The owners of a vacant manufacturing site on the edge of Nyack’s downtown are seeking tax exemptions to build a luxury boutique hotel with a steakhouse and conference facilities.
WY Management L.L.C. is working with Texas-based NYLO Hotels L.L.C. to build a 132-room hotel at 400 High Ave., off of Exit 11 of the Thruway, a short distance from the Tappan Zee Bridge.
Michael Yanko and Kerry Wellington, co-owners of WY Management, met with the Rockland County Industrial Development Agency (IDA) last week seeking tax exemptions for their proposal.
The site was last occupied by Stoffel Seals Corp., which moved its operations up the road to Congers. WY Management bought the property for $4.2 million and will invest $19 million for site renovations, furnishings and other costs. The project is expected to create between 50 and 75 new full-time jobs. NYLO would manage the hotel.
“Everybody in Nyack is supporting this project,” Yanko said. “We are looking at it as an entrance point for Nyack. It’s going to be a gateway to Nyack.”
Yanko, a Nyack resident, feels that he is filling a void in Rockland County.
“We have developed hotels and condominiums in New York City, but I wanted to do something in Nyack,” he said. “I love Nyack. With the research we have done, we think we will be able to make it. That side of the river is in need of a good product.”
Yanko said the tax exemptions on equipment and construction materials and on the mortgage recording tax would make the project viable. The company is also working on a payment in lieu of taxes (PILOT) with the village of Nyack, Orangetown and Nyack Central School District.
“This is a big project for Nyack,” Yanko said. “Any benefits really help get this project off the ground and can start the construction. We need to make sure the hotel doesn’t fail.”
Yanko said a hotel room would be about $150 a night. He said they are going after a different clientele than the nearby Best Western.
“We have a style, a great deal of flair,” Yanko said. “This hotel will mean that people won’t have to go to the other side of the bridge to have a good time and spend money. It could change the environment of Rockland County. If hospitality prospers then other corporations come, and then they need more hospitality in the area.”
Yanko is estimating an opening date of May 1, 2014. Other projects NYLO has done include Ink 48 and Pod 39, two boutique hotels in midtown Manhattan. It also has several hotels in Dallas and Providence, R.I.