The Yonkers Industrial Development Agency has given final approval for a tax benefit package to help incent GDC’s $107.5 million River Club luxury rental project. To be constructed overlooking the Hudson River and Palisades at the Greystone Train Station, groundbreaking is expected in the fall.
The project, comprising two 10-story towers, will receive $1.7 million in sales tax exemptions, $1.935 million in mortgage recording tax exemptions and a ten-year partial property tax exemption.
GDC has worked closely with the Yonkers Industrial Development Agency and the City of Yonkers to structure this win-win package. It will create hundreds of construction jobs and put this long vacant parcel back on the tax rolls as one of Yonkers’ finest residential buildings.
River Club will feature resort quality amenities including a swimming pool and fitness center and many units will offer spectacular river views.
You can read about this YIDA action at the Westchester County Business Journal HERE.