Featured excerpt from the New York Real Estate Journal
YONKERS,NY – With major construction already underway, the city celebrated the ceremonial groundbreaking of two housing developments totaling $64.6 million at the former site of the historic Mulford Gardens Public Housing Complex and Ashburton Ave. Members of the project team include Monadnock Construction, Inc. as the construction company and H2M as the architect.
Mayor Philip Amicone, joined by federal, state and local elected officials, as well as more than 100 community leaders and residents, presided over the ground breaking ceremony for Park Terrace at Croton Heights, a new, $19.1 million, 49-unit senior rental facility, and Grant Park at Croton Heights, a $45.5 million residential apartment community that will bring 100 affordable apartments to the city. Both complexes were developed by The Municipal Housing Authority for the city in conjunction with The Richman Group Development Corp. and Landex Development, LLC, and will be managed by Rental Housing Management Partnership.
On hand for the event were Westchester County executive Robert Astorino; executive director of the Municipal Housing Authority for the city Joseph Shuldiner; executive deputy commissioner for the NYS Division of Housing and Community Renewal (DHCR) Michael Skrebutenas; regional administrator for the Department of Housing and Urban Development Adolfo Carrion; president & CEO of the Yonkers IDA Ellen Lynch; president of The Richman Group Development Corp. Kristin Miller; senior VP, The Community Preservation Corp. Sadie McKeown; director Citi Community Capital Barry Krinsky; and senior VP, Bank of America Merrill Lynch Todd Gomez.
To help keep the apartments affordable, the Yonkers IDA approved incentives for the developer including a real property tax agreement, mortgage tax exemptions, and sales and uses tax exemptions for construction.
For the full story visit http://nyrej.com/41816