Titan Real Estate Development LLC has broken ground on Park Square Yonkers, a new mixed-use residential development at 1 Loehr Place in Yonkers, New York.
The $185 million project will be 500,000 square feet, comprised of 340 residential units and approximately 20,000 square feet of prime street-level retail space, including 420 covered on-site parking spaces, integrated within the building’s envelope. Ten percent of the residential units will be designated as affordable.
The seven-story project, developed by Mitchell Del Gais and Doron Pergament of Titan Real Estate Development LLC, will have a unit mix of 192 studio apartments and 148 one-bedroom apartments. Amenities will include a 15,000-square-foot elevated private outdoor courtyard, a double-height fitness center, a business center with working stations exclusive to residents, a luxury resident lounge, a boutique-style pet spa and several thousand square feet of dedicated resident storage located within the building. Construction is expected to take approximately 24 months. The project architect is Perkins Eastman.
“Park Square was my promise and commitment to Yonkers five years ago and today that promise is becoming reality through a $185 million investment in the city’s future. I firmly believe the best days for Titan and Yonkers are still ahead,” said Mitchell Del Gais, senior executive, Titan Real Estate Development LLC.
Park Square will also be aligned to a new Yonkers Public School at Grant Park. It will be pre-K to eighth grade, and is estimated to serve around 800 students. It will allow access on nights, weekends and summers for community use, and will have amenities like a gym, library and a pool.
The site, originally designated as part of the Mulford Gardens HOPE VI Revitalization Project, has remained undeveloped since its transfer to the City of Yonkers in 2019. The city formally awarded the site to Titan in 2023.
In December 2024, the Yonkers Industrial Development Agency unanimously approved approximately $16 million in financial incentives for Park Square Yonkers. The incentive package includes approximately $3.8 million in sales tax exemptions, $1.5 million in mortgage recording tax exemptions, and a 20-year PILOT agreement valued at approximately $10.5 million.
