Yonkers International Development Corporation votes on initial and final approvals for financial incentives for new residential and commercial developments

Yonkers Industrial Development Agency (YIDA) has voted initial and final approvals of financial incentives for new residential and commercial projects representing a total private investment of $182.2 million, and the developments are expected to create more than 600 construction jobs and more than 300 apartments including affordable housing for senior Low-income age.

These projects will provide and maintain 300 affordable housing units for seniors and families, as well as adaptive reuse of a historic building as a meeting and entertainment venue. “Together they are examples of the continued strong investment we are seeing in Yonkers and are signs of our commitment to providing housing and jobs in our city,” said Mayor Mike Spano.

The following projects received initial and final approvals at the YIDA meeting on September 13th.

Wheeler Block Lofts

It is located at 15-23 North BroadwayAnd the Wheeler Block Lofts consist of three contiguous historic buildings that are an important part of the landscape of North Broadway and Mill Street Courtyard. When constructing Wheeler Block Lofts, the developer will integrate the interiors into a one-of-a-kind building to create walkways running 15 to 23 North Broadway providing elevator access to a new condominium located at 23 N. Broadway.

Each building will have commercial space on the ground floor and three residential floors above it. The residential part will contain 36 apartments, of which 24 are one-bedroom apartments and 12 are cove studios.

The 125-year-old building, named after architect Charles Wheeler, will be modernized to bring all major components up to current standards and codes, including accessibility and fire safety. In addition, the developer obtained approval from the Office of Historic Preservation to restore the facade of the property and bring the interior together without compromising the original integrity of the historic design. The complex will feel like the top floor of an antique building with soaring ceiling heights, oversized windows and open floorboards. The $11.5 million development asks for a sales tax exemption of $235,112, a $114,076 mortgage registration tax exemption and a 15-year PILOT exemption. The project is expected to create 40-50 jobs in the construction field.

Whitney Young Manor

Whitney Young Manor is a 195-unit, multi-family development located at 354 and 358 Neperhan Avenue. Originally built in 1973, the complex consists of two 12-storey buildings with a total of 195 units comprising of studios, one-bedroom, two-, three- and four-bedroom apartments and a one-story community facility/nursery. There are also commercial spaces, currently occupied by a grocery store and storage facility used by a community theater group.

Whitney Young Manor, LP, a subsidiary of Omni New York LLC, acquired the property in 2006 and has retrofitted buildings and apartments valued in excess of $10 million. Omni is now seeking another property rehabilitation with a new subsidiary entity, WY Manor, LP, and expects to fund the re-engagement and rehabilitation with proceeds from IDA tax-exempt bonds. The total bonds during construction are estimated at $40 million with a permanent loan of $36 million.

More than $23.5 million will be spent to provide a complete rehabilitation including major upgrades to the building systems. The scope of the rehabilitation works will include a facade system that will significantly improve the building’s insulation along with a new central heat pump system providing heating, cooling and domestic hot water, and the installation of new windows and roofs. Omni is asking for $1,263,887 sales tax relief, $543,825 mortgage forgiveness and a 13-year extension of PILOT. The $79.5 million project is expected to create 330 construction jobs.

Mary Queen Elderly Housing

Mary The Queen Senior Housing is an affordable senior community that will provide quality, affordable housing for low-income seniors. Located at 35 Fark Street, the $42.6 million project will comprise 73 units, including 52 studio apartments, 20 one-bedroom apartments, and a two-bedroom supervisor unit. The project will also contain community space, administrative offices and a reception area.

The project is an adaptive reuse of the former Mary Queen’s Abbey. The four-story, 66,000-square-foot building was initially constructed in 1957 and has been vacant since 2015. It was acquired from the Good Sisters of Saint Vincent de Paul. It is located next to Saint Joseph Medical Center. St. Joseph Medical Center will be the service provider for the project. Among the services to be provided to residents are health monitoring, primary care and care coordination services for the frail and disabled elderly.

Mary The Queen Housing Development Fund Corp. is claiming. With a sales tax exemption of $1,184,813, and a 30-year trial exemption. The project is expected to create 100 jobs in the construction field. The project will be operated by Finian Sullivan, a Yonkers-based non-profit whose mission is to provide high-quality housing to low-income people.

plant manor

In other acts, YIDA has voted to finalize incentives for The Plant Manor LLC, a New York-based developer proposing to convert The Manor, the private property of a golden-age copper baron built in 1912, into a 70,000 square meter-chic, eco-friendly party venue. wedding and celebrations; Professional events and film, photo and audio productions. Accompanied by 25 rooms, The Manor will be the sister property of The Plant.

Plant Manor acquired the property and worked closely with the City of Yonkers and the State Historic Preserve to achieve historic tax credits.

The estate, located at 1097 North Broadway, consists of approximately 6.5 acres and contains four buildings: Alder Manor will be restored. Bosch Hall, a non-historic building that was partially demolished in 2019, will be renovated as Cliff House, a convenient venue for modern events.

The $48.6 million project is expected to create 163 construction jobs and 55 full-time jobs. The project developer received a sales tax exemption of $1,998,809 and a mortgage registration tax exemption of $280,633.

At the IDA meeting on September 13, the board of directors also voted to increase financial incentives for Yonkers Contracting to build a new facility at 969A Midland Avenue. The facility will be used to store construction equipment along with a car workshop and a small office. Due to several factors most notably COVID-19, the project’s original estimated cost of $2.5 million has increased to $6 million. The YIDA Board of Directors approved the applicant’s request to increase the sales tax exemption by $350,000 to $514,000.

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