Extell Development Company joined Yonkers Mayor Mike Spano and other city, county and state officials recently for a ribbon-cutting ceremony for Hudson Piers. The project signifies the final and largest piece of the Downtown Waterfront Revitalization in Yonkers.
Extell’s first project in Westchester, Hudson Piers is being developed in three phases. Phase I is now complete and has commenced leasing. Situated on over 20 acres along the Downtown Yonkers waterfront, the development at full buildout will bring more than 1,100 luxury apartments, along with retail, waterfront amenities and a new riverfront esplanade.
“Under Mayor Mike Spano, Yonkers has been recognized as the fastest growing big city in New York State, and we are proud to be a part of the incredible redevelopment of that with the grand opening of Hudson Piers,” said Moshe Botnick, SVP of development for Extell. “We’ve had a clear vision of what this waterfront site could be, and it’s been incredibly gratifying to see it come to fruition.”
Multifamily owners with loans coming due are faced with higher refinancing costs. While this isn’t news, Newmark put numbers to the issue, indicating that loans maturing in Q3 2026 carried an average interest rate of 4.04%, compared to 5.69% on new loans at an average cap rate of 5.5%, resulting in negative leverage. At the...
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An increase in mortgage rates is cooling home sales, with multifamily the biggest beneficiary, according to John Chang, senior vice president at Marcus & Millichap. In a recent video, Chang said that the 10-year Treasury has risen by more than 100 basis points, and the 30-year mortgage rate is up about 130 bps to the...
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The city of Revere is eying a large redevelopment plan that would create 1,700 new affordable and market-rate homes about five miles northeast of downtown Boston. The Revere Housing Authority presented a proposal to the Revere City Council last week requesting a zoning change that would allow for development on a 40-acre site at Cooledge...
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