The entity N. Terrace Ownership Group LLC, which has a mailing address in Thornwood, has developed a plan to build a 12-unit three-story apartment building at 420 N. Terrace Avenue in Mount Vernon. According to the developer’s representative Shahin Badaly of the Mount Vernon-based engineering firm Badaly Engineering, N. Terrace Ownership Group currently owns the property. The developer sought and received area variances from the city’s Zoning Board of Appeals.
Among the variances was one allowing the construction to take place on a lot having 5,512 square feet instead of the minimum required lot size on 10,000 square feet. Other variances dealt with inadequate setbacks and the provision of fewer on-site parking spaces than were required.
According to Badaly, the full value of the property based on the assessment of the property by the City of Mount Vernon’s assessor is $397,660.00 as of the 2024 City Tax year. Badaly described the proposed building as being “of ordinary construction type bearing onto a concrete foundation.”
“It is anticipated that the average cost of construction for a building of this construction type and bulk to be approximately $300.00 per square foot of finished area,” Badaly said. “It is further projected that the development shall necessitate professional services, contingencies and carrying costs worth approximately 10% of the total construction cost.
There would be seven one-bedroom and five two-bedroom apartments in the proposed building. Badaly said that the projected rent for a one-bedroom unit would be $2,000 per month, and the rate for a two-bedroom unit would be $2,500 per month.
Badaly said.It was anticipated that the building that would have an operating cost of approximately 25% of the gross rental income.
