The proposed Struever Fidelco Cappelli redevelopment of Yonkers' downtown/waterfrontdistrict has caused sellers of commercial property in that zone to be a bit unrealistic in there pricing. Peter G. Klein, vice president of Fidelco Realty Group, said the developers have the property deals in place for the first phase of the $1.56 billion project but are assessing other sites for future development.
Will Yonkers stubborn landowners prevent future development in the area? One land owner was quoted to have asked for $2 million for .75 acres of land on Warburton Ave that lacked water views. CRAZY! Klein was also quoted he was unwilling to pay a premium today for property he would develop later. Could Yonkers end up looking like this in 5 years after all the developers have run out of money?
In order for Downtown/Waterfront Yonkers to flourish the surrounding neighborhoods will need to improve. Many of the pioneers like Peter Kelly's X2O on the waterfront will be forced to close if the neighborhood does not improve and/or continue to redevelop.
Comments and suggestion are always welcomed...
MICHAEL A. BROWN - REALTOR® WESTCHESTER COUNTY AND THE BRONX
