Titan Real Estate hosts groundbreaking of $185 million Park Square Yonkers
Yonkers, NY In an important milestone in the economic renaissance, senior executive Mitchell Del Gais of Titan Real Estate Development LLC joined with mayor Mike Spano and elected officials from the city, Westchester County and New York State on July 21 to celebrate the groundbreaking for Park Square Yonkers, a new transformative mixed-use residential development.
The $185 million project will be 500,000 s/f, comprised of 340 residential units and 20,000 s/f of prime street-level retail space, including 420 covered on-site parking spaces, integrated within the building’s envelope. Ten percent of the residential units will be designated as affordable.
Located at 1 Loehr Pl., the seven-story project, developed by Mitchell Del Gais and Doron Pergament of Titan Real Estate Development LLC, will have a unit mix of 192 studio apartments and 148 one-bedroom apartments. Residents will have access to a comprehensive suite of modern amenities, including a 15,000 s/f elevated private outdoor courtyard, a double-height fitness center, a business center with working stations exclusive to residents, a resident lounge, a boutique-style pet spa, and several thousand s/f of resident storage located within the building. Construction is expected to take 24 months. The project architect is Perkins Eastman.
The property, which rises in elevation from south to north, offers views of the Hudson River and the city skyline, providing a natural amenity that complements the building’s comprehensive collection of premium amenities and further elevates the living experience.
Park Square will also be aligned to a new Yonkers Public School at Grant Park. It will be pre-K to eighth grade, and is estimated to serve around 800 students. It will be a community school, allowing access on nights, weekends and summers for community use, and will have amenities like a gym, library and a pool.
The site, originally designated as part of the Mulford Gardens HOPE VI Revitalization Project, has remained undeveloped since its transfer to the city of Yonkers in 2019. Recognizing Del Gais’ market expertise and development capabilities, the city selected Titan to lead the project’s development. The city executed a Land Disposition Agreement in November 2023, formally awarding the site to Titan.
“Park Square was my promise and commitment to Yonkers five years ago and today that promise is becoming reality through a $185 million investment in the city’s future. I firmly believe the best days for Titan and Yonkers are still ahead,” said Del Gais, senior executive, Titan Real Estate Development LLC.
“Park Square is another example of Yonkers’ remarkable transformation and the momentum we’ve built together. This development is about more than new buildings — it’s about creating opportunities for families, expanding access to quality housing, investing in education, and continuing to revitalize our neighborhoods. With a brand-new Yonkers Public School as an anchor here, Park Square represents the kind of smart, thoughtful development that strengthens our community and prepares our city for the future,” said mayor Spano.
In December 2024, the Yonkers Industrial Development Agency unanimously approved \ $16 million in financial incentives for Park Square Yonkers. The incentive package includes \ $3.8 million in sales tax exemptions, $1.5 million in mortgage recording tax exemptions, and a 20-year PILOT agreement valued at \ $10.5 million.
Park Square is the second major investment in Yonkers for the sponsors, Mitchell Del Gais and Doron Pergament, who have also completed “Hudson Blue”, a 94 unit high-rise residential building located at 70 Ashburton Ave.