YONKERS, N.Y. — The Yonkers Industrial Development Agency (YIDA) has granted final approval of financial incentives for Teutonia Hall, a $458 million luxury apartment project comprising two 41-story towers. AMS Acquisitions is the developer.
Located in Yonkers, a northern suburb of New York City, the two-phase development will feature a total of 906 apartment units, 91 of which will be affordable. Plans also call for 2,900 square feet of street-level commercial space and 907 parking spaces. The lower six stories of the buildings will comprise a podium, which will serve as a parking facility for residents.
Construction for Phase I is expected to begin in September, with completion slated for December 2027. Phase II construction is anticipated to begin in December 2028, with completion slated for December 2031.
The developer received approval for $12.9 million in sales tax exemptions and $4.5 million in mortgage recording tax exemptions. The two phases of the project are estimated to create 1,100 construction jobs. According to a cost-benefit analysis, the project will create $2.35 for every $1 of incentives. The developer is also requesting a 20-year Payment in Lieu of Taxes agreement.
YIDA also voted preliminary approval of financial incentives for Champlain Hudson Power Express (CHPE) for the underwater installation of a 1,250-megawatt electric transmission line along 4.3 miles of the Hudson River in Yonkers. The project cost is estimated at $22.5 million.
According to YIDA, the CHPE cable is bringing inexpensive hydro power from Quebec to New York City over a 339-mile route, of which 60 percent is in waterways. Installation of the cable in the Hudson River in Yonkers is currently planned for August to September 2025. CHPE is requesting a sales tax exemption of nearly $2 million.
Fort Lee, N.J.-based AMS Acquisitions is a real estate investment firm that focuses on the acquisition and development of retail, residential and office properties. The firm, which also maintains an office in Yonkers, has a portfolio totaling more than 1 million square feet.
— Kristin Harlow