(To read more on the multifamily market, click here.)

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YONKERS-Thanks in part to some incentives provided by theYonkers Industrial Development Agency, REMI Development of Hoboken,NJ has commenced construction on its new $24-million Velocity atGreystone development here. The nine-story, 79-unit luxury rentalapartment building is being constructed at 1077 Warburton Ave.

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The project is being modeled after REMI's 128-unit Velocitycondominium project in Hoboken. Occupancy of units at that projectis expected sometime this month.

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Completion of the Velocity at Greystone is scheduled for March2008, a company spokesperson says. REMI recently acquired the 1077Warburton Ave. parcel for approximately $4.2 million. The seller ofthe parcel was not identified.

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The Yonkers IDA is providing the developer with a partial realproperty tax abatement through a payment in lieu of taxesagreement, an exemption from sales taxes related to theconstruction of the project and exemption of the New York Statemortgage recording tax.

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Velocity at Greystone will offer nine studio apartments, 54one-bedroom apartments, 13 two-bedroom units and threethree-bedroom apartments. An underground garage will contain 112parking spaces.

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Commenting on the new project's launch, Ellen Lynch, presidentand CEO of the Yonkers IDA, says, "Velocity at Greystone will set anew standard for luxury lifestyle living in downtown Yonkers. Weare thrilled that we will have a Velocity building of our own, aconcept that would have been unthinkable a decade ago. Our city isundergoing an exciting economic renaissance and we must providemodern housing to sustain it. Our IDA incentives are an investmentin Yonkers' future."

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Erik Kaiser, CEO of REMI Companies, says, "We are excited tointroduce our Velocity brand to Yonkers. We share IDA's vision forthe city, with its planned new, $7-billion Downtown. Within thenext few years, Yonkers will be a destination of choice forbusinesses and residents alike."

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John Jordan

John Jordan is a veteran journalist with 36 years of print and digital media experience.