Construction Starts on $24M Yonkers Project

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

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

Completion of the Velocity at Greystone is scheduled for March 2008, a company spokesperson says. REMI recently acquired the 1077 Warburton Ave. parcel for approximately $4.2 million. The seller of the parcel was not identified.

The Yonkers IDA is providing the developer with a partial real property tax abatement through a payment in lieu of taxes agreement, an exemption from sales taxes related to the construction of the project and exemption of the New York State mortgage recording tax.

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

Commenting on the new project's launch, Ellen Lynch, president and CEO of the Yonkers IDA, says, "Velocity at Greystone will set a new standard for luxury lifestyle living in downtown Yonkers. We are thrilled that we will have a Velocity building of our own, a concept that would have been unthinkable a decade ago. Our city is undergoing an exciting economic renaissance and we must provide modern housing to sustain it. Our IDA incentives are an investment in Yonkers' future."

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