NYC Investment Firm Doubles Down on Yonkers
John Jordan | November 2018
YONKERS—In a span of less than a week, New York City-based investment firm AMS Acquisitions LLC acquired two major downtown parcels here that could bring significant new development to the district and adjacent waterfront.
AMS Acquisitions LLC, which earlier this month acquired the Chicken Island property from the City of Yonkers, announced on Nov. 9 it had acquired a waterfront parcel where it plans to build a 24-story luxury rental apartment building.
The New York City-based real estate investment firm has also acquired a 50,000-square-foot lot—55 Buena Vista Ave.—for $18.3 million. The 400,000-square-foot rental apartment development it plans to build at the site will feature 361 rental apartment units. The seller of the property that was once the site of the city’s Teutonia Music Hall was Kohl Construction. There were no brokers in the transaction that closed on Oct. 29.
The property is located right behind two AMS Acquisitions assets at 92 Main St., which it acquired in 2017 for $17.5 million, and 86 Main St. Development firm Metro Partners had proposed to build a $100-million project on the Teutonia Hall property, but the development never materialized. Metro Partners also developed 66 Main St. and 92 Main St. (known as “Metro 92”) in Downtown Yonkers.
“Downtown Yonkers is in the midst of a renaissance,” says Michael Mitnick, a principal at AMS Acquisitions. “AMS is invested heavily in the growth and expansion of this incredible and unique market.”
“An abundance of culture, diversity and history, combined with a beautiful natural landscape, and robust development is fueling the success of this city,” added Avi Abadie, a principal at AMS Acquisitions. “We believe these sites are some of best locations in downtown Yonkers.”
AMS expanded its Yonkers presence back in January 2018 with the $9.5-million purchase of 86 Main St., a six-story, 70,000-square-foot office building on the southeast corner of Main Street and Buena Vista Avenue across from the Yonkers Metro-North train station.
92 Main St. is a 78,000-square-foot mixed-use building that was formerly the Yonkers Trolley Barn. That building includes 40 live-work lofts and is home to Chase Bank and Yonkers Brewery.
“We are excited to increase our involvement in the continued growth and resurgence we are currently seeing in downtown Yonkers,” added Mitnick. “We plan to make this an amazing development that will add a new vibrancy to Yonkers.”
Earlier this month, the firm purchased the Chicken Island property from the City of Yonkers for $16 million. The future development of the property could be massive and involve multifamily, retail, office and hotel space.