Yonkers jigsaw
The development company led by Manhattan self-storage businessman Nick Sprayregen recently closed on an approximately $4.4 million commercial property purchase that further secures his position as a major player in the remaking of downtown Yonkers.
Rising Development Company L.L.C., of which Sprayregen is managing member, acquired a vacated 16,500-square-foot property at 49-51 Main St. from an undisclosed seller. The property is part of a 40,000-square-foot, $20 million assemblage, according to brokers at NAI Friedland Realty in Yonkers, on a central block bordered by Main Street, Warburton Avenue and Larkin Plaza. Sprayregen and his investment group plan to raze the buildings for mixed-use development in keeping with the city”™s master plan for downtown redevelopment.
“It took a long hard slog but it finally closed,” Sprayregen said last week of his latest Yonkers acquisition. “And yes, I continue to be extremely active in Yonkers and intend for that to continue.”
The president of Tuck-It-Away Self Storage, a family-owned company based in West Harlem, Sprayregen last summer said Rising Development Company since 2006 has committed nearly $30 million to acquire 14 commercial and residential properties, several of them vacant and deteriorated, in downtown Yonkers. With one of the company”™s Larkin Plaza property deals, Sprayregen acquired a chain of weekly community newspapers from Martinelli Publications and became publisher of Rising Publishing L.L.C.
Robin Herko and Steve Lorenzo, executive vice presidents in Yonkers-based Friedland Realty”™s retail division, were exclusive agents for the buyer and seller at 49 Main St. Herko and Lorenzo have closed about 20 deals in downtown Yonkers since 2004, starting with their leasing of the retail space in the new Hudson Park residential towers on the waterfront.
“Our vision is to create density along Main Street, overlooking the Hudson River, for high-end residential and retail that caters to the needs of today”™s downtown Yonkers residents,” Herko said.