Yonkers Breaks Ground on a New $32.6 Million Rental Project

Photo courtesy of Yonkers IDA

Regency on the Hudson will transform currently vacant lots into 126 units of affordable and market-rate river-view housing.

The largest city in Westchester County continues to thrive as the Yonkers Industrial Development Agency (YIDA) takes on big projects that welcome new opportunities for business and investment.

One of these recent projects includes a $32.6 million, 126-unit apartment building located on 56 Prospect Street. The board voted final approval of financial incentives for construction of the building in an IDA meeting this past month.

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The project, Regency on the Hudson, will be a seven-story building including 90 studios, 18 one-bedrooms apartments, and 18 two-bedroom apartments, with a rooftop terrace overlooking the scenic views of the Hudson River. Thirteen of the apartments are part of the city’s Affordable Housing Program.

A groundbreaking ceremony was held on February 25 by representatives from Regency Ventures LLC and 56 Prospect Holdings LLC, the project developers, and Kings Capital Construction, the general contractor.

“We are delighted to celebrate today’s 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,” Yonkers Mayor Mike Spano, who was in attendance, says. “This is another great addition to our city’s growing residential community. We applaud Regency Apartment Ventures for their significant investment in Yonkers.”

Each apartment will have full-sized kitchens, large and fully accessible bathrooms, and individual laundry facilities. The building will include other amenities such as a private landscaped courtyard on the first-floor residential level, an underground parking garage for 130 cars, and a green roof.

The development is estimated to create 250 construction jobs and six permanent full-time positions.

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“My partners, Ben Heitner and Craig Kirsch, and I are committed to the growth of the City of Yonkers,” Peter Dalaker of Regency Apartment Ventures LLC says. “We are grateful for the support received from the Yonkers IDA and Yonkers City Officials for the Regency on the Hudson.”

“We are dedicated to the wellbeing of Yonkers residents and feel honored to be part of community growth and development,” he adds. “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.

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