While White Plains, New Rochelle, and Yonkers have unveiled several new upscale condo projects at a seemingly breakneck pace in recent years, Mount Vernon has somewhat lagged behind.
But Peter Gaito Sr. believes that”™s all about to change.
“I believe Mount Vernon is ready,” said Gaito, who runs the White Plains-based planning and architecture firm Peter F. Gaito & Associates with his son, Peter Jr.
Gaito & Associates have plans to build several market-rate condo projects in Mount Vernon.
The firm recently won approval from the city for a 199-unit, 19-story building at 120 E. Sandford Blvd.
The 350,000-square-foot, mixed use building, called the Alexander, would include a fitness area, pool and 24-hour concierge service.
Gaito predicted it would “be a catalyst for further development in the area.”
Gaito is also developing The Vista at Fleetwood, at 550 Locust St. That project is already under construction.
Once completed, the 11-story, 92,000-square-foot building will feature 10 one- and two-bedroom units.
Gaito said with market-rate condo projects popping up regularly in other Westchester cities over the past few years, it is natural that Mount Vernon would become a destination for similar projects.
“What you”™re seeing here is the natural evolution of the high rise ”¦ It”™s already happened in White Plains, New Rochelle, Yonkers; the other city left is Mount Vernon,” he said.
Gaito said the market demand is still there for these types of residences.
“It would take ten years to even absorb the demand in the metro area,” he said. “The condo market is still fairly hot.”
Gaito said two factors drive the condo market: access to a train station and views.
He said Mount Vernon has good rail access, with three Metro-North stations in the city. While it doesn”™t have waterfront views like it”™s two neighboring cities to the east and west, Gaito said Mount Vernon”™s easy and quick rail access to midtown Manhattan will be a big draw.
Also, he said, “Once you”™re above three stories there are great views (in Mount Vernon),” such as the “rolling hills” of Yonkers or the New York skyline.
Gaito said his market will consist primarily of two groups: young professionals who work in New York City but can”™t afford to own a condo there, and empty nesters looking to sell their homes for a smaller place.
Â
“For example, young professionals can buy a condo here for less than half of the price in the city,” he said.
In addition to the condos, Gaito & Associates are developing a retail strip on First Street between 12th and 13th avenues in the city. A groundbreaking for that project was conducted last week.
Gaito is confident that his firm”™s many condominium apartment buildings in Mount Vernon will be successful.
He said Houlihan-Lawrence, which is marketing the Vista, has received a large amount of interest.
“Houlihan-Lawrence has received more hits on their Web site for The Vista than (developer Louis) Cappelli”™s buildings in White Plains and New Rochelle,” he said.
In addition to The Vista and the Alexander, other Gaito & Associates condo projects in the Mount Vernon area include:
* 645 Macquesten Parkway — 16 stories, 150 units
* 525 Macquesten Parkway — 29 stories, 270 units
* 160 W. Lincoln Ave. — 6 stories, 42 units
* 15 S. 5th Ave. — 6 stories, 70 units
* 520 E. Third St. — 14 stories, 58 units
* 301 S Fulton Ave. — 5 stories, 15 units
* 450 Franklin Ave. — 13 stories, 42 units.
Â
