$177M Yonkers Project Lands IDA Incentives

Real Estate In-Depth | October 2019

A rendering of 57 Alexander St. in Downtown Yonkers.

YONKERS—A $177.3-million waterfront project being developed by New York City-based Rose Associates on Alexander Street here has secured incentives from the Yonkers Industrial Development Agency.

The project at 57 Alexander St. that will convert an industrial building into a multifamily complex secured the incentives at the Oct. 2 meeting of the Board of Directors of the Yonkers Industrial Development Agency.

When completed, the development will feature 440 rental apartments in a seven-story building with 443 parking spaces. A total of 10% of the apartments will be affordable.

The Yonkers IDA Board of Directors granted the project $3.8 million in sales tax exemptions and $2.07 million in mortgage tax recording exemptions.

The project will include 25,000 square feet of new waterfront open space including a waterfront walkway that will provide access to the Hudson River waterfront and unobstructed views of the Palisades. The public open space will have a walking promenade with seating and landscaping. The property will be connections to waterfront sites located to the north and south of the property.

The project is an integral part of a conceptual land use plan for redevelopment of a critical segment of the city’s Hudson River waterfront, IDA officials stated.

The 6.16-acre property, which currently consists of five industrial warehouse buildings and a storage shed, is located within the Alexander Street Urban Renewal Area and is part of the Alexander Street Master Plan adopted by the City Council in 2009.

It is estimated that the project will create approximately 631 construction jobs and 10 full time jobs.