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Deals & Dealmakers

Yonkers IDA approves incentives

Yonkers Industrial Development Agency (IDA) has approved resolutions of intent to provide financial incentives for three major residential projects worth more than $391 million.

The three projects are expected to create 1,300 construction jobs and add 1,000 new units of rental housing to the city.

Two of the projects are being developed by Ginsburg Development at Ludlow Point, the centerpiece development of the new Ludlow Station Area Master Plan to be created by the City of Yonkers.

150 Downing Street consists of 520 apartments in two ten-story and two 11-story towers. IDA financial incentives for the project include $4,752,563 in sales tax exemptions and $2,520,000 in mortgage recording tax exemptions.

The other GDC project, 70 Pier Street, consists of a four-story building with 36 rental apartments, ground floor retail and indoor parking.

IDA incentives for that project include $310,625 in sales tax exemptions and $180,000 in mortgage recording tax exemptions.

The third project is 57 Alexander Street, a 440-unit seven-story building with 443 parking spaces being developed by Rose Associates, Incentives include $3,807,375 in sales tax exemptions and $2,073,600 in mortgage recording tax exemptions.

The three projects have not yet received approvals from the city. Ludlow Point and 70 Pier Street will be part of a year-long Master Planning process with the city to develop a new plan for the entire Ludlow Station area.

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