A landmark records storage building in Yonkers vacated by Metropolitan Life Insurance Co. has been acquired by a Nyack-based developer with plans to convert it to luxury apartment lofts within walking distance of downtown Bronxville.
WY Management L.L.C., a boutique developer of hotels and condominium and apartment buildings in New York City, last spring signed a purchase contract for the former MetLife Financial Services building at 759 Palmer Road. Highcap Group, an investment sales brokerage in Manhattan, in October announced the property sold for $7.8 million.
Principals at WY Management plan to redevelop the one-acre property as Metloft, a rental complex with 61 loft-style apartments, a two-level indoor parking garage, rooftop common area, indoor pool and fitness center. The building”™s historic exterior will be maintained, Yonkers officials said.
Pending a public hearing, the Yonkers Industrial Development Agency board recently approved approximately $546,000 in exemptions on sales taxes for construction materials for the Metloft project and a mortgage recording tax exemption of $378,000. Yonkers IDA staff also was authorized to negotiate a property tax abatement agreement with the new owner.
City officials said the project will generate an estimated 145 construction jobs and seven full-time and part-time building staff positions.
WY Management in 2013 also proposed to partner with a Texas-based operator of boutique hotels, NYLO Hotels L.L.C., to expand and convert a two-story factory in Nyack to a four-story, 132-room loft-style hotel. The developer paid $4.2 million for the property at 400 High Ave., last occupied by Stoffel Seals Corp., and planned to invest $19 million in the hotel construction project, WY Management principal Michael Yanko said last year.
The NYLO Nyack is expected to be completed by late 2014, according to the developer”™s website.
WY Management principals could not be reached for comment at press time.
