$458M Teutonia Hall Project in Yonkers Lands $17.5M in Incentives; Construction Could Begin in September

YONKERS—The long-anticipated redevelopment of the Teutonia Hall site on Buena Vista Avenue in Downtown Yonkers appears at hand.

The Yonkers Industrial Development Agency voted on Feb. 29 for final approval of financial incentives totaling nearly $17.5 million for the twin-tower Teutonia Hall project to be developed by AMS Acquisitions adjacent to the city’s waterfront.

The $458-million mixed-use residential complex at full build-out will feature two luxury 41-story towers that will be built in two phases. Construction on the first phase is anticipated to begin this September, according to an announcement by the Yonkers IDA. It is one of the largest developments to come before the agency in recent years.

The project, located at 4 Buena Vista Ave., will feature a total of 906 apartments, including 91 affordable units. The complex will include 2,900 square feet of active street-level commercial use space and 907 parking spaces. The lower six stories of the buildings would comprise a podium, which would serve as a parking facility for residents with approximately 907 parking spaces.

In phase one of the development, project developer AMS Acquisitions will construct the first residential tower and two-thirds of the parking podium. The result will be 510 units along with amenity and support spaces, 544 parking spaces, and approximately 2,200 square feet of retail space.

In phase two of the development, AMS will construct the second residential tower and the remaining one-third of the parking podium. The result will be 396 units along with amenity and support spaces, 363 parking spaces, and approximately 700 square feet of retail space.

Completion of the first phase is expected by December 2027. Construction of Phase 2 is anticipated to start in December 2028 with completion in December of 2031. The two phases of the project are estimated to create 1,100 construction jobs.

Project developer AMS Acquisitions was approved for $12,924,830 in sales tax exemptions and $4,549,646 in mortgage recording tax exemptions. The two phases of the project are estimated to create 1,100 construction jobs. According to a cost-benefit analysis, the project will create $2.35 for every $1.00 of incentives. The developer is also requesting a 20-year PILOT.

AMS Acquisitions acquired the Teutonia Hall property in 2018 for $18.3 million.

At the Feb. 29th session, the Yonkers IDA also granted preliminary approval of financial incentives for Champlain Hudson Power Express (CHPE) for the underwater installation of a 1,250MW electric transmission line along 4.3 miles of the Hudson River in Yonkers. The project cost is estimated at $22.5 million.

The CHPE cable is bringing inexpensive hydropower from Quebec to New York City over a 339-mile route of which 60% is in waterways. Installation of the cable in the Hudson River in Yonkers is currently planned during the period of August-September 2025. CHPE is requesting a sales tax exemption of $1,996,875.