Sale of waterfront multi-housing community in downtown Yonkers, New York closed by HFF
FLORHAM PARK, NJ – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of Hudson Park, a multi-housing community situated along the Hudson River in downtown Yonkers, New York.
HFF marketed the property on behalf of the seller, a joint venture partnership between Collins Enterprises LLC and Berkshire Group. Strategic Capital was the purchaser.
Overlooking the Hudson River waterfront in downtown Yonkers, Hudson Park is situated at the Yonkers Metro North commuter rail station, which provides access into Manhattan’s Grand Central Station. The property consists of three components: Hudson Park South, Hudson Park North and the to-be-built Hudson Park River Club. Completed in spring 2003, Hudson Park South has 266 one- and two-bedroom luxury apartments and approximately 15,500 square feet of well-leased office and retail space. Hudson Park North, the second phase of the development, was completed in spring 2008 and has 294 one- and two-bedroom luxury apartments, as well as a free-standing parking garage. In addition, the property includes a 0.23-acre land site with approvals for a 23-story, 213-unit apartment building that will include an 8,200-square-foot amenity space on the ground floor. The ground breaking for this development occurred in mid-September with an expected completion date of mid-2017. The completed residential component of Hudson Park is 98 percent leased.
The HFF investment sales team representing the seller was led by senior managing directors Jose Cruz and Andrew Scandalios, managing director Kevin O’Hearn and associate directors Steve Simonelli and Michael Oliver. Shearman & Sterling LLP provided legal counsel to Strategic Capital during the transaction.
“The entrance of foreign capital into the Westchester market, and more specifically Yonkers, is an example of how the investment community perceives the submarket to have significant growth,” stated Cruz. “The level of interest in the property was very high given the quality of the buildings, additional development rights and location along the train line.”
About Collins Enterprises LLC
Collins Enterprises LLC (Collins) is a privately held real estate company with more than 50 years of experience in the development, management and repositioning of multifamily, mixed-use and commercial assets.
The firm is nationally recognized for its work building unique redevelopment projects in urban areas. Skilled in development and property acquisition strategies and supported by experienced financial and asset management professionals, the Collins team prides itself on integrity, strategic thinking and consensus building in the belief that these values are essential to the success of the company and its investors.
Collins currently oversees a portfolio of more than $350 million in assets in the New York metro and Hampton Roads markets. The company was founded in 1991 by its managing principals, Arthur Collins II and Dwight Collins. It is headquartered in Old Greenwich, Connecticut and maintains a regional office in Norfolk, Virginia. For more information on the company, visit www.collins-llc.com.
About Berkshire Group
Berkshire Group (Berkshire) is a real estate investment management company known for its multifamily investment and operational experience. Berkshire deploys capital primarily through equity, debt and development in the multifamily arena, as well as through opportunistic ventures in other real estate sectors such as seniors housing, lodging and medical offices. For more than four decades, Berkshire’s team of industry leaders has gained a reputation for being able to identify opportunities and effectively manage through various economic environments, establishing a long-term track record of solid performance based on thoughtful, leading edge strategies, and operational experience. The company has experience across the multifamily real estate spectrum in disciplines including acquisitions, portfolio and property management, debt, development and redevelopment. Berkshire, a registered investment advisor, is headquartered in Boston and has offices in Atlanta, New York, Baltimore, Dallas, Houston and San Francisco. As of June 30, 2015, Berkshire Group had $6.2 billion in real estate assets under management. For more information on Berkshire, please visit www.berkshire-group.com.
About Strategic Capital
Strategic Capital is the U.S.-based investment platform of the world’s largest construction and real estate conglomerate, CSCEC. Formed by Mr. Ning Yuan, Chairman and President of China Construction America (CCA), Strategic Capital was created to invest in real estate opportunities by leveraging CSCEC’s capital strength and CCA’s experiences in the U.S. real estate market. CCA, based in New Jersey, is the lead subsidiary of CSCEC in the Americas. Through years of organic growth and the 2014 acquisition of Plaza Construction, CCA has grown into a multibillion multi-state construction and development company.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.