Condo Project in Yonkers Expected to be Boon to Local Economy
- Aug 24, 2010
Yonkers, N.Y.–In certain locales, developers’ faith in the condominium market appears to be returning. Developer Horizon at Ridge Hill L.L.C., which is currently constructing the 500-residence Monarch at Ridge Hill in Yonkers, N.Y., anticipates that the upscale condominium project will bolster the city’s economy.
Sited 10 miles north of Manhattan, Monarch will be just one of the offerings at the 81-acre Westchester’s Ridge Hill, a mixed-use development that will ultimately feature 1.3 million square feet of retail space and 160,000 square feet of office space. Monarch, designated to occupy seven acres within the larger lifestyle center development, will consist of four mid-rise structures featuring one- and two-bedroom residences.
The project’s long list of amenities includes a 25,000-square-foot center, Monarch’s Atrium, containing such bonus offerings as a comprehensive two-story fitness facility, golf simulator, wine cellar, cinema room, children’s playroom and residents’ lounge. Houlihan Lawrence Project Marketing is serving as the marketing and sales agent for the condo community.
The economic benefits Monarch will spur, as those involved with the project point out, begin with the numerous construction jobs that will be created to bring the property to fruition. Additional economic bolstering is expected to materialize through new property tax revenues. Horizon and Houlihan Lawrence anticipate that the success of the condo community and the entire mixed-use lifestyle center will go hand in hand.
“Westchester’s Ridge Hill will be an economic engine, bringing renewed economic vitality and prosperity to southern Westchester,” Gay Prizio, Director of Marketing and Sales for Houlihan Lawrence, notes in a prepared statement. “The key to that success is Monarch at Ridge Hill, whose residents will infuse the development with the vitality of a true neighborhood.” Monarch residents will serve as the built-in customer-base for Westchester’s Ridge Hill, while Westchester’s Ridge Hill will serve as a magnet for Monarch condo buyers.
The initial phase of Monarch will yield 162 residences, the first of which will debut in 2011, as will the lifestyle center. The timing for the condos could be just right in terms of demand, as the Westchester County condo market appears to be on the mend. Closed sales in the county’s southern section during the second quarter of this year skyrocketed 87 percent from the second quarter of 2009, according to a report by Sotheby’s International Realty. Additionally, pending sales jumped 36 percent, year-over-year and 39 percent from the first quarter of this year to the second quarter.