Three big Yonkers apartment projects snag $20M in tax breaks

Developments total 1,083 units, including affordable housing

18 North Broadway, Yonkers mayor Mike Spano and 221 Buena Vista Avenue (Getty, Google Maps, yonkersny)
18 North Broadway, Yonkers mayor Mike Spano and 221 Buena Vista Avenue (Getty, Google Maps, yonkersny)

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.

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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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