AMS Acquisitions getting tax break for 906-unit Yonkers project
Luxury rental towers on water will be $458M development
AMS Acquisitions is getting some help from Yonkers to build one of the biggest apartment projects in recent Yonkers memory.
AMS received preliminary approval from the Yonkers Industrial Development Agency for tax incentives to aid its $458 million Teutonia Hall luxury rental project, according to the IDA. The developer is awaiting final approval on its requests, which include $12.9 million in sales tax exemptions and $4.4 million in mortgage recording tax exemptions.
The developer’s long-term plan for 4 Buena Vista Avenue is a mixed-use project with 906 apartments over two 41-story towers. The massive development will also have 907 parking spaces and 2,900 square feet of retail. Roughly 10 percent of the rentals will be designated affordable.
Construction will unfold in two phases. The first, anticipated to begin next September, will include a building with 510 units and two-thirds of the parking podium. It would wrap in December 2027.
The second phase would kick off in December 2028 and finish three years later.
New York City-based AMS, led by Michael Mitnick, acquired the downtown Yonkers site for $18.3 million in 2018, then expanded its plans for the site. The site was formerly home to the Teutonia Music Hall.
This summer, AMS received a green light for its 18-story Silk Loft East and six-story Silk Loft West in Bayonne, New Jersey. The two projects will deliver a combined 286 housing units, all market-rate.
In other news, Westchester County’s Local Development Corporation granted final approval for $52 million in tax-exempt bond financing for New York Blood Center to redevelop Avon’s former headquarters in Rye.
The nonprofit is set to occupy the entire 187,000-square-foot property at 601 Midland Avenue, using it for office space, laboratories, processing storage and distribution of blood and other supplies. The Blood Center is also building a tower on Manhattan’s East Side.