$22M Mixed-Use Development to Break Ground in Downtown Yonkers; Valuation Expert Steven Kurtz Joins Avison Young as Principal

By Veronica Grecu, Associate Editor

Development company Rising Development recently got the green light from the Yonkers Industrial Development Agency (YIDA) to go on with a $22 million project that would transform five properties in the downtown area into residential, retail and restaurant space. According to LoHud.com, YIDA has granted more than $500,000 in tax exemptions on mortgage and building materials used for the project, which aims to revitalize the city’s downtown and waterfront and attract further developers in the area.

It is estimated that the project will create nearly 135 permanent jobs. The five properties, located along Mill Street and Main Street and owned by Nicholas Sprayregen (pictured to the right) of Rising Development, will be the first phase of the planned Yonkers Rising construction development, which has been tentatively dubbed the Mill Street Courtyard project. As revealed in the official statement, over the next two years they will be transformed as follows:

–  27 Main Street will become a 7,000-square-foot structure to serve retail and restaurant uses

–  13 Main Street and the adjacent 2 Mill Street will become 25,000 square feet of live/work lofts, plus 6,000 square feet of retail space

–  36 and 38 Main Street will feature 15 live/work lofts on the upper floors and 4,000 square feet of ground floor retail space and a café

Apart from these, a vacant building located at 24 Warburton Ave. will be replaced by a pedestrian passage that will link the Larkin Plaza park with the Mill Street courtyard.

In commercial real estate news, Avison Young announced last week that valuation expert Steven J. Kurtz (pictured) has joined the company’s New York City office as a principal, effective immediately. Kurtz, 45, is an industry veteran with 20 years of experience; he will focus on Avison Young’s valuation advisory services in the areas of valuation for financial reporting, litigation support, periodic valuations, portfolio analysis, cost-segregation studies, business combinations and standard appraisals.

Prior to joining Avison Young, Kurtz was the founder and Managing Director of Kurtz Realty Consulting in New Jersey, where he dealt with business development, client service and deliverables, while focusing on valuation for financial reporting. His notable achievements include the appraisal of Union Station in Washington, D.C., Faneuil Hall in Boston and General Motors’ legacy portfolio, which consists of 32 plants totaling more than 40 million square feet across the country.

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