The entity 68-72 Buena Vista Ave Realty LLC is seeking financial assistance from the Yonkers Industrial Development Agency (YIDA) for an eight-story 56-unit apartment development at 68-72 Buena Vista Ave. in the city. The LLC has already bought the two lots for $1,500,000. They currently have on them two houses that have been vacant for more than a decade and are described as being “heavily distressed.” The site covers less than one-fifth of an acre.
The YIDA passed a resolution to proceed with an analysis of the project to help it determine whether a sales tax exemption, mortgage recording tax exemption and real estate tax PILOT would be justified.
The completed project is anticipated to include 56 units, 35 of which would have one-bedroom and 21 would have two-bedrooms.
“The proposed redevelopment will transform the property into a productive and economically beneficial asset contributing to the ongoing revitalization of the surrounding neighborhood and broader Yonkers community,” the LLC said in a document filed with the YIDA. The project’s cost was estimated at $20,275,000.
There would be 50 underground parking spaces, which would use a semi-automated stacker parking system. There would be no at-grade parking at the site. The developer said it would use energy-efficiency measures where possible and include solar panels as well as charging stations for electric vehicles.
The developer hopes to have the design and permitting process completed by the end of the year so that construction can begin in March of 2027 with occupancy expected in September of 2029.
The developer said that from 50 to 75 construction jobs would be created and when completed the building would have two or three permanent equivalent employees and annual gross revenues of $1.8 million to $2 million.
“The proposed development represents a meaningful investment in the City of Yonkers and will provide long-term economic and community benefits through job creation, expanded tax base, neighborhood revitalization, and increased economic activity,” the developer said.
Attorney Katherine Zalantis of the Tarrytown-based law firm Silverberg Zalantis LLC told the YIDA, “The development will provide modern market-rate housing subject to the affordable housing requirements and while revitalizing these long-neglected parcels consistent with the on-going revitalization of that neighborhood. Without IDA assistance this project faces insurmountable financial costs including the very expensive and extraordinary development costs and (IDA assistance) will help facilitate financing and help the project proceed in a timely manner.”
