AMS Acquisitions, a New York City-based real estate investment firm, has bought 86 Main Street, a six story 70,072 square foot Class A office building in downtown Yonkers with retail on the ground floor anchored by Citibank for $9.5 million.
The property is located across the street from the Yonkers Metro North (Hudson Line) train station and another building the firm purchased in January of 2017, at 92 Main Street.
The newest purchase is the most recent Class A commercial office building constructed in Yonkers with unparalleled sweeping views which overlook the Hudson River, the magnificent Palisades and all the way north to the Tappan Zee Bridge.
AMS Acquisitions plans to make a significant capital investment in the building, including enhancing the existing window line by adding floor to ceiling windows on the top three floors, according to Abadie who said the company has hired the Cushman & Wakefield team of Matthew Lisk and Kevin McCarthy to assist with their leasing efforts.
In January 2017, AMS purchased 92 Main Street, a 78,000 square foot mixed-use building for $17.5 million that also overlooks the Hudson River and is home to Chase Bank and the Yonkers Brewery.
“AMS has pinpointed downtown Yonkers as an emerging market in the residential, retail, and office sectors,” added Matthew Colantonio of Schuckman Realty who along with Kenneth Schuckman, represented AMS in the acquisition of both 92 & 86 Main Street and also represented 86 Main Street’s seller, Madison Realty Capital.
“With the acquisition of both buildings, AMS has insured that it controls two major assets on one of the city’s busiest corners on Main and Buena Vista,” added Colantonio.
86 Main Street was built and occupied by Homes For America , but the majority of the office building was never occupied following its construction in 2005. In the economic downturn of 2008 the company was forced to give the keys back to the lender.
The top three floors, 12,000 sq. feet each, are still vacant, raw space. The second floor which Homes For America built out for its use is 11,000 square feet and is in ‘move in ready’ condition.
“We are excited to reintroduce the property to the market,” said Kevin McCarthy of Cushman & Wakefield. “Yonkers is a leader for development within Westchester County and 86 Main Street has all the tools needed to succeed; walk to the train and retail, surrounded by new parks, residential apartments and the Hudson River.”
In downtown Yonkers now, there are over a 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.
Add Comment