YIDA approves four incentive packages
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.