$32.6 Million Project Adds to Yonkers Rental Boom

The booming rental housing market in Yonkers continues to grow with the recent groundbreaking for Regency on the Hudson, a 7-story residential building featuring 126 rental units of which 13 will be designated as affordable under the City’s Affordable Housing Program. Located at 56 Prospect Street, the $32.6 million project is estimated to create 250 construction jobs and six permanent full-time jobs.

Located on several vacant properties on the corners of Prospect Street, Buena Vista Avenue and Hawthorne Avenue, the project will be comprised of 90 studios, 18 one-bedroom units and 18 two-bedroom units with a rooftop terrace overlooking the Hudson River. The units will have full-sized kitchens, large fully accessible bathrooms and individual laundry facilities.

“We are delighted to celebrate the groundbreaking for Regency on the Hudson, an exciting residential project that will transform several vacant properties into 126 new rental apartments including 13 affordable units. This is another great addition to our city’s growing residential community,” said Mayor Spano at the groundbreaking held February 25.

“It is important to us that we not only provide housing, but also important that we are a resource for job creation, especially during the difficult economic circumstances being experienced at this time,” said Peter Dalaker of Regency Apartment Ventures LLC, the developer of the project.

“We are excited to be part of this project that is an intricate part of the revitalization of downtown Yonkers, offering the opportunity to live in suburban surroundings with the “live, work, play” lifestyle that Westchester County provides,” said JD Summa, CEO and President of Kings Capital Construction. BCW member Kings Capital Construction is the general contractor for the project.

Over the past two years, the Yonkers IDA has provided financial incentives to developments projected to create approximately 2,700 new residential units and approximately 3,450 in construction, permanent and part-time jobs.