The Westchester Industrial Portfolio is situated in infill locations and are strategically located properties that benefit from significant barriers to entry, limited new supply and connectivity to major New York transportation infrastructure.
HGAR’s remote learning approach enables students to learn from any location, and each session is taught live by HGAR’s practitioner faculty members.
The developer, Buena Vista Group LLC, will receive a sales tax exemption of $1,819,375 and a mortgage tax recording exemption of $849,224.
The developer, Buena Vista Group LLC, will receive a sales tax exemption of $1,819,375 and a mortgage tax recording exemption of $849,224.
YONKERS—The Yonkers Industrial Development Agency announced recently it had granted final approval of financial incentives for a $36.1-million affordable senior housing development located at 221-223 Buena Vista Ave.
The nine-story building will feature 94 units comprised of 40 one-bedroom units and 54 studios. The building will also have high-end amenities including a community room, fitness center and rooftop green space for residents. There will be 47 parking spaces.
The developer, Buena Vista Group LLC, will receive a sales tax exemption of $1,819,375 and a mortgage tax recording exemption of $849,224. The developer is also receiving a 15-year real property tax abatement of $902,963 for a total assistance of $3,741,407. The project is estimated to create between 80 and 100 construction jobs and five to six full-time jobs.
According to a financial and impact analysis prepared for the YIDA by Storrs Associates, the project is estimated to result in a net fiscal benefit to the city of $2,070,452 over the 15-year term with a cost benefit of $2.04 for every $1.00 in assistance from the YIDA.
In other business at its Aug. 13 meeting, the YIDA voted final approval of a sales tax exemption of $1.996,875 for Champlain Hudson Power Express LLC (CHPE LLC) for a $22.5-million project to install a power transmission line under a 4.3-mile portion of the Hudson River along Yonkers.
The transmission line, which will bring hydropower from Quebec to New York City, will travel through northern New York State, the Hudson Valley and terminate in Queens. It is expected to alleviate supply concerns deriving from increased demand for electricity and the retirement of the Indian Point nuclear power plant. Work is expected to begin in mid-2026.
CHPE has offered the YIDA a fixed Payment in Lieu of Taxes (PILOT) of $7,965,472 over 30 years. The funds would be divided between three taxing jurisdictions: Yonkers School District (57.54%) City of Yonkers (27.91%) and Westchester County (14.55%), according to the YIDA.
The Westchester Industrial Portfolio is situated in infill locations and are strategically located properties that benefit from significant barriers to entry, limited new supply and connectivity to major New York transportation infrastructure.
HGAR’s remote learning approach enables students to learn from any location, and each session is taught live by HGAR’s practitioner faculty members.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($806,500 or less) increased to 6.69% from 6.68%.
As interest rates begin to ease and market participants adjust expectations, conditions for a healthier, more balanced market may gradually emerge.
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