New York—Ariel Property Advisors has announced the availability of a prime Westchester waterfront development opportunity—the Glenwood Power Plant on the Hudson River in Yonkers. Ariel Property Advisors is marketing the property as a co-exclusive with ABS Partners Real Estate LLC.
The site exceeds four acres and includes four vacant buildings, which add up to a footprint of approximately 62,000 square feet. Because the property isn’t landmarked, developers have the option of salvaging the Industrial Romanesque architectural design of the existing structures or demolishing them and building from the ground up. The property is 20 feet from the Glenwood Metro North Station.
“The Glenwood Power Plant site is currently zoned as an industrial park within the Yonkers Empire Zone,” says Shimon Shkury, president of Ariel Property Advisors. “However, recent re-zoning initiatives and activity on the Yonker’s waterfront are encouraging indicators for developers interested in re-zoning the property for residential, retail, or special use purposes such as a nursing home or corporate headquarters.”
The site, which is also known as the Yonkers Power Station, was built by the New York Central and Hudson River Railroad and opened in 1906 to supply electricity to the tracks leading to and from New York. Developed as part of the same New York Central capital improvement initiative that created Grand Central Terminal, the property has sat abandoned since the 1960s.