Yonkers IDA Grants Preliminary Approval of Incentives For Development of New $33M Apartment Building

Real Estate In-Depth | November 2, 2020

A rendering of the 126-unit 56 Prospect St. building in Yonkers.

YONKERS—The Yonkers Industrial Development Agency Board of Directors recently granted preliminary approval of financial incentives for the development of 56 Prospect St., a $32.6 million, seven-story residential building featuring 126 rental units.

The project, which received preliminary approval at the IDA’s Oct. 28 meeting, is estimated to create 250 construction jobs and six permanent full-time jobs.

The property will feature 13 units that will be designated as affordable under the city’s Affordable Housing Program. The developer of the project is Regency Apartment Ventures, LLC o of Melville, NY.

Located on several vacant properties on the corners of Prospect Street, Buena Vista Avenue and Hawthorne Avenue, the project will be comprised of 90 studios, 18 one-bedroom units and 18 two-bedroom units with a rooftop terrace overlooking the Hudson River. The units will have full-sized kitchens, large fully accessible bathrooms and individual laundry facilities.

Other features include a private landscaped courtyard on the first-floor residential level with benches and picnic tables. The building will have an underground parking garage for 130 cars. Security for the building will be provided by a decorative fence around the perimeter and security-controlled access gates. The building will utilize a “green roof” and other sustainable features.

In other business, the Yonkers IDA Board also approved a resolution authorizing grants and loans under the city’s State Disaster Emergency (SDE) Award Program. A total of $442,500 in grants and loans were approved for 28 Yonkers businesses and not-for profits.