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Tri-State

Developer scores tax breaks for $177.3M Yonkers project

<em>(Credit: istockphoto.com)</em>
(Credit: istockphoto.com)

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A Manhattan-based developer secured a number of financial incentives for a $177.3 million apartment project in Yonkers, the Westchester County Business Journal reported. Rose Associates is planning to build a 7-story building with 440 rental apartments and 443 parking spaces on 6.16 acres of land on the Yonkers riverfront. Incentives approved by the Yonkers Industrial Development Agency include “a mortgage recording tax exemption of approximately $1.7 million for the mortgage loan or loans with an aggregate principal amount of $115.2 million,” according to the outlet. The developer will also get a handful of tax exemptions. [WBJ]