Yonkers IDA Approves Adaptive Reuse ‘Mill’ Project
John Jordan | December 7, 2018
YONKERS—The Board of Directors of the Yonkers Industrial Development Agency has approved a resolution of intent earlier this month with the developer of a former loft warehouse in the Carpet Mills Art District.
The project by Momentum Realty Associates of Yonkers will convert the light-industrial building at 222 & 252C Lake Street into an office and entertainment complex called “The Mill.”
The 55,000-square-foot building was damaged by a fire in 2017 and is to be completely renovated in two phases beginning in January, according to Ruben Guerrero, principal of Momentum Realty.
IDA financial incentives for the $11.7-million project include $240,513 in sales tax exemptions and $137,147 in mortgage recording tax exemptions. The project is being done as part of the Yonkers Opportunity Zone, which is designed to spur development and create jobs.
In other Yonkers news, the Municipal Housing Authority and the City of Yonkers and the City of Yonkers announced that Martinelli Manor, a 45-unit senior housing complex in East Yonkers, is the latest to benefit from renovations as part of an ambitious three-year plan by the authority and the city to upgrade more than 1,700 units of affordable housing in Yonkers.
On Dec. 3, city, state and MHACY officials and members of the Martinelli family unveiled the newly renovated building with a special tribute to the late Mayor Angelo Martinelli, who the complex is named after.
More than 25 pieces of memorabilia were on display, including photos, the glass insert from the mayor’s door in City Hall and a gold record of the city’s 1970s theme song “I Believe in Yonkers,” which was orchestrated by Martinelli as part of a marketing campaign. Martinelli, the city’s longest serving mayor, died on Oct. 27 at age 91.
The display added the finishing touches to the $5.2-million renovation, one of many going on at affordable housing complexes across the city. The interior and exterior work includes painting, new flooring, new kitchens and bathrooms with energy efficient appliances and lighting.
Apartment lobbies and elevators have been upgraded and new exteriors and windows added as well as improved handicapped accessibility.
Yonkers Mayor Mike Spano said that Martinelli would have been gratified to see the renovations completed. The event was attended by New York State Senator Shelley Mayer and members of the Yonkers City Council as well as members of the MHACY Board and past Housing Authority officials.
“Angelo Martinelli was a great believer in the City of Yonkers,’’ said Spano. “He loved this city and would have been proud to see the renaissance it is now undergoing. Knowing that our residents, particularly senior citizens, have a better, more comfortable place to live would have made him very happy. I can’t think of a more fitting tribute.’’
Joseph Shuldiner, executive director of MHACY, said that renovations like those at Martinelli Manor are currently going on in 1,300 units of affordable housing throughout the city. He said the work should be completed by the end of 2019. MHACY is working on obtaining additional funding to complete an additional 400 units by 2020, he said.
“Through the Rental Assistance Demonstration program we have been able to leverage private investment through tax credit incentives to improve our housing stock and create hundreds of construction jobs. We would not have been able to do any of this without the help of New York State, and, in particular, our local delegation and Governor Cuomo.”
Yonkers Chief City Court Judge Michael Martinelli said the Martinelli family was honored by this tribute to his father. “My father was a big supporter of affordable housing and was instrumental in the construction of this particular building for senior citizens,’’ he said. “I sure that he would have been very proud. I’m only sorry that he could not be here today, but I’m sure he is with us in spirit.”
Editor, Real Estate In-Depth