Yonkers IDA Votes Preliminary Approval of Incentives For $56.8-Million Affordable Senior Rental Building
Real Estate In-Depth | March 9, 2023
YONKERS—The Yonkers Industrial Development Agency voted at its March 6 monthly meeting preliminary approval of financial incentives for a $56.8-million affordable housing project for low-income seniors.
Located at 345 McLean Ave., the 12-story residential building will feature 105 studio, one-and two-bedroom apartments for seniors 62 years of age and older whose income is at or below 60% of Westchester County’s Area Median Income (AMI). The studio apartment will be approximately 650 square feet, the one-bedroom apartments will range in size from 672 square feet to 767 square feet and the two-bedroom units will range in size from 890 square feet to 928 square feet.
Residents of the building will have access to a community room equipped with computers, a library, recreational space, property managers office, Supportive Housing office, laundry room and bike storage. The building will have 53 covered and uncovered parking spaces.
The property is located on the east side of McLean Avenue, west of the Saw Mill River Parkway. It abuts Van Cortlandt Park in New York City to the south and a mix of residential and commercial properties to the north, Yonkers IDA officials stated.
The building will meet the standard set by NYSERDA’s New Construction Multifamily Project and will incorporate several green and energy-efficient features into the design.
The developer, Verus Development LLC, is requesting a 30-year property tax abatement. The project is expected to create 125 construction jobs. The general partner of the project is comprised of an entity owned by Verus Development and Yonkers Community Development Organization.
Verus Development is a subsidiary of Trinity Associates, LLC, a nationally recognized, private development company with over 30 years of development experience. Trinity has successfully developed and rehabilitated both affordable and market rate housing throughout Westchester, Dutchess and Queens totaling more than $140 million.
“This exciting project will provide much-needed affordable housing for senior citizens while creating new construction jobs. With a private investment of nearly $57 million, this development is an example of how the Yonkers IDA is working to help create new housing and jobs for our city’s economy,” said Mayor Mike Spano.