The Yonkers Industrial Development Agency (YIDA) at its May 25 meeting gave final approval to financial incentives for four multifamily residential developments. The four projects in Yonkers represent a total of $291 million in private investment. The developers say they will create a total of 612 new residential units and 660 construction jobs.
Bridgewater North is a $96.5 million apartment building by Ginsburg Development Companies at 150 Downing St. It will have 208 rental apartments on seven floors above two levels of parking. The YIDA approved a mortgage recording tax exemption of $780,000 and sales and use tax exemptions totaling $2,662,500.
Miroza Tower is a 27-story $126 million mixed-use building at 44 Hudson St. being built by a subsidiary of Azorim Construction Co. Ltd. It will have 267 apartments. The YIDA approved a sales and use tax exemption of $1,331,250.
345 McLean Ave. is being developed by Verus Development. The $56.8 million 12-story building will have 105 apartments for seniors age 62 and up with incomes at or below 60% of Westchester County”™s Area Median Income. The YIDA approved sales and use tax exemptions of $5,207,375.
A package of a mortgage tax exemption of $134,977.50 and sales and use tax exemptions of $341,687.50 was approved for The Vineyard Holdings NY LLC. The company plans to build a four-story building with 32 apartments at 83-95 Vineyard Ave.
