Chinese Investor Buying Yonkers Waterfront Projects
John Jordan | September 2, 2015
YONKERS—At the groundbreaking for the $85 million third and final phase of the Hudson Park waterfront rental apartment housing project called Hudson Park River Club here, it was revealed that Strategic Capital, a Chinese-based investment firm, is purchasing the two existing phases and is a partner on the final phase.
Arthur Collins, president and co-principal of Collins Enterprises, the developer of the existing Hudson Park South and North developments along the Hudson River waterfront, revealed that Strategic Capital is acquiring both Hudson Park South and Hudson Park North and is an investor in the Hudson Park River Club, a planned 213-unit rental apartment project. Collins would not reveal the purchase price for the Hudson Park South and North properties. He did add that his firm will remain a partner in the development of the Hudson Park River Club.
In a news release issued by Collins Enterprises, the Old Greenwich, CT-based developer reported that with this new building, Strategic Capital’s total investment will reach $250-million. The company stated that the third phase would cost $85 million, including the building and parking garage work.
A host of city dignitaries, including Yonkers Mayor Mike Spano, joined Collins and Strategic Capital at a groundbreaking ceremony on Sept.15. Collins said that initial construction would involve adding two additional levels to an adjoining parking garage before construction would begin on the project.
Strategic Capital, headquartered in Jersey City, NJ, is the US-based investment platform of the world’s largest construction and real estate conglomerate CSCEC. Plaza Construction will be the general contractor on the Hudson Park River Club project. A subsidiary of CSCEC acquired Plaza Construction in late 2013.
Several years ago Collins Enterprises announced several years ago it would move forward with the final phase of the project after reaching an agreement with Boston-based Berkshire Property Advisors to invest in the project. Collins told reporters at the groundbreaking that Berkshire later wanted to acquire the existing units, but did not want to invest in the new project. It was that decision that caused Collins to go back to the capital markets and led to its new deal with Strategic Capital.
Ning Yuan, present of China Construction America and chairman and CEO of Strategic Capital, LLC, said that the deal with Collins is the firm’s first investment in the City of Yonkers.
At the groundbreaking, Yonkers Mayor Spano said, “This is precisely the type of development we need in Yonkers to meet a growing demand for people who want to live in a diverse and urban environment while enjoying our beautiful waterfront This new community complements the great work that has already been completed and will ensure that Yonkers remains a destination for years to come.”
The 230,000-square-foot Hudson Park River Club will include 213 studio and one-and-two bedroom rental units, along with amenities such as a health club, event space, a recreation area and parking for 160 vehicles.
In 2000 the Yonkers City Council designated Collins Enterprises to develop two parcels along the waterfront that were designated for New York State’s Brownfield Clean-Up Program. The new building will be located adjacent to the city’s esplanade overlooking the Hudson River and will complete access to the public waterfront, Paddling & Rowing Club, Beczak Environmental Center and Habirshaw Park, Collins officials stated.
Hudson Park North, which was completed in 2008, features 294 apartments with 5,500 square feet of community space and a courtyard. Hudson Park South, which opened in 2003, consists of 266 one-and-two bedroom rental apartments and 15,500 square-feet of professional office and retail space. The latest phase of Hudson Park is expected to be completed in mid-2017.
Editor, Real Estate In-Depth