Yonkers IDA Provides Nearly $8 Million in Incentives For Four Multifamily Projects Valued at $291 Million
Real Estate In-Depth | June 7, 2023
YONKERS— The Yonkers Industrial Development Agency announced recently it had voted to grant final approvals of financial incentives for four multifamily residential developments—Bridgewater North, Miroza Tower, 345 McLean Ave. and 83-95 Vineyard Ave. The four projects represent a total of $291 million in private investment and will create a total of 612 new residential units and 660 construction jobs.
The Yonkers IDA granted a total of mortgage recording and sales tax exemptions totaling $7,872,978.
Bridgewater North is the first phase of Ginsburg Development Companies’ Ludlow development project to take place at 150 Downing St. The $96.5-million project will feature 208 rental apartments on seven floors above two levels of parking. Ten percent of the units will be affordable.
The building’s amenities will include 24/7 concierge services, a fitness center, club room and roof deck. It is expected to create 250 construction jobs.
Off-site improvements include the restoration of O’Boyle Park, located just north of the project site; the extension of Bridge Street from Knowles Street to Downing Street, and the creation of a new Bridge Street Park and Promenade that will connect the train station area to O’Boyle Park.
The Yonkers IDA granted a total of $3,442,500 in incentives, comprise of a sale tax exemption valued at $2,662,500 and a mortgage recording tax exemption of $780,000.
Miroza Tower, which is being developed by a subsidiary of Azorim Construction Co. Ltd., will be a 27-story, mixed-use building located at 44 Hudson St. The $126-million project will feature a 267-unit, mainly residential tower that will include a party room, library, conference room, gym, two resident lounges, rooftop garden and a children’s playroom. The project will also include 1,699 square feet of retail space on the first floor and a 222-space parking garage. Yonkers IDA officials stated that there will be the requisite number of affordable rental units made available. The project is expected to create 175 jobs.
The Yonkers IDA granted the developer a total of $3,993,750 in sales tax exemptions.
A $56.8-million project, 345 McLean Ave. involves a 12-story residential building that upon completion 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). Residents of the building will have access to a community room equipped with computers, a library, recreational space, property manager’s office, Supportive Housing office, laundry room and bike storage. Project developer Verus Development is requesting a 30-year property tax abatement. The project is expected to create 125 construction jobs.
Plans for 83-95 Vineyard Ave. call for transforming a vacant and overgrown site into a $11.7 million, four-story residential building with 32 rental units and on-site parking for 47 cars on a new parking deck located at the rear of the building. The apartments will include 24 one-bedroom units and eight, two-bedroom units. The ground floor of the building will have a mechanical space, laundry area and bike room. The project is expected to create 110 construction jobs. The Yonkers IDA granted the project a $301,750 sales tax exemption, a $134,978 mortgage recording tax exemption, for a total incentive package of $436,728.