The real estate industry has expressed concerns regarding the potential repercussions of the FARE Act.
NAR continues to believe that offers of compensation are an important option to help make professional representation more accessible.
Starting out in her 20s, Rondon worked with real estate legend Faith Hope Consolo while at Garrick Aug Associates, where she spent 13 years.
Developer AMS Acquisitions received preliminary approval of financial incentives totaling approximately $11.6 million in sales and mortgage tax exemptions for a multi-phase $306.7-million, mixed-use development.
YONKERS—The Yonkers Industrial Development Agency recently voted preliminary approval of financial incentives for three new mixed-use developments representing a total private investment of approximately $463.5 million. The three developments are projected to create a total of 1,100 construction jobs and 1,083 residential units including affordable senior housing.
“The Yonkers IDA is pleased to vote preliminary approval of financial incentives for these three significant residential developments that will add over 1,000 new residential units to our city including affordable senior apartments. These projects will also create 1,100 construction jobs,” said Mayor Mike Spano who serves as Chairman of the Yonkers IDA.
The following projects were granted preliminary approvals by the Yonkers Industrial Development Agency:
Developer AMS Acquisitions received preliminary approval of financial incentives totaling approximately $11.6 million in sales and mortgage tax exemptions for a multi-phase $306.7-million, mixed-use development featuring 650 residential apartments in two 25-story towers on a site located at 18 North Broadway. The units will be comprised of 201 studios, 260 one-bedroom units and 189 two-bedroom units. A total of 10% of the units would be designated as affordable. The project will also include 1,000 square feet of commercial space and 768 spaces in a parking structure.
The North Broadway development is estimated to create up to 800 construction jobs and 14 full- and part-time jobs when completed. The development will be built in two phases. Phase 1 is expected to begin this year and be completed in 2028. Phase 2 would begin in 2029 and be completed in 2031. AMS Acquisitions is requesting an $8,011,075 sales tax exemption, a $3,593,455 mortgage recording tax exemption and a 20-year PILOT.
Titan Real Estate Development received preliminary approval of financial incentives involving sales and mortgage tax exemptions totaling approximately $5.5 million for development of a $117.7-million residential development located on a vacant 3.88-acre site bounded by St. Joseph Place, Cavalli Circle and Vineyard Avenue. Called Park Square, the project would feature 339 units in a six-story building. The apartments would include 198 studios and 141 one-bedroom units.
There would also be 20,000 square feet of ground-level commercial space and a 420-space parking structure. The project includes a green roof which will capture and direct stormwater into an underground detention system.
The property was originally part of the Mulford Gardens Hope VI Revitalization project. The property was never developed and transferred to the city in 2019. The project is expected to create 200 construction jobs and eight full-time and part-time jobs. The developer is requesting a $3,802,292 sales tax exemption, a $1,677,870 mortgage recording tax exemption and a 20-year PILOT.
MSY Group received preliminary approval of financial incentives totaling approximately $2.5 million in sales and mortgage tax exemptions for development of a $39.1-million affordable senior housing development.
The project consists of developing 0.47 acres of vacant land located at 221-223 Buena Vista Ave. into a multi-family 94-unit, nine-story affordable residential building for seniors. The building will have 40 one-bedroom apartments, 54 studio units and 47 parking spaces. There will also be a rooftop green space for residents with a barbeque and seating area. The building will also offer high-end amenities including a community room and a fitness center.
The project is expected to create up to 100 construction jobs. The property, which is within walking distance of a city park, takes advantage of passive recreation for seniors. Because the site is located on a dead-end street, the developer plans to build a turnaround to accommodate fire apparatus. The developer is also planning to install a new 750-foot-long water main. MSY Group is requesting a $1,819,375 sales tax exemption, a $650,455 mortgage recording tax exemption and a 15-year PILOT.
The real estate industry has expressed concerns regarding the potential repercussions of the FARE Act.
NAR continues to believe that offers of compensation are an important option to help make professional representation more accessible.
Starting out in her 20s, Rondon worked with real estate legend Faith Hope Consolo while at Garrick Aug Associates, where she spent 13 years.
“The worst of the downturn in home sales could be over, with increasing inventory leading to more transactions,” said NAR Chief Economist Lawrence Yun.
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