Development
Tri-State
Titan latest to test Yonkers multifamily market
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Three big Yonkers apartment projects snag $20M in tax breaks
Developments total 1,083 units, including affordable housing
Three developers in Yonkers are on the path towards a combined $20 million in tax breaks for multifamily projects.
The Yonkers Industrial Development Agency granted preliminary approval of financial incentives for a trio of projects in the city last week, the Yonkers IDA announced. The projects will combine to add nearly 1,100 housing units to the city, which is experiencing something of a multifamily boom.
The biggest of the three projects is AMS Acquisitions’ development at 18 North Broadway; the developer is seeking an $8 million sales tax exemption, a $3.6 million mortgage recording tax exemption and 20 years of payments in lieu of taxes. Phase 1 of the development would commence this year, with Phase 2 to be completed in 2031.
AMS’ $306 million project will include 650 apartments, split between two 25-story buildings. Ten percent of the units would be affordable. There would also be 1,000 square feet of commercial space and a 768-spot parking structure.
Long Island-based Titan Real Estate Development is developing a four-acre parcel spanning eight lots on St. Joseph Avenue, Cavalli Circle and Vineyard Avenue. Titan seeks a $3.8 million sales tax exemption, $1.7 million mortgage recording tax exemption and a 20-year PILOT agreement.
Titan’s $118 million project, dubbed Park Square, would include 339 units in a six-story building. Other features include 20,000 square feet of commercial space, 420 parking spaces and a green roof for the capture and redistribution of stormwater.
Lastly, MSY Group is building a nine-story, 94-unit affordable housing project for seniors at 221-223 Buena Vista Avenue. For the $39 million development, MSY wants a $1.8 million sales tax exemption, $650,000 mortgage recording tax exemption and a 15-year PILOT.
Amenities at the development would include rooftop green space, a community room and a fitness center.
In the past decade, several Westchester cities including White Plains, New Rochelle and Yonkers, have experienced a dramatic spike in multifamily development as they encourage growth opportunities around commuter rail stations.
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