Total existing-home sales—completed transactions that include single-family homes, townhomes, condominiums and co-ops—rose 3.1% from December to a seasonally adjusted annual rate of 4.00 million in January.
Westchester LDC, IDA Boards Approve Financing Deals For New York Blood Center, Senior Housing Projects
The former Avon Headquarters will be redeveloped into a new $108 million facility for the New York Blood Center and Crescent Manor Ossining, a new $44.5 million affordable housing project.
WHITE PLAINS—The Westchester County Local Development Corp. recently approved $52 million in bond financing for the $108-million redevelopment of the former Avon headquarters in Rye into a 187,000-square-foot facility for the New York Blood Center.
In addition, the county’s Industrial Development Agency granted final approval of financial incentives for the construction of a $44.5-million 100% affordable housing project—Crescent Manor Ossining—for seniors 62 years of age and older to be built in the Village of Ossining.
In connection with the New York Blood Center project, the entire 14.8-acre former Avon property will be redeveloped for office space, testing and research laboratories, and processing storage and distribution of blood and associated supplies.
“This exciting and innovative project will provide another boost to Westchester County’s dynamic healthcare industry. By consolidating its operations to the former Avon headquarters in Rye, the New York Blood Center will be adding hundreds of new well-paying jobs to our county’s economy,” said Westchester County Executive George Latimer.
“We’re very grateful to the New York Blood Center for making Westchester its new home. The tax-exempt bond financing approved by the Local Development Corp. will generate nearly $10 million in fiscal benefits for our county while creating over a hundred construction jobs,” said LDC Chair Joan McDonald.
Located at 601 Midland Ave., the property is undergoing a complete rehabilitation. Improvements include all new HVAC, electrical systems and switchgear, new windows, roof, plumbing upgrades, repairs and improvements to the building façade, landscaping, new paving, the construction of clinical and research laboratories and exterior lighting among other improvements. All improvements will meet or exceed current energy and environmental requirements. The project is expected to be completed in the next 12 to 18 months. The former Avon offices and data center facility have been vacant for approximately four years.
The project is estimated to create $9,958,855 in total fiscal benefits comprised of $141,767 in sales tax revenue from construction earnings, $9,717,088 in sales tax revenue from on-site employees spending over 30 years and $281,250 in fees to be collected by the LDC based on bond sale proceeds. The project is also expected to create 124 construction jobs and 686 jobs from on-site operations.
The Crescent Manor senior project secured approval from the IDA Board on Oct. 26. The development will be built on a vacant site at 136-140 Croton Ave. The three-and-a-half-story building will feature 74 units of affordable senior housing, set at 40%, 50%, and 60% Area Median Income (AMI). It will also include up to 3,500 square feet of planned retail and flex community space.
Crescent Manor Ossining will feature 33 studios, 40 one-bedroom, and one two-bedroom units designated for the building superintendent. Amenities will include a fitness room, computer room, community room/lounge, and laundry room. The project will provide two levels of parking.
The developer, Macquesten Development of Pelham, is receiving a sales tax exemption of $1,216,462, a mortgage recording tax exemption of $232,460 and a real estate tax exemption through Payment in Lieu of Tax (PILOT) agreement of $5,382,643. It is estimated that Crescent Manor Ossining will create 159 construction jobs of which 43% will be Westchester hires and 30% of capital expenditures will be procured with the county. The project is slated to start in April 2024 and be completed by August 2026.