Mar 6, 2024
Final Incentives Approved for AMS's 906-unit $458M Yonkers Multifamily Development
AMS Acquisitions secured financial incentives from the Yonkers IDA, including $12,924,830 in sales tax exemptions and $4,549,646 in mortgage recording tax exemptions. The project is anticipated to generate 1,100 construc…
Traded Editorial
Green Light for 41-Story Towers
The Yonkers Industrial Development Agency (IDA) has given its nod to financial incentives supporting the construction of Teutonia Hall. This residential development, comprising two 41-story towers, is set to rise at 4 Buena Vista Avenue in Yonkers. Designed by S9 Architecture and developed by AMS Acquisitions, the $458 million project aims to deliver 906 residential units, including 91 designated for affordable housing. Additionally, the development will feature 2,900 square feet of ground-floor retail space and a 907-vehicle parking garage within a six-story podium at the base of the towers.
Financial Incentives and Job Creation
AMS Acquisitions secured financial incentives from the Yonkers IDA, including $12,924,830 in sales tax exemptions and $4,549,646 in mortgage recording tax exemptions. The project is anticipated to generate 1,100 construction jobs, fostering economic growth, with the benefits expected to reach $2.35 for every dollar of incentives provided over the project's duration.
Phased Construction Timeline
The construction of Teutonia Hall will unfold in two distinct phases, commencing in September 2024. The initial phase is slated for completion by December 2027, while the second phase aims to conclude in December 2031. The Yonkers IDA's approval signifies a significant step forward for the project, adding momentum to Yonkers' real estate landscape.