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Deals & Dealmakers

Yonkers IDA Continues Record of Success with Another Active Year Voting Approvals of Financial Incentives for Developments Representing $277 Million in Private Investment

Continuing its record of success, the Yonkers Industrial Development Agency (IDA) reported another active year for 2022 voting final and preliminary approval of financial incentives to residential and commercial projects representing a total private investment of $277 million. The developments are projected to create over 500 new residential units and 1,255 construction jobs.

Since 2019, the Yonkers IDA has voted financial incentives to development projects representing a total private investment of more than $1.76 billion. The developments are projected to create approximately 3,760 new residential units and approximately 4,600 construction jobs. Ten percent of all new residential units are set aside for affordable housing.

“By providing financial incentives to residential and commercial developments, the Yonkers IDA continues to be a driving force behind the city’s remarkable economic renaissance with projects representing over $1.7 billion in total private investment over the past four years. This incredible investment in our city is creating thousands of constrution jobs and new housing, both market rate and affordable,” said Yonkers Mayor Mike Spano who serves as Chair of the Yonkers IDA. “We look forward to another record year of success in 2023.”

Projects that received FINAL approval of IDA incentives in 2022 included:

St. Clair Residences

Developer: MacQuesten Development

Project Location: 3 vacant parcels on 36-38 Main Street, 32 Main Street and 1-3 Riverdale Avenue

Total Private Investment: $49.6 million

Description: 10-story mixed-use building with affordable rentals and ground-floor commercial space

Number of apartments: 76 

Construction jobs: 240 

The Plant Manor

Developer: The Plant Manor LLC

Project Location: 1097 North Broadway

Total Private Investment: $48.6 million

Description: Transform private estate into venue for weddings, professional events with film and audio production

Number of units: 25 guest rooms

Construction jobs: 200 

Mary The Queen Senior Housing 

Developer: Mary The Queen Housing Development Fund Corp.

Project Location: 356 Vark Street

Total Private Investment: $42.6 million

Description: Adaptive reuse of 4-story, 66,000 SF building for affordable housing for low-income seniors

Number of apartments: 73  

Construction jobs: 100

1069 Central Park Avenue 

Developer: 1969 Central Park Avenue LLC

Project Location: 1969 Central Park Avenue 

Total Private Investment: $15.8 million

Description: 91,181 SF self-storage facility

Construction jobs: 35 

CubeSmart

Developer: KCT Inc

Project Location: 1050 Nepperhan Avenue 

Total Private Investment: $15.4 million

Description: 100,000 SF CubeSmart self-storage facility

Construction jobs: 50 

Wheeler Block Lofts

Developer: Wheeler Block Yonkers LLC

Project Location: 15-23 North Broadway

Total Private Investment: $11.5 million

Description: Combine three contiguous historic building into single building mixed-use residential building with ground-floor commercial space

Number of apartments: 36 

Construction jobs: 50  

Projects that received PRELIMINARY approval of IDA incentives in 2022 included:

Warburton Avenue Apartments

Developer: Conifer Realty and Center for Urban Rehabilitation

Project Location: 321 Warburton Avenue

Total Private Investment: $42.1 million

Description: Senior affordable housing 

Number of apartments: 94, all affordable

Construction jobs: 140 

Whitney Young Manor

Developer: Whitney Young Manor L.P, an affiliate of Omni New York LLC

Project Location: 354 & 358 Nepperhan Avenue

Total Private Investment: $40 million

Description: Major rehab of two, 12-story rental buildings

Number of apartments: 195 

Construction jobs: 330  

83-95 Vineyard Avenue

Developer: ALMF Global

Project Location: 83-95 Vineyard Avenue

Total Private Investment: $11.5 million

Description: Four-story with ground floor apartment building to be built on a vacant lot at 83-95 Vineyard Avenue. The project will feature 24 one-bedroom and 8 two-bedroom units with on-site parking for 47 cars.

Number of apartments: 32 

Construction jobs: 110 

Yonkers Industrial Development Agency
Established in 1982, the Yonkers Industrial Development Agency is a public benefit corporation that provides business development incentives to enhance economic development and job growth in the City of Yonkers. For more information about the Yonkers IDA, visit  www.yonkersida.com

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