Long-stalled downtown development moves forward
A long-delayed residential project at 70 Jackson Street in downtown Yonkers has taken a concrete step toward completion after developers secured a new construction loan and released updated renderings of the building, city and industry filings show.
Designed by Meridian Design Associates and developed by Alma Realty Corp., the eight-story, 150,000-square-foot structure is planned to deliver 128 units, with 10 percent of the apartments designated as affordable housing. The property sits between Jackson Street and Groshon Avenue, occupying a parcel that was previously home to a school building demolished in the mid-2010s.
| Project feature | Detail |
|---|---|
| Address | 70 Jackson Street, Yonkers |
| Size | 150,000 sq ft |
| Stories | 8 |
| Units | 128 (10% affordable) |
| Recent financing | $28 million construction loan |
Rendering outlines design and streetscape
The rendering released by the developer shows a U-shaped massing clad in white and gray paneling, with balconies lining the two wings and decorative pediments along the roofline. The design preview also depicts new tree-lined sidewalks and shrubbery framing the property along Groshon Avenue and Jackson Street.
Financing and public partners
Construction initially began in 2018 but stalled when financing challenges left only a small portion of the reinforced concrete superstructure built. The project has now secured a $28 million construction loan provided by BHI and arranged by Arrow Real Estate Advisors.
"Pairing two institutional partners positions this project for long-term success while delivering high-quality market-rate and affordable housing in one of the fastest-growing and most dynamic markets in Westchester County," said Jacob Schmuckler, senior director at Arrow Real Estate Advisors.
The loan transaction was arranged by Arrow representatives including Schmuckler, Morris Betesh, Jacob Petrovic and Jonah Schultz, and closed alongside agreements involving the Yonkers Industrial Development Agency (IDA) and the Yonkers Economic Development Corp. (EDC).
- Scope: 128 residential units in an eight-story building.
- Affordability: 10 percent of units set aside as affordable housing.
- Status: Construction restarted after financial pause; no revised timeline announced.
City agencies’ participation through the IDA and EDC indicates public-sector support for moving the project forward, a common approach for large developments seeking tax and financing incentives. The developer has not announced a revised construction schedule or a projected completion date.
Local stakeholders have watched the site for years. The lot, which had been occupied by a school until its demolition in the mid-2010s, briefly showed construction activity in 2018 before the work stopped. Recent images accompanying the rendering show the Jackson Street elevation and the view from Groshon Avenue, portraying a building that is intended to contribute to the neighborhood’s evolving streetscape.
For Yonkers residents, the project raises familiar questions about neighborhood change: how new market-rate apartments will interact with existing housing stock, the practical impact of a relatively small affordable set-aside, and the timeline for adding new housing supply to a city experiencing continued development pressure. The involvement of the IDA and EDC may bring public oversight of incentives and any community benefits tied to the project.
As financing closes and work resumes, attention will turn to construction staging, traffic and pedestrian impacts on Jackson and Groshon avenues, and whether the developer maintains the design features shown in the rendering. For now, the $28 million loan represents a significant milestone toward completing a development that has been on Yonkers’ radar for years.
Alma Realty Corp. and city officials have not released additional scheduling details. The developer’s rendering and financing disclosures provide the clearest update to date on a project that could add substantial residential capacity to downtown Yonkers.
