Development begins for $32.6M Regency on the Hudson in Yonkers

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On February 25, Yonkers officials joined representatives from Regency Apartment Ventures LLC, 56 Prospect Holdings LLC and Kings Capital Construction to celebrate the groundbreaking of the official start of construction of a $ 32.6 million residential home called Regency on the Hudson.

The seven-story structure will include 126 rental units, 13 of which are rated affordable. The location is at 56 Prospect St. between Buena Vista and Hawthorne Streets.

The building will include 90 studio apartments, 18 one-bedroom units and 18 two-bedroom units. There will be underground parking for 130 cars. In addition to a roof terrace overlooking the Hudson River, there will be a private courtyard with benches and picnic tables for residents. The building will have a green roof and other environmentally friendly features. Security features include fencing and controlled access gates.

The Yonkers Industrial Development Agency (YIDA) offers financial incentives for the project. YIDA decided on February 5 to provide mortgage tax exemptions of up to $ 420,000 and sales and uses tax exemptions of up to $ 931,875 for the project.

The project is expected to create 250 construction jobs and six permanent full-time positions.

Peter Dalaker. Photo by Peter Katz

“We are confident that this building can contribute to the continued success of downtown Yonkers,” said project developer Peter Dalaker of Regency Apartment Ventures LLC at the groundbreaking ceremony.

“It is important to us that we not only provide housing, but also be a resource for creating jobs, especially in the difficult economic conditions that prevail at this time.”

JD Summa, President and CEO of Kings Capital Construction, said in a statement that his company “is thrilled to be part of this project which is a complex part of downtown Yonkers revitalization and offers the opportunity to live in one suburban environment to live. Work-play lifestyle that Westchester County offers. “

Yonkers Mayor Mike Spano noted that the building is being erected on vacant lot.

“You are looking at this site and this is one of those sites that is iconic because it’s been empty here for years. As our city nears recovery and renewal during this global pandemic, I am comforted by events like these reminding us that Yonkers is open to business, ”Spano said in his speech.

“Developers are driving their investments and seeing the promise this city has to offer as it continues to change and redefine. The project will transform those vacant lots that have been around for as long as anyone can remember.

A representation of the building.

“Let’s continue the progress. I look forward to what’s next. This is a gateway project. They want the building to look right, and they’ve spent the dollars they need to make this building look and feel the way we want it for the people of downtown Yonkers. “

Spano then told the Business Journal that creating housing for workers and increasing the number of affordable housing units was critical to the city.

“We are a city with an enormous number of working-class families,” said Spano. “We don’t want our children to get an education and then leave our city because they have a price.”

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