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YONKERS-Two apartment properties in the city will be able to invest a total of $12.5 million in capital improvements thanks to tax credit and bond financing being provided by the Yonkers Industrial Development Agency. The two properties have a combined total of 259 units.

The IDA will help finance a total of $3.5 million in upgrades to the Jefferson Terrace rental apartment development in the Ludlow section of the city. The 64-unit property located at 108 Jefferson St. was recently acquired by Jefferson Terrace LLC, a Scarsdale-based investment group that includes Mountco Construction and Development Corp., an experienced local builder/development firm. The property was purchased from Jefferson Terrace Housing Development Fund Inc., for $500,000. IDA officials say the fully occupied complex will be managed by Community Housing Management Corp.

The renovation plan includes the replacement of major building systems such as the boiler, roof, windows, brick facade and elevator. In addition, individual apartments will be modernized with tenants in place, or by “checker boarding” tenants within the property, IDA officials add. The acquisition and renovation of Jefferson Terrace will be funded principally with 4% tax credits and tax-exempt bonds to be issued through the Yonkers IDA.

The second property to benefit from IDA assistance is the 195-unit Whitney Young Manor rental apartment complex at 358 Nepperhan Ave. Whitney Young Manor LP, an affiliate of Omni New York LLC and Mill Plain Properties LLC, a New York-based partnership that includes former New York Mets first baseman Mo Vaughn, purchased the property for $17 million from Young Manor Inc.

Omni plans to invest $9 million in capital improvements to the complex, including renovation of lobby areas, new elevators and the replacement and upgrading of building mechanical systems, IDA officials report. In addition, $300 per unit per year will be set aside in a replacement reserve to be used as needed for additional capital improvements. Whitney Young Manor is 90% occupied, and no tenants will be displaced during the renovation period, city officials note.

The project will be funded through an issuance of multi-family mortgage revenue bonds issued by the Yonkers IDA and 4% low-income housing tax credits issued by the New York State Division of Housing and Community Renewal.

Commenting on the investments planned by the two new property owners, Ellen Lynch, president and CEO of the Yonkers IDA, says, “We are delighted that Yonkers is now attracting the attention of major residential real estate developers such as Omni and Mountco. This is an indicator that the city is on regional and national radar screens as a place to invest in real estate.”

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