Yonkers IDA gives preliminary approvals for incentives

The Yonkers Industrial Development Agency (YIDA) has voted to give preliminary approval to financial incentives for two residential projects, one involving a new building and the other involving rehabilitation of two existing buildings along with construction of a new building. The two projects represent a total of $174.5 million in private investment and are expected to create a total of 410 construction jobs.

The new building by MacQuesten Development is known as The Parker. It’s at 632-636 South Broadway and will be 16 stories with 160 apartments. There will be 146 on-site parking spaces. It will be priced for families with incomes at or below 80% of the Area Median Income (AMI) with 43% of the units priced for tenants earning up to 50% of AMI.

Rendering of The Parker in Yonkers.

The Parker will be a 100% Low Income Housing Tax Credit project and consist of 7 studios, 69 one-bedrooms, 64 two-bedrooms, and 20 three-bedrooms, including a 2-bedroom unit reserved for the on-site superintendent. 

MacQuesten asked the YIDA for a $2,569,219 sales tax exemption for the $115.6 million building.

The second project receiving preliminary approval for incentives from the YIDA is Abbey on the Park. It involves two buildings at 21-23 Park Ave. in Yonkers that are slated for rehabilitation, the Ethan Flagg House and the Blessed Sacrament Monastery, plus construction of a new building. The existing structures will be configured to provide 49 apartments. The new building will contain 33 apartments, for a total of 82 apartments. Eighty-one of the 82 total units would be rented at 60% AMI, with the remaining unit being reserved as a superintendent’s unit. In addition, The Abbey on the Park will also provide a preference for those involved in artistic or literary activities for 20% to 50% of the units. The redevelopment will also include improvements to the sidewalk fronting the site along Park Avenue.

Project developer The Kearney Realty & Development Group Inc. received preliminary approval for a sales tax exemption of $1,653,084 and a mortgage recording tax exemption of $456,975. It’s estimated that the $58.9 million project would create 150 construction jobs.