The development firm, iPark, closed a 52.6 million dollar deal on Dec. 23 with Rising Ground to acquire the 28 acre campus formerly known as Leake & Watts.
iPark (AKA National Resources) has partnered with Great Point Studios on this project. They had previously developed the Lionsgate Studio on Warburton Ave together. This acquisition is seen as an expansion to the greater endeavor to build the “Hollywood on the Hudson” in Yonkers.
The seller, Brooklyn-based Rising Ground, is a non-profit organization that helps children and families in need. They will retain three acres of land on the southern end of the current property to continue their operation.
“Nothing is being shut down as a result of this sale”Stephen Powers, OPEN Impact Real Estate representing Rising Ground
The new owners also intend to rent the Biondi Education Center to the City of Yonkers at an annual rate of $2.4 million. This 100,000 square-foot space located on the current property is scheduled to open in 2024 and become a performing arts and media magnet school for children grades 6-12.