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Yonkers IDA Votes Final, Preliminary Approvals of Financial Incentives for Residential Developments
YONKERS—The Yonkers Industrial Development Agency recently voted final and preliminary approvals of financial incentives for residential projects representing a total private investment of $22.4 million.
The developments are projected to create 35 construction jobs and represent more than 170 apartments including affordable housing for low-income seniors.
The following projects received final and preliminary approvals at the YIDA’s July 27 meeting.
Monastery Manor Senior Apartments
Located at 2 Father Finian Sullivan Drive in Yonkers. Monastery Manor is an existing $17-million residential development featuring 147 one-bedroom apartments for seniors 62 years and older of limited income. The building includes an enhanced security system with video monitoring, updated elevator cab, laundry room, parking on site, community room, library and seasonal community garden. The applicant, Monastery Manor Associates, received final approval for a mortgage recording tax exemption of $255,000. The applicant received a seven-year extension on their existing PILOT agreement, which allows them to refinance the project and maintain it as affordable senior housing.
155 Elliot Avenue Apartments
Applicant 155 Elliot LLC is requesting financial incentives for development of a three-story residential building consisting of 24 rental housing units (10 studios, 6 one-bedroom, 4 two bedroom and 4 three-bedroom).
The property currently consists of a vacant and overgrown lot and an abandoned synagogue. The $5.4-million project, which is nearing completion, will replace an eyesore while adding much-needed new housing in a corridor that has seen little or no development. The property is being developed in a way to preserve the exterior facade of the historical building. All apartments will be ADA-compliant and have an elevator in the building. The developer is requesting a mortgage recording tax exemption of $67,500. The project is expected to create 35 construction jobs. The Yonkers IDA granted preliminary approval for the project.