Yonkers IDA Approves Incentives for $60M Lionsgate Studio’s Phase Two Expansion
Real Estate In-Depth | January 3, 2022
YONKERS—The Board of Directors of the Yonkers Industrial Development Agency (YIDA) voted final approval on Dec. 29 of financial incentives for the $60-million Phase 2 expansion of Lionsgate’s motion picture studio complex at iPark on the Yonkers waterfront.
The expansion involves Buildings 3, 4 and 5 as well as the remaining surface lots and private roads at the iPark site. Lionsgate will use the expansion for additional studio space, support services and additional parking.
Last year, the Yonkers IDA approved financial incentives for the $60-million Phase 1 of the project. The projected range of jobs created/retained for the Phase 2 venture is between 265-420 full-time equivalent positions. A total of 80 construction jobs is projected to be created. In addition to a real property tax abatement, incentives approved for Phase 2 are $2.22 million in sales tax exemptions and $750,000 in mortgage recording tax exemptions.
In other business, the IDA Board voted final approval of financial incentives to Greyston Bakery for an $8.8-million expansion project. The project involves the acquisition and interior renovation of a vacant 30,000-square-foot warehouse at 40/44 Runyon Ave. in Yonkers. The project will include renovations of the loading docks, executive offices, and warehouse as well as the creation of a cold storage facility.
In addition to a real property tax abatement, IDA incentives approved for the Greyston project are $88,750 in sales tax exemptions and $69,750 in mortgage recording tax exemptions. The IDA incentives will allow Greyston to expand its presence in Yonkers and retain its current workforce of 125 jobs while adding 10 new jobs.
Greyston Bakery is a world-class commercial operation producing more than 10 million award-winning brownies and blondies for customers such as Ben & Jerry’s, Whole Foods Market and other retail chains.