News:
Brokerage
Posted: April 22, 2025
Yonkers Industrial Development Agency
approves $1 billion in private investment in 2024
Yonkers, NY Building on the momentum of 2023, the Yonkers Industrial Development Agency (YIDA) ended 2024 with another record year. The YIDA voted for the preliminary and final approval of financial incentives for residential projects representing a total private investment of $1 billion. The developments are projected to create 2,100 new residential units and 2,400 construction jobs.
Since 2019, the Yonkers IDA has voted financial incentives for development projects representing a total private investment of approximately $3.6 billion. The developments are projected to create over 7,500 new residential units and more than 8,800 construction jobs. Ten percent of all new residential units are set aside for affordable housing.
“2024 was another tremendous year for the continued redevelopment of Yonkers, with nearly $1 billion in private investment,” said mayor Mike Spano, YIDA chair. “This extraordinary investment in our city is creating thousands of construction jobs as well as new housing units, both market rate and affordable. We are looking to build on the momentum of 2024 with another record year of success in 2025.”
Developments that received preliminary and final approval of incentives from the Yonkers IDA in 2024 included:
• North Broadway development
Developer: AMS Acquisitions
Location: 18 North Bdwy.
Total private investment: $306.7 million
Number of units: 650
Construction jobs: 800
• 325, 335 and 337 South Broadway
Developer: Urban Builders Collaborative
Location: 325, 335 and 337 South Bdwy.
Total private investment: $162 million
Number of units: 185
Construction jobs: 300
• Park Square
Developer: Titan Real Estate Development
Location: Bounded by St. Joseph Place, Cavalli Circle and Vineyard Ave., 18 North Bdwy.
Total private investment: $159.5 million
Number of units: 340
Construction jobs: 572
• The Parker
Developer: MacQuesten Development
Location: 632-636 South Bdwy.
Total private investment: $116.2 million
Number of units: 160
Construction jobs: 260
• Abbey on the Park
Developer: Kearney Realty & Development Group Inc.
Location: 21-23 Park Avenue
Total private investment: $57.7 million
Number of units: 82
Construction jobs 150
• Warburton Avenue Apartments,
Developer: Center for Urban Rehabilitation and Empowerment, Inc. and Conifer Realty, LLC, in partnership with the City of Yonkers
Location: 322 Warburton Ave.
Total private investment: $53.3 million
Number of units: 93
Construction jobs: 179
• 221 Buena Vista
Developer: MSY Group
Location: 221-223 Buena Vista Ave.
Total private investment: $39.1 million
Number of units 94
Construction jobs: 100
• Hilton Hotel
Developer: 555 Storage Group Inc.
Location: 559 Tuckahoe Rd.
Total private investment: $2.3 million
Construction jobs: 30
• Finian Sullivan Tower
Developer: Sacred Heart Associates
Location: 1 Father Finian Sullivan Dr.
Total private investment: $12 million
Number of units: 150
Construction jobs: N/A
• Cromwell Towers
Developer: Metropolitan Realty Group
Location: 77 Locust Hill Ave.
Project cost: $91 million
Number of units: 317
Construction jobs: 35
Established in 1982, the Yonkers Industrial Development Agency is a public benefit corporation that provides business development incentives to enhance economic development and job growth in the City of Yonkers.
Tags:
Brokerage
MORE FROM Brokerage
SABRE coordinates sale of six properties totaling 199,845 s/f
Huntington, NY SABRE Real Estate Advisors has completed the sale of six commercial properties across Long Island and Northern New Jersey, further underscoring the firm’s strength as a trusted partner in complex real estate transactions. The deals were led by executive vice presidents Jimmy Aug and Stu Fagen, whose combined expertise continues to drive exceptional results for clients across the region.
.jpg)
Quick Hits
.gif)
Columns and Thought Leadership
Behind the post: Why reels, stories, and shorts work for CRE (and how to use them) - by Kimberly Zar Bloorian
Let’s be real: if you’re still only posting photos of properties, you’re missing out. Reels, Stories, and Shorts are where attention lives, and in commercial real estate, attention is currency.
Lasting effects of eminent domain on commercial development - by Sebastian Jablonski
The state has the authority to seize all or part of privately owned commercial real estate for public use by the power of eminent domain. Although the state is constitutionally required to provide just compensation to the property owner, it frequently fails to account
Strategic pause - by Shallini Mehra and Chirag Doshi
Many investors are in a period of strategic pause as New York City’s mayoral race approaches. A major inflection point came with the Democratic primary victory of Zohran Mamdani, a staunch tenant advocate, with a progressive housing platform which supports rent freezes for rent
Lower interest rates and more loan restructuring can help negate any negative trending of NOI on some CRE projects - by Michael Zysman
Lower interest rates and an increased number of loan restructurings will be well received by the commercial real estate industry. Over the past 12 months there has been a negative trend for NOI for many properties across the country.
.gif)