Yonkers IDA votes preliminary and final approvals of oncentives for 3 new projects

Yonkers, NY The Yonkers Industrial Development Agency (YIDA) voted at its March 31 meeting preliminary and final approvals of financial incentives for three new residential and commercial projects that will build on Yonkers ongoing development boom. The three projects represent a total private investment of $106.5 million and are expected to create up to 375 construction jobs.

Warburton Ave. Apartments

The Center for Urban Rehabilitation and Empowerment, Inc, a local non-profit, and Conifer Realty, LLC, in partnership with the City of Yonkers is proposing a 94-unit senior affordable community on existing vacant publicly and privately owned parcels in the Warburton-Ravine neighborhood in Yonkers. The $42.1 million project, to be known as Warburton Ave. Apartments, is a public-private partnership that will transform the corner of Warburton and Point from vacant land and buildings into a vibrant senior community.

Located at 321 Warburton Ave., Warburton Ave. Apartments will offer eight senior apartments targeted to seniors earning no more than 30% of area median income (AMI), 15 apartments targeted to 40% AMI households, 55 apartments targeted to 60% AMI households, and 15 apartments targeted to 80% AMI households. The six-story, mid-rise building will consist of an overall unit mix of 36 studio apartments, 57 one-bedroom apartments, and one two-bedroom apartment reserved for an onsite superintendent. The apartments will incorporate technology and amenities to create a state-of-the-art senior, 62 and over, community. Fifteen units will have a preference for individuals with mobility, visual and hearing-impaired special needs.

The project is expected to create approximately 140 construction jobs over the 24 months construction period, and approximately 2 new permanent jobs upon completion of construction. Start date is May 2022 with completion September 2023. The project developer is requesting a sales tax exemption of $976,250 and mortgage recording tax exemption of $480,000.

“The City has been assembling abandoned and tax delinquent parcels on this block for many years, and we are now able to combine those city-owned parcels with the developer to transform a blighted block into one that will provide more quality affordable housing for our working families,” said Mayor and YIDA chairman Mike Spano.

Plant Manor

The Plant Manor LLC, a New York based development company, is proposing to transform The Manor, private estate of a Gilded Age copper baron built in 1912, into a 70,000 s/f, eco-chic venue for weddings and celebrations; professional events; and film, photo, and audio production. Accompanied by 25 guest rooms, The Manor will serve as the sister property to The Plant, just a seven-minute drive away, and open in Q4 2023.

Plant Manor acquired the property and has worked closely with the City of Yonkers and the State Historic Preservation to complete Parts 1 and 2 of the Nation Parks Service Historic Preservation Certification to achieve Historic Tax Credits.

The property, which is located at 1097 North Broadway, consists of approximately 6.5 acres and contains four structures: Alder Manor will be restored. Bosch Hall, a non-historic building partially demolished in 2019, will be renovated into the Cliff House, a modern event space. The final two structures -- a small chapel and an even smaller detached cottage will undergo exterior envelope upgrades. The site will be upgraded with new parking, lighting, and landscaping.

The $48.6 million project is expected to create 100 to 200 construction jobs and 30 full time jobs Start date is May 2022 with completion September 2023. The project developer is requesting a sales tax exemption of $1,952,500 and mortgage recording tax exemption of $457,773.

It should be noted that the YIDA action is a financial inducement only, and that in order to begin construction the project must complete the land use process with the City Planning Board, as well as review by the Department of Housing and Buildings.

1969 Central Park Ave.

In other business, the IDA Board voted final approval of financial incentives for the development of a five-story, 91,181 s/f self-storage facility above 5,815 s/f of ground-level retail space on a site at 1969 Central Park Ave. The $15.8 million 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 Ave. LLC, was approved for a sales tax exemption of $948,294 and a mortgage recording tax exemption of $236,520 and a 15-year PILOT. Construction is expected to take 14 months.