In a third transaction, an existing 76-unit development completed about six years ago has a new owner.
In the first quarter, the Northeast performed best in both sales and price gains by percentage.
Now is the moment for Clarkstown to lead. The town can and must take an active role in facilitating the rebirth of this site.
YONKERS—The Board of Directors of the Yonkers Industrial Development Agency recently granted preliminary approval of financial incentives for a $72-million multifamily project that will redevelop a blighted and vacant block in the Warburton Ravine Urban Renewal Area.
Point & Ravine Apartments, which is a public partnership between developer Conifer Realty LLC and the City of Yonkers, will feature a mid-rise building with approximately 120 income-restricted one- and two-bedroom affordable housing rental units targeted to both senior and family housing and construction of approximately 26 units of income-restricted affordable housing rental townhome-style apartments.
The project also includes construction of new parking lots on land owned by the city and improvements to Irving Park. Construction costs for the development are estimated at $43.4 million. The land acquisition is estimated at $8.24 million. The IDA voted on the application at its September 4th meeting.
The development site is located on a vacant block near the waterfront at Point Street and Ravine Avenue. Since 2010, the city has been engaged in a neighborhood development and urban renewal program in the Ravine neighborhood.
The IDA states that project is expected to create 250 construction jobs with a commitment to local and MWBE contractors.
In a third transaction, an existing 76-unit development completed about six years ago has a new owner.
In the first quarter, the Northeast performed best in both sales and price gains by percentage.
The Federal Reserve Board stressed that it will continue to press forward on its goal of bringing the inflation rate back to 2%.
Nguyen is a local Realtor with more than 20 years of experience.
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