$33-Million Rental Project in Yonkers Gets Final Approval of IDA Incentives
Real Estate In-Depth | February 12, 2021
YONKERS—The Yonkers Industrial Development Agency Board reports it recently granted final approval of financial incentives for 56 Prospect St., a $32.6 million, 126-unit apartment building.
The project, which received final approval at the IDA’s Feb. 5 meeting, will be comprised of 90 studios, 18 one-bedroom units and 18 two-bedroom units with a rooftop terrace overlooking the Hudson River. Thirteen of the units will be designated as affordable under the city’s Affordable Housing Program.
The project, which is located on several vacant properties on the corners of Prospect Street, Buena Vista Avenue and Hawthorne Avenue, is estimated to create 250 construction jobs and six permanent full-time jobs.
Each apartment will have full-sized kitchens, large fully accessible bathrooms and individual laundry facilities. There will be a private landscaped courtyard on the first-floor residential level with benches and picnic tables. The 7-story building will have an underground parking garage for 130 cars. The building will utilize a “green roof” and other sustainable features. The project developer is 56 Prospect Holdings LLC of Melville, NY.
The Yonkers IDA granted the project $420,000 in mortgage recording tax exemption based on the ownership’s $28-million mortgage. Based on the taxable material purchases of $10.5 million, the Yonkers IDA also granted the project a sales tax exemption of $931,875, according to a a YIDA spokesman.
In other business, the Yonkers IDA Board gave preliminary approval of tax-exempt bond financing for construction of a new public school building to be built at 121 McLean Ave. and 469-470 Van Cortlandt Park Ave. The new school is part of the first phase of the city’s Joint Schools Construction and Modernization Plan. The project, which is estimated at $68.7 million, is located at the site of a vacated school, convent and rectory. The new school will be for Pre-K through eighth grade.