Yonkers IDA Approves Perks for Major Waterfront Project

John Jordan | September 2018

YONKERS—New York City developer Extell’s proposed $502-million mixed-use waterfront project here has received approximately $21.3 million in incentives from the Yonkers Industrial Development Agency.

Yonkers IDA officials stated that the incentives granted to Extell is the largest package of incentives offered by the authority in its history. The Yonkers IDA conveyed the perks to Extell last week.

The project, which is located on a site adjacent to the MTA bus depot, involves the development of 1,395 residential units in seven buildings. The project will also feature approximately 48,280 square feet of commercial space and approximately 1,587 parking spaces.

Financial incentives approved for the project at the Yonkers IDA’s meeting on Aug. 29, include $15,382,926 in sales and use tax exemptions and $5,875,732 in mortgage recording tax exemptions.

Extell is also seeking a 20-year payment in lieu of taxes agreement (PILOT) consisting of an annual payment of $4,519,000.

The project is expected to create 200 permanent jobs and 450 to 500 construction jobs. It is to be developed in phases over a 10-year period.

Extell officials could not be reached at press time. The project is one of a number of major multifamily developments built or in the pipeline on the city’s emerging waterfront.

The IDA notes that the Extell development will help revitalize a section of the city’s waterfront that has been underutilized for years while creating a new residential community that will support current and future merchants and restaurants. It will also provide a variety of housing options for Yonkers residents by incorporating both market rate and affordable units.

 

John Jordan
Editor, Real Estate In-Depth