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Yonkers hotel, high-rise projects get $1.5M in tax breaks

Yonkers Buena Vista rendering

Yonkers Industrial Development Agency directors this week approved about $1.5 million in tax incentives for a roughly $26 million hotel project at Cross County Shopping Center and an $8 million demolition and cleanup at the future downtown site of a $173 million high-rise apartment building.

The board approved a $266,220 mortgage tax exemption and an estimated $775,023 in sales tax exemptions on construction materials that will be used to convert an office tower at Cross County Shopping Center into a 155-room Hyatt Place Hotel.

The Manhattan developer, Friend Development Group L.L.C., plans to add 17,000 square feet of first-floor and basement space to the 55,000-square-foot office tower. It will be the first hotel at the renovated, nearly 60-year-old outdoor mall.

The 18-month Cross County project will create 80 construction jobs with an estimated payroll of $6.6 million. The hotel will hire for 28 full-time equivalent jobs.

On Buena Vista Avenue, Yonkers developer Metro Partners L.L.C. will begin demolition and an environmental cleanup at the site of Teutonia Hall, a vacant 19th-century music hall, where Metro Partners plans to erect a 25-story, 412-unit apartment tower. The IDA approved a $144,000 mortgage tax exemption and $335,000 in sales tax exemptions for the project’s first phase.

Metro Partners expects to start construction in 2013 adjacent to the company’s Metro 92 live-work lofts in a converted trolley barn. The Teutonia Hall façade will be preserved during demolition and installed on the project’s new 550-space parking garage on Buena Vista Avenue.

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About The Author

John Golden
Westchester Bureau Chief

The Business Journal’s senior writer, John Golden directs news coverage of the county and Hudson Valley region as Westchester bureau chief. He was an award-winning upstate columnist and feature writer before joining the Business Journal in 2007. He is the author of “Northern Drift: Sketches on the New York Frontier,” a collection of his regional journalism.

Number of Entries : 1915

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