YONKERS – The Yonkers Industrial Development Agency paved the way on Wednesday for the former vacant School 19 building to be converted in 128 apartments.
The 70 Jackson Street, LLC company is purchasing the property from the property from the City of Yonkers for $676,900 under terms of a recent request for proposals. The company will spend an estimated $28 million to renovate the property and create the apartments.
The IDA agreed to provide a $260,000 mortgage tax exemption and $830,000 sales tax exemption on materials used in the construction of the project, as well as a temporary property tax abasement to be negotiated.
“This property has been empty and gathering dust for two decades,” said Mayor Michael Spano, who chairs the IDA. He noted it will be placed back on the tax rolls and provide housing for people who want to live and work in Yonkers.