Balfour Beatty Property Transaction to Benefit City of Yonkers.

NOVI, Mich. -- In a real estate transaction that will benefit the City of Yonkers both aesthetically and economically, One Point Street, Inc. has acquired the former BICC Cables site from BICC Cables Corporation, a Balfour Beatty, Plc. Company. Working together, Balfour Beatty, Phelps Dodge Corporation, One Point Street, Inc., and the City of Yonkers submitted a letter of support to the New York State Department of Environmental Conservation (NYSDEC) to facilitate regulatory approval for the transaction.

The City of Yonkers continues to transform its image from industrial manufacturing into a clean, prosperous and progressive municipality. One Point Street, Inc. plans to develop the site for multiple purposes. These purposes include an extensive multi-family residential development and other commercial uses. One Point Street, Inc. has completed application to perform the development as part of the New York State Brownfield Cleanup Program.

"The development will be a fine complement to our waterfront," said Philip A. Amicone, Mayor of Yonkers. "The downtown area currently features a new state-of-the-art waterfront library, hundreds of recreational programs, cultural organizations, centers for senior citizens, a museum and planetarium, a newly restored performing arts center, restaurants, gracious living accommodations, historic sites and a number of excellent hospitals," he said.

The development of the property will include the removal of all existing structures except for the Hudson River Sound Stage building, which was first erected at the site in 1968. A number of recent motion pictures have been filmed there, including Halloween Resurrection, Kate & Leopold, Sleepy Hollow, and The Stepford Wives. The facility will continue to be available to film makers for motion picture production.

BICC Cables Corporation acquired the former industrial manufacturing site from Phelps Dodge Corporation in 1984. Balfour Beatty demonstrated its environmental responsibility throughout ownership of the property in the form of extensive ongoing investments in maintenance and upkeep. Balfour Beatty and Phelps Dodge collaborated to facilitate the property's cleanup and redevelopment will conclude the maintenance.

One Point Street, Inc is an affiliate of Homes for America Holdings, Inc., a real estate operating company headquartered in Yonkers. Founded in 1996, the organization specializes in the quality revitalization and preservation of neighborhoods and cities throughout the United States. The organization recently completed the construction of Station Plaza - a 70,000 square foot office building on the Hudson River in Yonkers.

Company Information

Balfour Beatty plc (BBY.L), headquartered in London, England, is an $7.5 billion global diversified group of companies serving the international markets for rail, road, power systems, buildings, and complex structures through design, construction, and service. The U.S. subsidiary, Balfour Beatty, Inc., is located in Novi, Michigan. For more information visit: www.balfourbeatty.com.