Mineola-based Titan Real Estate Development has officially started construction on a $185 million mixed-use development in Yonkers.
Led by Mitchell Del Gais and Doron Pergament, Titan is developing Park Square Yonkers, a seven-story, 500,000-square-foot project that will deliver 340 residential apartments above 20,000 square feet of ground-floor retail space at 1 Loehr Place.
Designed by Perkins Eastman, the development will feature a residential mix of 192 studio apartments and 148 one-bedroom units. Ten percent of the apartments will be reserved as affordable housing and made available at below-market rental rates.
Doron Pergament, Yonkers Mayor Mike Spano and Mitchell Del Gais at the project’s groundbreaking ceremony. / Courtesy of Titan Real Estate Development
Residents will have access to a range of amenities, including a 15,000-square-foot elevated outdoor courtyard, a fitness center, business center, resident lounge, pet spa, and several thousand square feet of dedicated on-site storage. The development will also provide parking for 420 vehicles, according to the company.
The site, which was originally designated under the Mulford Gardens HOPE VI Revitalization Project, has remained vacant since ownership was transferred to the City of Yonkers in 2019. Development of Park Square is being supported through incentives from the Yonkers Industrial Development Agency, which approved approximately $16 million in financial assistance. The package includes roughly $3.8 million in sales tax exemptions, $1.5 million in mortgage recording tax exemptions, and a 20-year PILOT agreement valued at approximately $10.5 million.
“Park Square was my promise and commitment to Yonkers five years ago, and today that vision is becoming a reality through a $185 million investment in the city’s future,” said Del Gais, an Old Westbury resident, in the company statement. “I firmly believe the brightest days for both Titan and Yonkers are still ahead.”
Park Square represents the second major Yonkers development for Del Gais and Pergament, who previously completed Hudson Blue, a nine-unit high-rise residential project located at 70 Ashburton Ave.
Pergament, a Herricks native, also completed Royal Blue in Mineola last year, a $45 million development delivered through his company Blue Communities. The six-story, 101,000-square-foot project introduced 54 rental residences on a 0.60-acre site at 101 Searing Ave.
“Blue Communities continues to grow its portfolio with the successful completion of Royal Blue, the ongoing performance of Hudson Blue, and the progress of Eden Blue, while Park Square represents an exciting new milestone through Titan Real Estate Development, my joint venture with Mitchell Del Gais,” Pergament told LIBN. “Together, these complementary development platforms allow us to pursue larger and more transformative projects while remaining committed to quality, innovation, and the communities we serve.”