Yonkers IDA Approves Incentives for Rehab Of Apartment Building on Ashburton Avenue

Real Estate In-Depth | August 2018

A rendering of the renovated seven-story 70 Ashburton Ave. building.

YONKERS—The Yonkers Industrial Development Agency on July 26 announced it had approved financial incentives for the rehabilitation of a seven-story apartment building at 70 Ashburton Ave.

The project, which involves the complete renovation of an existing vacant apartment building, is a transformative development for this corridor of the city that creates new housing opportunities and jobs, the IDA stated in a press announcement.

Financial incentives included $221,875 in sales and use tax exemptions and $270,000 in mortgage recording tax exemptions. The project is estimated to create 75 construction jobs and eight full and part-time jobs.

Construction is expected to be completed within two years. The developer of the project is Hudson Blue Yonkers LLC of Mineola, NY.