Mayor Amicone, L+M and Greyston break ground on $32 million project

Mayor Philip Amicone, Chairman of the Yonkers Industrial Development Agency (IDA) joined L+M Development Partners Inc. (L+M) and the Greyston Foundation (Greyston) to symbolically break ground on the 49 North Broadway affordable housing development in Yonkers. The nearly $32 million project will provide 92 high-quality units for working families who seek to live downtown and represents a successful partnership between city and state public agencies and the private sector. Warburton Riverview Owners LLC, a joint venture between L+M and Greyston, is developing 49 North Broadway in partnership with the Yonkers IDA and the city of Yonkers. It is expected to be completed in 2013. "One of Yonkers' highest priorities is to give hard-working families quality affordable housing options they deserve like 49 North Broadway. Yonkers IDA financial incentives have been invaluable tools in that effort," said Mayor Amicone. "49 North Broadway is an excellent example of how public-private partnerships can combine resources and expertise to maximize benefit to the community," said Ron Moelis, co-founder and CEO of L+M Development Partners. "We are pleased to have the opportunity to work with Greyston Foundation to help realize the City of Yonkers' vision to revitalize the area, provide comfortable, affordable living opportunities for families, and spur economic growth Downtown." "Greyston is thrilled to bring needed housing to downtown Yonkers and contribute to the City's efforts to revitalize the Downtown core. We hope our efforts will catalyze momentum in this urban community," said Steven Brown, president and CEO of Greyston. Also on hand for the event were Westchester county executive Robert Astorino; Ellen Lynch, president and CEO, Yonkers IDA; Gregory Watson, New York City regional director, New York State Homes and Community Renewal (HCR); Rachel Diller, vice president in the Urban Investment Group at Goldman Sachs; Michael Hatfield, senior vice president, Credit Products Manager, NE Region, Community Development Lending, Bank of America Merrill Lynch; and other state and local officials. "It's great that Yonkers continues to break ground on projects that revitalize the community by offering new and affordable housing opportunities," said county executive Astorino. "As Westchester's largest city, Yonkers is helping us provide the kind of high-quality, safe and fair housing options that we are striving to make available throughout the entire county." Darryl Towns, commissioner/CEO of HCR, said, "Investment in 49 North Broadway will provide the outcomes HCR is seeking to deliver to communities around the state; It leverages funds from a number of public and private sector partners, it is a priority for the local municipality and it will be a cornerstone of a larger revitalization effort for the City of Yonkers. Congratulations and thank you to all our partners in this project." 49 North Broadway will consist of one 12-story tower that will include studios, one, two and three-bedroom apartments. Ninety-eight parking spaces for the housing development will be located in the new 300-space Larkin Plaza parking facility planned at 10 Woodworth Ave. The apartments will be available for Yonkers residents with incomes no higher than 60 percent of the Westchester County area median income (AMI). The housing development complements the ongoing efforts by Yonkers to revitalize the nearby waterfront area. It represents an investment in a larger renewal effort that will include the restoration of five historic buildings along Warburton Avenue. Once complete, the restored buildings will provide additional housing and retail space. Financing for 49 North Broadway was made possible by HCR, Goldman Sachs and Bank of America. 49 North Broadway is the second of four investments L+M is making in Yonkers. L+M's first Yonkers development is an 11-story, 137-unit affordable rental property to be completed in the second quarter of 2011. The third is the restoration of the historic buildings along Warburton Avenue, and the fourth is a seven-story affordable development, located on Ravine Avenue, with 76 rental apartments currently in the planning stages. For Greyston, this development represents the conclusion of a ten-year process to assemble the sites. Long invested in the City of Yonkers and serving residents who are most in need, Greyston now celebrates the culmination of a long partnership with the City of Yonkers. The project expands upon Greyston's significant place within the community as a builder of stable, economically and culturally diverse residential and commercial properties. The project was awarded four percent low income housing tax credits from HCR, which is comprised of the integrated housing and community renewal agencies of New York. The award was made by one of HCR's affiliate agencies - the New York State Housing Finance Agency (HFA) with the commitment of HFA tax-exempt bonds (the "Bonds"). The Bonds for this development were allocated through the HFA's New Issuance Bond Program, a joint effort with the US Treasury, which agreed to purchase the HFA's Bonds. The New York State Division of Housing and Community Renewal also provided subsidy financing for the project. Bank of America, N.A. provided a construction period letter of credit, and Goldman Sachs is providing equity through the purchase of low income housing tax credits. The Yonkers IDA provided several financial incentives including a sales and use tax exemption for materials and equipment used in construction, a mortgage recording tax exemption and a structured property tax agreement. Subsidy financing was made available by the City of Yonkers Office of Community Development through its HOME program. "Bank of America has loaned and invested over $65 million in the City of Yonkers with L+M Development Partners in the past two years," said Michael Hatfield, SVP, credit products manager, NE Region, Community Development Lending, Bank of America Merrill Lynch. "L+M and Greyston Foundation have designed a wonderful building for 49 North Broadway, which not only will provide energy-efficient homes for working families but also will contribute to the vitality of downtown Yonkers." "Goldman Sachs is proud to be a partner in the development of 49 North Broadway. This project is a great example of private and public industries working together to transform communities into affordable, sustainable and vibrant neighborhoods for working families," said Rachel Diller, vice president, Urban Investment Group at Goldman Sachs.