A Rye real estate investment and development company plans to build a $15 million, 150-room hotel on property it owns on Tuckahoe Road in Yonkers.
The prospective developer, Alfred Weissman Real Estate L.L.C., recently gained support for the project from the Yonkers Industrial Development Agency board, which approved approximately $923,000 in mortgage and sales tax exemptions and agreed to negotiate a property tax abatement for the development.
A Weissman company affiliate will build a five-story, 188,000-square-foot hotel on a vacant parcel at 555 Tuckahoe Road. The site adjoins the POP Displays USA plant at the same address.
The developer in its IDA application estimated the hotel will create 50 permanent positions ranging in pay from $22,000 to $100,000 annually, as well as 200 temporary construction jobs. The Weissman company expects to spend $12 million on construction and $3 million in fit-out costs.
The Yonkers IDA board approved an estimated $270,000 mortgage tax exemption for the developer and an estimated $653,250 sales tax exemption for construction purchases. The IDA also agreed to negotiate a property tax abatement agreement.
“With two other hotels already in various stages of development within the past year alone, this is a strong indicator of the city”™s growing attraction as a destination for business and leisure travel,” Yonkers Mayor Michael Spano, who also serves as IDA board chairman, said in a press release. “It”™s the business community casting a vote of confidence in the city”™s favor.”
The property is in an area zoned for commercial, storage and light manufacturing uses. The Yonkers City Council recently amended that zone designation to include hotels as a special permit use, according to city officials. The project still will require approval by the Yonkers Planning Board.
The Weissman organization told city officials the hotel will be operated under a national brand.
Principals at Weissman Real Estate could not immediately be reached for comment.
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