$16 Million Sale of Six Acre Property Allows for Continued Revitalization of Downtown Yonkers
YONKERS, NY – October 30, 2018 – Yonkers Mayor Mike Spano today announced the sale of the downtown parcel commonly known as “Chicken Island” to developer AMS Acquisitions LLC.
AMS Acquisitions agreed to purchase the six acre property from the City for $16 million. AMS and the City have signed a letter of intent for the sale of the property, with AMS paying an $800,000 deposit. The balance of the funds will be paid once the sale is approved by the City Council.
“Seven years ago the Chicken Island redevelopment plan was dead,” said Mayor Spano, referring to a former plan to build a minor league baseball stadium on the site. He added, “Now we have a workable plan, backed up with hard dollars that the City can use in the short run to fund our schools and essential services, and in the long run we will collect many millions of real estate and income taxes plus take another giant leap forward in revitalizing the downtown.”
“The City has tried for more than 40 years to develop Chicken Island without success,” said Spano, adding, “This is a game changer for Yonkers, because it proves economic development and a growing tax base is possible beyond the waterfront.”
“This plan is hard evidence that Yonkers has turned around and that it is where investors and residents see a bright future,” said Mayor Spano. Mayor Spano also noted that the plan will require that ten percent of all units be affordable and rented to persons with moderate incomes.
Mayor Spano added, “AMS Acquisitions has proposed a comprehensive development we feel will provide our city with new opportunities that will attract local and regional visitors to Yonkers and truly make us a destination. We are excited to finally put for bricks and mortar on the ground.”
AMS Acquisitions’ vision for “Chicken Island” is it to become the epicenter of the downtown, with a concentration of shopping, dining and experiential retail, coupled with multifamily buildings, an office component and a luxury hotel.
“Downtown Yonkers is in the midst of a renaissance,” said Michael Mitnick, Principal, AMS Acquisitions LLC. “AMS is invested heavily in the growth and expansion of this incredible and unique market. An abundance of culture, diversity and history, combined with a beautiful natural landscape, and robust development is fueling the success of this City.”
Coined “Chicken Island” in the late 1800’s when a small island in the Saw Mill River was used as a local chicken farm, the six acre site is located to the north east of Yonkers City Hall. The site is zoned D-MX (downtown mixed use zoning) a high density zone permitting development up to 25 stories and which permits a wide variety of uses including retail, restaurant, office, colleges, personal service establishments, residential as well as many other alternatives. AMS Acquisitions’ development of “Chicken Island” will complement the building of the new Fire Station 1 on New School Street and the soon-to-be completed Phase III of the Saw Mill Daylighting along New Main Street.
AMS Acquisitions LLC (AMS) is a real estate investment firm which focuses on the acquisition and development of retail, residential, and office properties in the New York Metropolitan area. Since forming in 2012, AMS has built a portfolio of approximately 1,500,000 square feet throughout New York, New Jersey and Connecticut. AMS’ development portfolio consists of an excess of $1 Billion in total capitalization. AMS’ expertise in multiple asset classes gives it the ability to understand and unlock value on both ends of mixed-use projects. Some of AMS Acquisitions’ current holdings include mixed use properties in Brooklyn, Manhattan, Queens, New Jersey, and Yonkers, including 86 and 92 Main Street.