AMS Acquisitions, which is based in Fort Lee, New Jersey, has begun construction of Sylvan Woods Yorktown, a residential community for adults 55 and up at 800 E. Main St., in Yorktown. The project involves the redevelopment of the site that had been home to The Blue Book Network, a construction industry publishing company.
AMS is demolishing two vacant office buildings with 63,000 square feet of space and creating 74 one-bedroom units and 106 two-bedroom units. Planned amenities include a great room, multiple resident lounges, game room, state-of-the-art fitness center, movement studio, spa with steam and sauna rooms, swimming pool, courtyard with BBQ area, sports courts, and natural walking trails. AMS expects construction to be completed in the second half of next year.
AMS originally had proposed 250 apartments and townhomes but during the course of the environmental review it was determined that a smaller alternative plan of 180 apartments located in the previously fully disturbed site area was superior. The plan preserves 26-acres of open space, which is more than 70% of the site.
“The community is nestled on a private hilltop that sits at the confluence of the Taconic and Route 6,” said Ari Mitnick, director of acquisitions for AMS. “The location and resort like lifestyle will offer an unparalleled experience for downsizers in Westchester and the greater region.”
AMS already operates Sylvan Woods Westchester at 275 Craft Lane in the Village of Buchanan. It’s a five-story building with 148 units for seniors 55 and up. The company also has a Sylvan Woods development with 100 apartments in Howell, New Jersey, and one with 124 apartments in Evesham, N.J.
AMS says it secured $50.5 million in construction loan financing for the Yorktown development from OceanFirst Bank N.A. It says that the financing was arranged by Morris Betesh, Alex Bailkin, and Andrew Rosenberg of Arrow Real Estate Advisors.
“Yorktown is an affluent market in Westchester County with strong demographics but a constrained supply of active adult products due to high barriers to entry for new development,” said Betesh. “We are happy to assist on another transaction for a long-time client and look forward to their continued success as they scale their platform.”
