76 Locust Hill Avenue Yonkers, NY 10701
52,250 BSF Development Site 76 Locust Hill Avenue, Yonkers, NY 52,250 BSF Development Site
Page 2 76 Locust Hill Avenue, Yonkers, NY 52,250 BSF Development Site
Location 76 Locust Hill Avenue, Yonkers, Westchester County, NY 10701
Description The subject property is a 41,980 square foot plot with an FAR of 1.25 allowing for a total of 52,250 buildable square feet. Frontage on Locust Hill Avenue is 164 ft. with an average depth of 255 ft. The property consists of a former religious facility with a gross building area of 13,732 square feet. The usable portions of the property includes the (former) church, lower-level community room and upper-level residential and storage areas.
SPECIFICATIONS
Building Class Church
Lots Total Land SF 41,800
FAR 1.25
Property BSF 52,250
Block / Lot 2027 / 101
1st Mortgage Free & Clear
Zoning District M-Residential, Medium Density
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Area
Yonkers is known as the primary retail center of lower Westchester County. The city contains Westchester's largest mall, the Cross County Shopping Center, a 1.2 million square foot open- air and enclosed retail center at the intersection of the Cross County Parkway and the Major Deegan Expressway – Interstate 87, the New York Thruway. Sears and Macy’s anchor the mall and it recently completed a major renovation. Central Park Avenue has an abundance of retail establishments, north and south of the mall. The Yonkers’ economy benefits from over $2.6 billion in annual retail sales potential. Yonkers also has one of the few designated flex/industrial business parks within Westchester County in the South Westchester Executive Park along with iPark Hudson-Yonkers near downtown and the train station.
Population
New York State residents have the ninth highest income tax and the highest property tax in the country. Specifically, Westchester County has some of the highest property taxes in the state. These factors are partially responsible for the lack of attraction and retention of young professionals, giving Westchester County one of the oldest populations in the northeast. WC maintains a population of 966,900 and typically experiences slow growth as new housing projects are limited by available developable land.
Transportation
Two Metro-North rail lines provide Yonkers residents convenient access to all of the business centers of the metropolitan region, including those in New York City, Westchester County, New Jersey & Connecticut. Further accessibility is provided by the north/south Saw Mill River Parkway, Bronx River Parkway, Sprain Brook Parkway, Hutchinson River Parkway and Interstate 87-th New York State Thruway, and the east/west Cross County Parkway Saw Mill River Parkway. The city and county have efficient local bus systems. Westchester County Airport is located about 17 miles northeast of Yonkers and LaGuardia Airport is located approximately 45 minutes away in New York City-Queens.
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Conclusion
The subject property benefits from its location in the northern-central portion of Yonkers, north of the central business district, and in proximity to both residential neighborhoods and local retail/commercial districts. Residential properties are nearby off the main roadways. Central Yonkers has a variety of mid and high-density residential districts. The trend in Yonkers has been towards new and downtown residential and retail developments. Future projections for the Yonkers area are optimistic with several additional residential, retail and commercial projects proposed and/or in the planning stage. The planned commercial and residential projects in the development stages within Yonkers should continue to grow and gentrify the many neighborhoods of the city. Over 7,000 new construction units are in planning phases as of January 1st, 2016.
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Property Photos
A view of the Saint Margaret’s Church from An additional view of the property from across Locust Hill Avenue Locust Hill Avenue
A view of the open parkland at the back of A view of the driveway entrance to the church the church from within the sit. property from Locust Hill Avenue
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Page 2 76 Locust Hill Avenue, Yonkers, NY 52,250 BSF Development Site
Regional Map
76 Locust Hill Ave
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Bird’s Eye View
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Street Map
76 Locust Hill Ave 76 Locust Hill Avenue, Yonkers, NY 52,250 BSF Development Site
Tax Map 76 Locust Hill Avenue, Yonkers, NY 52,250 BSF Development Site
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Zoning & Valuation
General Information
The property is zoned M, Apartment Houses, Medium Density by the City of Yonkers. It is currently used as a Religious Facility. Proposed use as a Multi-Family Residential, however permitted uses within this district additionally include single- and two-family dwellings & municipal uses. Supplemental permitted uses include community residential facilities for 14 persons, parish houses, schools and places of worship.
Requirements
Besen & Associates 381 Park Avenue South, New York, NY 10016 Tel (212) 689-8488 · Fax (212) 689-9518 · www.besenassociates.com 76 Locust Hill Avenue, Yonkers, NY 52,250 BSF Development Site
Zoning & Valuation cont’d.
Zoning Analysis Projecting the highest density possible, our analysis concludes that a 52-unit multi-family building could be developed on the site as vacant. The subject site could also be combined with adjacent vacant parcels as it is of adequate size to accommodate a variety of urban residential uses. The following table provides an estimate of maximum unit count.
Tax Lot Subject Site
Size-Square Feet 41,980 SF
Maximum FAR 1.25 FAR
Total Building Area 52,475 SF
Divided by Avg. Unit Size 800 SF
Estimated Unit Count 52 dwelling units 76 Locust Hill Avenue, Yonkers, NY 52,250 BSF Development Site
Zoning & Valuation cont’d.
Dimensional Regulations for Residential Uses 76 Locust Hill Avenue, Yonkers, NY 52,250 BSF Development Site
Westchester County Regional Analysis Market Definition Westchester County is located in the southeastern portion of New York State directly north of New York City. It is bordered on the west by the Hudson River and on the east by the Long Island Sound and Connecticut’s Fairfield County. Westchester County is part of the New York-White Plains-Wayne MSA, which includes NYC’s surrounding suburban areas in New York, New Jersey, and Pennsylvania.
Further considerations are as follows: • Westchester County consists of six cities, including Mount Vernon, Rye, New Rochelle, White Plains, Peekskill, and Yonkers; as well as 16 towns. According to 2013 Census estimates, • Westchester County’s population is approximately 966,900.Westchester County is tied both economically and culturally to Manhattan, as is most of the New York region. Central Westchester County (White Plains) is located approximately 30 miles north of Midtown Manhattan. Its accessibility to NYC is a key factor to its appeal and stability. The entire county spans 433 square land miles and bordered by Fairfield County to the East, Bronx County to the south, and Putnam County to the North.
Current Trends There are approximately 83,749 housing units within a three-mile radius of the subject property. Westchester County’s proximity to NYC, combined with its’ exceptional transportation system and high quality of life, hasled it to become the corporate headquarters for over 170 businesses. Westchester County’s status as a prestigious and affluent suburban county has played an important role in attracting executives and their companies to the area, in addition to serving as a bedroom community to Manhattan.
Westchester County Map 76 Locust Hill Avenue, Yonkers, NY 52,250 BSF Development Site
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Yonkers New Construction Complete| Total No. Units 582
Under Construction | Total No. Units 1,181
Planned| Total No. Units 2,468 76 Locust Hill Avenue, Yonkers, NY 52,250 BSF Development Site
Yonkers New Construction cont’d. Proposed| Total No. Units 7,164