AMS Acquisitions LLC, a New York City-based real estate investment firm, continues its buying spree in downtown Yonkers with the $18.3 million purchase of a 50,000 square foot lot that they plan to turn into a 24-story, 361-unit luxury rental building with panoramic Hudson River views.
The purchase of 55 Buena Vista Avenue—once the site of the City’s Teutonia Music Hall—comes the same week that AMS announced it’s also going to purchase Chicken Island from the City of Yonkers for $16 million. AMS principals said they plan to turn that six-acre undeveloped property into a downtown epicenter, with a concentration of shopping, dining, apartment buildings, offices, and a luxury hotel.
The 55 Buena Vista site—which AMS plans to turn into a 400,000 square foot development project—is located right behind two other buildings the firm owns at 92 Main Street and 86 Main Street.
“Downtown Yonkers is in the midst of a renaissance,” added Michael Mitnick, a principal at AMS Acquisitions. “AMS is invested heavily in the growth and expansion of this incredible and unique market.”
“An abundance of culture, diversity, and history, combined with a beautiful natural landscape, and robust development is fueling the success of this City,” added Avi Abadie, a principal at AMS Acquisitions. “We believe these sites are some of the best locations in downtown Yonkers.”
AMS expanded its Yonkers presence back in January 2018 with the $9.5 million buy at 86 Main St., a six-story, 70,000 square foot office building on the southeast corner of Main Street and Buena Vista Avenue across from the Yonkers Metro-North train station.
The company also owns 92 Main St., a 78,000 square foot mixed-use building that was formerly a city trolley barn. That building includes 40 live-work lofts and is home to Chase Bank and Yonkers Brewery.
Formed in 2012, AMS’ portfolio includes approximately two million square feet of retail, residential, and office space in the tri-state region.
In Yonkers now, there are over 1,000 existing and another thousand units under construction within a few blocks of Main Street, with another 3,000-4,000 approved and being built in the next few years. Other tenants in the neighborhood include fine restaurants, X20, Zuppa’s, Le Moulin Wine Bar, the Dolphin, and Retro Fitness gym, Key Bank, Chase Bank, HSBC, CVS and the city’s Motor Vehicle Office, Post Office and Library.
The seller of the 55 Buena Vista Avenue site is Kohl Construction. There were no brokers on the deal that closed on Oct. 29th.
“We are excited to increase our involvement in the continued growth and resurgence we are currently seeing in downtown Yonkers,” added Mitnick. “We plan to make this amazing development that will add a new vibrancy to Yonkers.”
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