Repurposing is the mantra of commercial real estate developers these days, but it’s nothing new for National Resources, the developer of iPark Hudson in Yonkers. The Greenwich-based firm purchased the former Otis Elevator building from the Port Authority of NY/NJ in 1999 and has turned it into one of the most successful multi-use campuses in Westchester.
The 24-acre campus in the heart of downtown Yonkers has 800,000 square feet of space in eight buildings directly across from the Yonkers Train Station and adjacent to the Riverfront Library. All but 10 percent of the office space is currently occupied by tenants ranging from Kawasaki Rail Car, Inc. to ContraFect, a bio-tech company using revolutionary technology to fight influenza. One of the newest tenants is Mindspark, a subsidiary of media giant IAC that makes digital applications for numerous platforms. The City of Yonkers, Westchester County, New York State DMV, and Saint Joseph’s Hospital are among other tenants.
iPark’s location is key, but it isn’t the only selling point, according to Adrian Bonvento, director of marketing for National Resources. “These spaces boast SoHo-style creative loft space at a fraction of New York City rents,” he says. “The history and character of these spaces is unparalleled and very rare to find in buildings today.”
Many of the buildings have 18- to 21-foot ceilings, floors that can handle loads of 300 pounds per square foot, and plenty of natural light through windows that offer views of the Hudson and the recently daylighted Saw Mill River. For high-tech and bio-tech tenants (and everyone else these days), iPark Hudson offers fully developed fiber-optic infrastructure for phone, intranet, and Internet communications, as well as connections on two ConEd grids and backup generators.
Competitive rents may be iPark’s biggest lure. At $18 to $24 per square foot, it’s cheaper than White Plains’ roughly $30-per-square-foot average and considerably less costly than Manhattan’s price tag of $60 per square foot. Bonvento adds, “iPark Hudson is located in a New York State Empire Zone, which means iPark tenants are eligible for sales tax relief and employment tax credits for upgrading or expanding.”
National Resources first created the iPark concept in Lake Success, New York (on Long Island), with a 94-acre property that attracted a strong tenant base. In addition to Yonkers, it’s taken the concept to Norwalk and other locations around the country.