Yonkers IDA votes final approval for $15.8m self storage project

Yonkers, NY The Board of Directors of the Yonkers Industrial Development Agency (YIDA) voted on final approval of financial incentives for a new $15.4 million CubeSmart self-storage facility to be located on Nepperhan Ave. The YIDA Board also voted preliminary approval of financial incentives for a $15.8 million retail/self-storage facility to be located on Central Park Ave.

The developer of the CubeSmart facility is KCT Inc., which owns property and land located at 1050 Nepperhan Ave. Currently, the property is occupied by a 9,820 s/f building that houses the operating office and factory for Health Products Corp.

The location serves as a production plant for vitamins and nutritional supplements. KCT is proposing to relocate Health Products Corp. and its eight employees to a different site in the city. The existing building will be demolished to make way for construction of an eight-story, 100,000 s/f self-storage facility to be branded by CubeSmart, one of the largest operators of self-storage facilities in the U.S. The new facility will have between 750 and 900 storage units. Construction is expected to span 14 months.

KCT Inc. was approved for a mortgage recording tax exemption of approximately $231,573 and a sales tax exemption of approximately $444,846 The project is expected to create 50 construction jobs while preserving the jobs of Health Products Corporation, a company that has operated in Yonkers for the past 48 years.

The developer of the project on Central Park Ave. is proposing to build a five-story, 91,181 s/f self-storage facility above 5,815 s/f of ground-level retail space. The project is located on a 1.32-acre site at 1969 Central Park Ave. The project will also include charging stations in the parking lot for EV cars. It is estimated that the project will create and retain 8 full-time jobs, 12 part-time jobs and 35 construction jobs. The applicant, 1969 Central Park Avenue LLC, is seeking a sales tax exemption, mortgage recording tax exemption and a 30-year PILOT. Construction is expected to take 14 months.