Construction Bets on Mount Vernon
Scarsdale resident Robert Persico has close to 27 years of experience in construction, first as co-founder of a trucking business that worked with construction and then as owner of a construction contracting business. As a part of his most recent venture based in Mount Vernon, Robert Persico has been involved with many notable projects including working with the New York City and State Department of Transportation.
In the last few years, Mount Vernon has piqued the interest of developers as rising rents and other costs in NYC make construction in the city less attractive.
NYC set the stage for developers to look elsewhere to fund construction projects. Since 2017, the cost to live in the city’s boroughs has made finding affordable housing difficult. With rents in Lower Manhattan averaging over $3,400, Mount Vernon has been one of the outer lying cities chosen by developers, and not just for construction of residential homes, although this is a pressing matter.
Mount Vernon, previous to construction starts, has been characterized as an area plagued by crime, blight, and unemployment. The city, numbering 68,000 people as of 2015, has always struggled with these issues. However, it borders the Bronx and it is also closer to Manhattan than more Brooklyn neighborhoods, making it attractive to both home buyers and city residents.
The area is experiencing redevelopment in both residential and commercial construction. In the last three years, two major residential construction projects have been in the works, one 179-unit apartment complex and another 189-unit apartment complex. The 179-unit project will mimic many of the apartments seen in Manhattan that have rooftop terraces and gyms, but there is something for everyone. Construction on the 189-unit apartments near Mount Vernon West train station will culminate in affordable housing for area residents.
Commercial real estate in the area is also due for revitalization. As typical in low-income areas, the city’s business district is comprised of nail shops, discount retail shops, and take out restaurants. However, when developers are finished, the area expects to include bars, delis, and other upscale eateries to the area.
In the last few years, Mount Vernon has piqued the interest of developers as rising rents and other costs in NYC make construction in the city less attractive.
NYC set the stage for developers to look elsewhere to fund construction projects. Since 2017, the cost to live in the city’s boroughs has made finding affordable housing difficult. With rents in Lower Manhattan averaging over $3,400, Mount Vernon has been one of the outer lying cities chosen by developers, and not just for construction of residential homes, although this is a pressing matter.
Mount Vernon, previous to construction starts, has been characterized as an area plagued by crime, blight, and unemployment. The city, numbering 68,000 people as of 2015, has always struggled with these issues. However, it borders the Bronx and it is also closer to Manhattan than more Brooklyn neighborhoods, making it attractive to both home buyers and city residents.
The area is experiencing redevelopment in both residential and commercial construction. In the last three years, two major residential construction projects have been in the works, one 179-unit apartment complex and another 189-unit apartment complex. The 179-unit project will mimic many of the apartments seen in Manhattan that have rooftop terraces and gyms, but there is something for everyone. Construction on the 189-unit apartments near Mount Vernon West train station will culminate in affordable housing for area residents.
Commercial real estate in the area is also due for revitalization. As typical in low-income areas, the city’s business district is comprised of nail shops, discount retail shops, and take out restaurants. However, when developers are finished, the area expects to include bars, delis, and other upscale eateries to the area.
