From The Desk Of Yonkers Newswire Real Estate News Editor Brian Harrod: YOUR TAX DOLLARS AT WORK: Yonkers IDA gives final OK on financial benefits for Point & Ravine; preliminary approvals for three other projects.

 

From The Desk Of Yonkers Newswire Real Estate News Editor Brian Harrod..... YOUR TAX DOLLARS AT WORK: Yonkers IDA gives final OK on financial benefits for Point & Ravine; preliminary approvals for three other projects YONKERS IDA: A project is being developed by Rochester-based Conifer Realty. The project is to receive a payment in lieu of taxes (PILOT) agreement that will run 32 years. YONKERS: The Yonkers IDA is also is providing a mortgage tax exemption of about $690,000 and about $1.775 million in sales tax exemptions. Point & Ravine Apartments is to contain three studio apartments, 88 one-bedroom units, 50 two-bedroom units and four three-bedroom units. The IDA also voted preliminary approvals of financial incentives for three new projects. Two are residential construction: Horizon at Ridge Hill and Westhab’s Hudson Hill at 76 Locust Hill Ave. The third is for a proposed CubeSmart self-storage facility that would be built at 1060 Nepperhan Ave. where the vitamins, supplements and beauty care supplier Health Care Products has been operating. Horizon at Ridge Hill is the third of four residential towers that were proposed for the Monarch at Ridge Hill site at 601-701 Ridge Hill Blvd. The developer is Hudson at Ridge Hill LLC whose parent company is Azorim, which is Israel’s largest development company. The first building in the project was a 162-unit condominium structure, which opened in 2012. The second building, a 180-unit rental tower, is expected to open shortly. The third building is to be 14 floors with 180 rental apartments. It is to be built on 2.95 acres of vacant land to the south of the existing two towers. Long-term plans call for the fourth residential tower to be developed south of the project. Tower three is to include seven studio apartments, 105 one-bedroom units, 64 two-bedroom units and four three-bedroom apartments. Eighteen of the units are to be classified as affordable. Westhab’s Hudson Hill project at 76 Locus Hill Ave. is designed for low-income families. It is to include 113 affordable housing rental units composed of a mix of 19 studios, 45 one-bedroom, 44 two-bedroom and five three-bedroom units. All of the units will be permanent housing restricted to families earning no more than 60% of the area median income (AMI) for the Westchester County. Forty-five of the units will be supportive in nature for formerly homeless tenants. The building will include a community room, recreation room, outdoor courtyard garden and 84-space parking garage. The city of Yonkers has committed $172,489 to Westhab in predevelopment funds and another $670,000 in funds for construction costs. Kirk Lewin of the family that has operated Health Care Products told the IDA board that the company would be hiring CubeSmart to operate the facility at his property and is seeking seeking a 10-year 50% property tax abatement through a PILOT agreement. https://www.facebook.com/groups/YonkersNewswire/permalink/2929313343992891/