X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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

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.

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

Once you are an ALM digital member, you’ll receive:

  • 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

*May exclude premium content
Already have an account?

GlobeSt. APARTMENTS Fall 2021Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.