REAL ESTATE NEWS

YONKERS IDA CONTRIBUTED $210M TO RESIDENTIAL AND COMMERCIAL INVESTMENT IN 2020

Published on Wednesday, January 13, 2021

The investment has helped to create 450 new residential units and 129,000 square feet of commercial space.

 

The Yonkers Industrial Development Agency provided significant financial incentives in 2020. The agency’s financial incentives helped to support $210 million in private investment and facilitated the creation of 450 new residential units and 129,000 square feet of commercial space. The development activity has also created 1,500 permanent and part-time jobs.

The funding supported five different development projects. The highlight of these projects is a 109,000-square-foot motion picture studio for Lionsgate Studios at the iPark complex on the Yonkers waterfront. The project will cost a total of $60 million with 70,000 square feet of studio space and 36,600 square feet of ancillary spaces. More importantly, it has the potential to generate significant economic growth. The project will help to attract film and entertainment companies and will create 420 permanent jobs and 400 construction jobs.

Yonkers also supported four other development projects: Point & Ravine Apartments, a $72 million investment; Jackson Terrace Apartments, a $37.6 million investment; 56 Prospect Street apartments, a $32.6 million investment; and Westchester Metal Works, an $8 million investment.

Since 2019, Yonkers IDA has provided $1.1 billion in financial incentives, creating a significant local impact. The funding has supported the development of 2,700 new residential units, 234,400 square feet of commercial and industrial space and 3,450 jobs. The investment also requires that 10% of all new residential units is set aside for affordable housing.

Last year, IDA investment included $14 million in sales and mortgage recording tax exemptions for three major development projects: two mixed-use builds and one residential project totaling more than $391 million in investment. Ludlow Point and 70 Pier Street were the mixed-use builds and 57 Alexander St. was the residential project.

Yonkers has $3.8 billion in total private investment for the last two years, illustrating the significant role IDA has played in contributing to growth in the city.