester Pacific Gateway will feature six buildings totaling 3 million square feet within eight-city blocks.