Yonkers NY real estate market (Multifamily)

[Ilan Oz]

Is the Yonkers MultiFamily real estate market at a healthy place right now? Given the big question on if NYC will continue to thrive, will second tier markets that have historically thrives on the demand/job growth of NYC take a hit? Since it is close to where I am located, I want to understand the viability of a value add strategy in the market. 

[Robyn Moss]

Hi Ilan,

I am located in Mount Vernon, just next door to Yonkers. I'll say Yonkers is really it's own market. It is one of the largest cities in Westchester and has a lot of development occurring and business activity. Last year Lionsgate announced it is building a new studio in Yonkers that will bring lots of jobs.

At least in the residential market, where are I am most familiar, we are seeing many people leaving the city to come up to the suburbs of Westchester. I would argue if anything, Westchester is a beneficiary of NYC struggling. There is a lot of diverse housing stock in Yonkers and in my opinion, lots of opportunities to implement a value add strategy!

Best,

Robyn