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September 23, 2019Cart

Business

by Westchester County Business Journal
by WCBJ

Yonkers IDA approves $1M in tax breaks for Parkledge Apartments

The Yonkers Industrial Development Agency (IDA) on March 25 gave final approval to an incentive package of $1,092,428 for a plan by Parkledge Preservation LLC to acquire and

renovate the Parkledge Apartments at 220 Yonkers Ave.
It also gave preliminary approval to $4,106,502 of incentives for three other applicants, bringing the total amount of incentives which were acted upon at the IDA’s board meeting to $5,198,930.

Parkledge is a high-rise on a 4.3-acre parcel with 311 one-, two-, three- and four-bedroom units. The building is positioned to serve low-income families and all of the units are income-restricted and subsidized through the federal government’s Mitchell-Lama HUD Section 236 program.

The acquisition cost of the property is reported as $50 million, with an estimated $6.9 million to be spent on an assortment of renovations. These include replacing the roofing and insulation, repairing the building’s facades, upgrading elevators and installing energy-saving features.

The project is expected to create 55 construction jobs while retaining 13 full-time jobs. No residents are expected to be displaced by the work. The Parkledge project will receive $265,328 in sales tax exemptions and a mortgage recording tax exemption of $827,100.

The IDA granted preliminary approval to incentives for projects by Westhab, Erin Construction & Development Co., and 78-80 Morningside LLC.

The incentives for Westhab are for its $43.4 million Dayspring Commons and Dayspring Community Center projects in southwest Yonkers. Westhab plans to turn a former church property into a 20,000-square-foot community center. It also plans to build a 63-unit residential development at 227 Elm St. The 6-story structure will have one-, two- and three-bedroom units.

Westhab’s projects are expected to create 80 construction jobs and create and retain 28 full-time and part-time jobs. If final approval is granted, Westhab would receive $3,009,750 in sale tax exemptions and a $730,890 mortgage recording tax exemption.

Erin Construction & Development Co. plans to build a 9-story mixed-use building at 9-11 Riverdale Ave. The estimated cost is $6.5 million. The building would have 29 rental apartments and 2,150 square feet of commercial space at ground level. The incentives for that project would be $228,897 in sales tax exemptions and a mortgage recording tax exemption of $85,500.

A $1.5 million project at 78-80 Morningside Avenue is proposed to create eight units of workforce housing. Each would have 2 bedrooms and rents would be $1,800 a month. The developer, 78-80 Morningside LLC, plans to gut and rehab an abandoned property. The property is in an Opportunity Zone and the project is expected to create 15 construction jobs. Morningside would receive $26,625 in sales tax exemptions and a mortgage recording tax exemption of $24,840.