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Brokerage
Posted: March 22, 2022
Yonkers IDA provided financial incentives for projects representing over $508 million in private investment
Yonkers, NY The Yonkers Industrial Development Agency (IDA) posted another solid year of success providing financial incentives in 2021 to residential and commercial projects representing a total private investment of more than $508 million. The developments are projected to create 1,009 new residential units and more than 1,739 construction jobs.
Since 2019, the Yonkers IDA has provided financial incentives to development projects representing a total private investment of approximately $1.48 billion. The developments are projected to create approximately 3,259 new residential units and approximately 3,365 construction, full-time and part-time jobs. Ten percent of all new residential units are set aside for affordable housing.
“2021 was another banner year for the ongoing redevelopment of Yonkers,” said Yonkers Mayor Mike Spano, Yonkers IDA chair. “Our successes are paving the way for more long-term interest and investment in our city, all within a diverse landscape of properties – proving Yonkers is the place to live, work and play. We look forward to more opportunities in 2022!”
The Yonkers IDA finished 2021 with final approval 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. In 2020, the Yonkers IDA approved financial incentives for the $60 million Phase 1 of the project. Both phases of the project represent a total private investment of $120 million and are expected to create between 265-420 full- and part-time jobs. A total of 400 construction jobs is projected to be created.
Other projects that received Yonkers IDA incentives in 2021 included:
Point & Ravine
- Developer: Conifer Realty
- Location: Point St. and Ravine Ave.
- Total Private Investment: $77.7 million
- Rental housing
- Number of apartments: 146 units, all affordable
- Jobs: 250 construction jobs
56 Prospect Street
- Developer: 56 Prospect Holdings LLC
- Location: 56 Prospect St.
- Total Private Investment: $32.6 million
- Rental housing
- Number of apartments: 126 units
- Jobs: 250 construction jobs
Horizon at Ridge Hill
- Developer: Azorim
- Location: 601-701 Ridge Hill Blvd.
- Total Private Investment: $75.6 million
- Luxury rental building
- Number of apartments: 184 rental units and 18 affordable units
- Jobs: 100 construction jobs
Hudson Hill
- Developer: Westhab
- Location: 76 Locust Ave.
- Total Private Investment: $53.9 million
- Number of apartments: 113 residential units for low-income families
- Jobs: 83 construction jobs
Greyston Bakery
- Developer: Greyston Bakery
- Location: 40/44 Runyon Ave.
- Total Private Investment: $8.8 million
- Acquisition and renovation of vacant warehouse
- Jobs: 25 construction jobs
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