The Real Deal New York

Developer seeks $20M in tax breaks for Yonkers mixed-use project

August 29, 2018 01:54PM

A developer who plans to build a mixed-use complex in Yonkers hopes to secure $20 million in tax breaks from the Yonkers Industrial Development Agency, LoHud reported. The project that developer Extell Hudson Waterfront plans to build on the Hudson River will include 1,395 residences, 48,280 square feet of commercial space within seven buildings, in addition to more than 1,500 parking spaces. Extell requested $15.4 million in sales tax breaks on construction materials and $4.9 in mortgage-recording tax breaks, claiming that it needs the subsidies “because of the high cost of conventional financing and the higher cost of development in Westchester County compared with other parts of New York,” the outlet reported. [LoHud]