YONKERS, NY – July 23, 2014 — Fidelco Realty Group executives joined Mayor Mike Spano and city and state officials, along with Yonkers business and community leaders, to cut the ribbon on Library Lofts, a multi-million dollar, mixed-use redevelopment of the former Yonkers Public Library building on the corner of Main Street and Mill Street . The building’s rehabilitation is a centerpiece for the continuing revitalization of downtown Yonkers and the Getty Square shopping district.
The mixed-use project includes 23 rental loft apartments on the upper floors along with 9,000 square feet of ground floor retail space, currently occupied by Deals, a general retailer affiliated with the Dollar Tree Company, a Fortune 500 Company.
The residential lofts feature studio, one and two-bedroom rental apartments with energy efficient stainless steel appliances, granite countertops, hardwood floors, 24-hour in-unit key access, high efficiency boilers, and in-unit washer/dryers. Additional amenities unique to the building are an outside patio area, rooftop terrace, and state-of-the-art fitness center. Artwork from Biagio Civale and his Yonkers art gallery decorate the main residential lobby and common areas.
The project was financed through a combination of developer capital and a Restore New York grant through the Empire State Development Corporation (ESDC).
“The opening of this historic renovation is the proof of success demonstrating how public-private partnerships can have a tangible impact in stimulating community development,” said Marc E. Berson, Fidelco Realty Group chairman. “The forward-thinking approach has brought new residents and retail opportunities to Yonkers and new life for an historic but abandoned property.”
The Restore New York Communities Initiative provides municipalities with financial assistance for the revitalization of commercial and residential properties, particularly those blighted or abandoned, to encourage neighborhood growth. The City of Yonkers secured a Restore New York grant of $5.45 million in 2010 for the purpose of restoring and rehabilitating the former library.
The redevelopment preserves the building’s historic character and restores its façade. The Library Lofts interior is a sophisticated blend of modern and classical elements. From the elegant millwork and Carrara Marble in the foyer to the original art on the walls, the intent is to honor the building’s history as the Public Library of Yonkers.
Yonkers Mayor Mike Spano said, “We’re so proud to welcome another luxury residential building to Yonkers’ growing Downtown Waterfront District. With the addition of Library Lofts, our growing arts community and business-friendly environment just minutes from Manhattan, Yonkers is quickly becoming the city to do business in. I want to thank Fidelco Realty Group and New York State for continuing to invest in our City.”
Democratic Conference Leader, State Senator Andrea Stewart-Cousins, supports the project’s public-private partnership. “With a substantial investment from New York State, we are taking another step forward today in the transformation and revitalization of downtown Yonkers as a destination for people to shop and to live,” said Senator Stewart-Cousins. “Restore NY grant money is another means for the state to invest in struggling areas, assisting with financial support on projects designed to turn the tide toward prosperity.”
The property’s rich history dates back to the early 1900s when it was originally the Hamilton Theater and Marshall Mathewson Department Store. In 1928 a new building was built on the site for Genung’s Department Store, and later became the main branch of the Yonkers Public Library. The site had been abandoned since the library moved to a new facility on the waterfront in 2002.
The Main Street block rehabilitation is a continuation of the City’s redevelopment in the downtown. The biggest current public works project is the daylighting of the Saw Mill River and creation of the Mill Street Courtyard, adjacent to the Library Lofts, with planned direct access to the recently completed Van der Donck Park.
In addition to the former library, other projects in the block include multiple new store openings on Main Street, and several recently completed mixed-use developments on Warburton Avenue.
About Fidelco Realty Group:
Fidelco Realty Group is an owner-developer of residential, commercial and industrial properties primarily located in New York, New Jersey, Florida, Connecticut and Ohio. For more than 35 years, Fidelco has been an active investor in properties which require rehabilitation, repositioning and/or environmental remediation, restoring these properties for the benefit of local communities. Recognized for its diverse portfolio of properties, Fidelco has been a leader in urban renewal projects, with those completed or under development encompassing more than nine million square feet of property.