Collins Enterprises Celebrates Grand Opening of Hudson Park North Luxury Apartments in Yonkers

June 18, 2008 - PRLog -- The decade-long dream of transforming a former industrial site on the Yonkers waterfront into a thriving residential community is now a reality with the official Grand Opening of Hudson Park North, a new luxury apartment complex along the Hudson River.

Senior executives from Collins Enterprises, LLC, the developer of the new 294-unit apartment complex, joined with Yonkers Mayor Philip A. Amicone, members of the City Council and various city officials on June 12 for a formal ribbon-cutting ceremony at the site overlooking the Hudson River.

“Today is a milestone event not only for our company but for the City of Yonkers. The completion of Hudson Park is the realization of a dream that began more than ten years ago when we first began plans to turn a vacant industrial site into a successful residential community,” said Arthur Collins, co-founding principal of Collins Enterprises, which developed Hudson Park in a joint venture with AIG Global Real Estate.  “Under the visionary leadership of Mayor Phil Amicone, the City of Yonkers has emerged as one of the most exciting urban redevelopment locations in the New York Metropolitan region. We’re thrilled that Hudson Park is playing a major role in the renaissance of downtown Yonkers,” said Mr. Collins.    

Yonkers Mayor Phil Amicone said, “Rebuilding a city on the scale of what we’re doing here in Yonkers requires a real partnership between government and the private sector, and no company has been more committed to our vision for a thriving, destination waterfront like Collins Enterprises. Arthur and Dwight Collins were the first investors willing to put millions of dollars at stake in our downtown and there’s no question that their investment has paid off both for their company and for the City of Yonkers. It was their foresight nearly a decade ago that helped us give birth to the Yonkers renaissance.”

Ellen Lynch, President & CEO of the Yonkers Industrial Development Agency said, “A decade ago, the Yonkers waterfront was nothing more than an industrial ghost town. Today, under the leadership of Mayor Amicone, it’s home to world-class residences, shops, ferry service to Lower Manhattan and a magnificent restaurant. The IDA plays an important role in bringing new development and jobs to Yonkers by offering responsible, yet attractive economic incentives to prospective businesses. Today, as we celebrate the opening of Hudson Park North apartments, we mark another important milestone in this ongoing revitalization effort. “

Hudson Park North features 294 one- and two-bedroom rental apartments in two towers of 14 and 12 stories connected by a four-story building. The one- and two-bedroom apartments, which offer spectacular waterfront views of the Palisades and the Manhattan skyline, are spaciously designed with walk-in closets, luxurious bathrooms, washers and dryers, wall-to-wall carpeting, and fully applianced designer kitchens. Parking is provided in an attached garage.

Hudson Park North offers its residents a wide array of lifestyle amenities including a health and fitness center, riverfront courtyard, community rooms and business center. Monthly rents at Hudson Park North range from $1,850 - $2,300 for one-bedroom apartments and $2,530 - $3600 for two bedrooms.

Hudson Park North is located just north of Hudson Park South, the first phase of this highly successful $200 million waterfront development. Hudson Park South features 266 luxury riverfront apartments and 20,000 square feet of retail, restaurants and professional office space. The project also includes a public esplanade along the waterfront that will be linked to an esplanade on the Hudson River. Hudson Park South, which was completed in 2003, is nearly 100% leased. Hudson Park South apartments rent from $1,570 - $2,770 for one-bedroom apartments and $2,140 - $3,500 for two bedrooms.  

Mr. Collins said the high cost of Manhattan rentals, combined with a tightening of the mortgage market, has made Hudson Park very attractive to those who are looking for quality housing at affordable rents. “With the slowdown in the housing market, we are seeing more people opting to rent rather than purchase a home or condominium. Manhattan, with its high rents and scarcity of units, has been our strongest market. We expect that trend will accelerate with the opening of Hudson Park North,” he added. More than 15 percent of the apartments at Hudson Park North have been rented since the rental office opened in May.

For more information about Hudson Park North call (914) 969-1386.  Visit online at www.hudsonpark.net

In addition to the changing dynamics of the housing market, Hudson Park is also benefiting from skyrocketing gas prices which has refocused attention on building housing next to mass transit. Hudson Park is conveniently located next to the Yonkers Metro North train station, which is only 25 minutes from Grand Central Station. The recently renovated and redesigned train station provides direct access to residents of Hudson Park. Residents can also enjoy the convenience of taking the Water Taxi at the nearby Yonkers City Pier, which offers a 45-minute commute to Wall Street.

Hudson Park is attracting a dynamic mix of young professionals and singles many of whom work in Manhattan. More than half of the residents at Hudson Park South commute to Manhattan. “Hudson Park is bringing new energy and vitality to downtown Yonkers. You can see it everyday with the opening of new restaurants and shops in the neighborhood. This is exactly what we envisioned when we embarked on this project more than ten years ago,” said Mr. Collins.  

Among the new restaurants opening next to Hudson Park is celebrity chef Peter Kelly’s X2O Restaurant, which offers five-star dining in a spectacular waterfront setting. “Who would have imagined ten years ago that a world-class restaurant like Peter Kelly’s X2O would be opening on the Yonkers waterfront next to a site that was once an industrial factory. It is a truly remarkable transformation,” said Mr. Collins.    

Mr. Collins said transforming a former “brownfield” site into a successful residential development has been a daunting challenge. “It’s not easy being the pioneer. Yet we firmly believed that the Yonkers riverfront, with its spectacular views and easy access to mass transportation, would prove to be a successful location for luxury rental apartments,” said Mr. Collins.

He noted that a key to the economic success of Hudson Park was New York State’s brownfield tax credits program which provides financial incentives to developers for cleaning up and developing industrial sites. “Without the brownfield tax credits program this development would not have been financially viable,” he said. However, he noted that efforts are underway in Albany to scale back the state’s brownfield program. “This would pose a serious setback for economic development in communities throughout the state. The brownfields program works and what better example than what we’ve accomplished here at Hudson Park,” he stated.    
 
Collins Enterprises, a third-generation private real estate company based in Stamford, CT, is nationally recognized for building unique redevelopment projects, often in strategic locations, such as urban waterfronts, reemerging downtowns and Brownfield sites.  

Contact: Dean Bender, Thompson & Bender, (914) 762-1900, dean@thompson-bender.com

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Collins Enterprises, a third-generation private real estate company based in Stamford, CT, is nationally recognized for building unique redevelopment projects, often in strategic locations, such as urban waterfronts, reemerging downtowns and Brownfield sites.