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September 16, 2019Cart

Business

by Westchester County Business Journal
by WCBJ

AMS Acquisitions pays $9.5M for Station Plaza building in Yonkers

A New York City real estate firm now owns two Yonkers commercial properties on the city’s downtown waterfront.

AMS Acquisitions LLC, a 6-year-old real estate investment firm that develops retail, residential and office properties in the metropolitan area, recently announced its $9.5 million purchase of 86 Main St., a six-story, 70,000-square-foot Class A office building that, like a ship’s bow pointed at the Hudson River, straddles the southeast corner of Main Street and Buena Vista Avenue across from the Yonkers Metro-North train station.

The office building features retail space on its ground floor and is anchored by Citibank.

“The beautifully constructed brick building offers unique high ceilings with the ability to cater to the popular trend of open loft-type space that tenants crave,” said Avi Abadie, principal at AMS Acquisitions. “Given its superior location and extremely unique qualities, 86 Main Street will benefit greatly from the growth and resurgence we are currently seeing in downtown Yonkers.”
Abadie said the firm plans to maintain the building as office space and will make a capital investment that will include adding floor-to-ceiling windows on the top three floors and a facade renovation.

Formerly known as Station Plaza, the property was built in 2005 by Homes for America Holdings Inc., then a leading developer on the Yonkers waterfront. However, in the economic downturn and credit market freeze that began in 2008, most of the building was never occupied. Homes for America vacated its headquarters there in 2009 and the company’s mortgage lender, Amalgamated Bank, assumed ownership.

The top three floors are 12,000 square feet each and have not been built out, according to AMS. The 11,000-square-foot second floor, Homes for America’s former headquarters space, is move-in ready, the new owner said.

AMS has retained the Cushman & Wakefield team of Matthew Lisk and Kevin McCarthy to assist with leasing.

The property is opposite 92 Main St., a 78,000-square-foot mixed-use building that AMS bought for $17.5 million a year ago. The historic brick building, formerly a city trolley barn, includes 40 live-work lofts and is home to Chase Bank and Yonkers Brewery.

ASMS is renovating apartments at 92 Main St. and upgrading common areas like the lobby, hallways and gym.

“We believe very much in downtown Yonkers and both 92 and 86 Main are great assets in the heart of the downtown,” Abadie said. “We are actively and aggressively looking for more opportunities in Yonkers and Westchester.”