YONKERS, N.Y. — Developers have released plans to build two new multifamily projects in Yonkers, about 20 miles north of New York City. The developments represent a total of $186.6 million in private investment and are expected to create 503 construction jobs. The Yonkers Industrial Development Agency recently granted final approval of financial incentives for both projects.
Miroza Tower, which a subsidiary of Azorim Construction Co. Ltd. is developing, will rise 27 stories at 44 Hudson St. The $133.5 million project will comprise 250 apartment units, 25 of which will be designated as affordable housing. Amenities will include a party room, library, conference room, gym, two resident lounges, a rooftop garden and children’s playroom. The tower will also include 1,920 square feet of first-floor retail space and a 252-space parking garage.
Azorim is receiving a sales tax exemption of $5.8 million, a mortgage recording tax exemption of $1.3 million and a 20-year payment in lieu of taxes (PILOT) agreement valued at $12.4 million. The project is expected to create 324 construction jobs.
The Center for Urban Rehabilitation and Empowerment Inc. (CURE), a local nonprofit, and Conifer Realty LLC in partnership with the City of Yonkers are developing the second project, Warburton Avenue Apartments. Located at 322 Warburton Ave., the project will feature 93 affordable housing units for seniors.
The $53.3 million development will transform vacant land and buildings that are both publicly and privately owned within the Warburton-Ravine neighborhood. The six-story building will include 36 studios, 57 one-bedroom units and one two-bedroom residence reserved for an onsite superintendent.
The developers of Warburton are receiving a 30-year PILOT agreement valued at $2.6 million. The project is slated to produce 179 construction jobs.
Construction timelines were not provided.
Azorim is an Israel-based company that is active in residential construction and development. CURE is a certified housing development organization with a mission to provide affordable housing for residents of Westchester County and its surrounding communities. Conifer is a full-service real estate company specializing in the development, construction, management and ownership of affordable housing communities across New York, New Jersey, Pennsylvania and Maryland.
— Kristin Harlow