Inventory for all property types declined in almost all areas, except for Rockland’s condo and co-op markets, the latter with an 84.6% gain. The Bronx led the region for new listings, with a 31.9% increase.
PrimeSource, which is a leading manufacturer of proprietary brands and a distributor of premier third-party brands, will utilize the location to service New York, New Jersey, Connecticut and Pennsylvania.
Westchester IDA Grants Final Approval of $5.7 Million in Incentives for $94M Affordable Project in Ossining
Located at 30 Water St. on the former site of the Village Department of Public Works property, the project will consist of two new buildings with 109 units of rental apartments.
WHITE PLAINS—The Westchester County Industrial Development Agency reports that it voted on Aug. 29 final approval of financial assistance for construction of a $94-million all-affordable apartment complex located in the Village of Ossining.
Located at 30 Water St. on the former site of the Village Department of Public Works property, the project will consist of two new buildings with 109 units of rental apartments serving households with incomes and rents at 30% to 80% Area Median Income. The development includes 40 one-bedroom units, 60 two-bedroom units, and 9 three-bedroom units.
To be developed by WBP Development LLC of Chappaqua, the project will include municipal parking, 3,745 square feet of retail space and 3,968 square feet of community meeting space as well as a linear park along the Sing Sing Kill greenway which is a site currently in need of environmental remediation. A total of 2,300 square feet of amenity space will include a roof deck, community areas, fitness facility, management offices and common laundry service.
The developer is receiving a sales tax exemption of $3,693,691 and a real property tax exemption of $1,967,333 for total financial assistance of $5,661,024. The project is expected to create 133 construction jobs.
Westchester County Executive George Latimer said: “We applaud the developer of this innovative project that will transform a former industrial site into an attractively designed, fully affordable housing development. This is the kind of housing that is critically important for Westchester’s economic vitality.”
IDA Chair Joan McDonald said: “In addition to creating much-needed affordable rental apartments and over 100 construction jobs, this $94 million development will also include cleaning up a brownfield site. This is a win-win for the Village and County.”
The development also assumes participation in the New York State Brownfield Cleanup Program pursuant to a Brownfield Cleanup Agreement with the NYS DEC. Construction is scheduled to start in October with completion and occupancy June 2027.
Inventory for all property types declined in almost all areas, except for Rockland’s condo and co-op markets, the latter with an 84.6% gain. The Bronx led the region for new listings, with a 31.9% increase.
PrimeSource, which is a leading manufacturer of proprietary brands and a distributor of premier third-party brands, will utilize the location to service New York, New Jersey, Connecticut and Pennsylvania.
City and State honored 100 “New Yorkers who are on the front lines, creating jobs and spurring economic growth on the local, state and national levels.”
Receive original business news about real estate and the REALTORS® who serve the lower Hudson Valley, delivered straight to your inbox. No credit card required.
