A New Waterfront Neighborhood With Access to the Hudson Gets Financial Incentives From Yonkers

The $177 million waterfront project will include parking, public space, and both affordable and market-price units.

An ambitious waterfront development that will transform a six-acre industrial site in downtown Yonkers into a new 440-unit, seven-story residential building for renters has secured final financial incentives from the city.

The $177.3 million project at 57 Alexander Street will include 25,000 square feet of open space for the public along the Hudson River waterfront. The new park will also feature a waterfront walkway with seating, landscaping, and unobstructed views of the Palisades. 

Most of the apartments in the new building, which is just north of the Yonkers train station, will be studios and one-bedroom units, with 10 percent set aside as affordable.

- Advertisement -

The Board of Directors of the Yonkers Industrial Development Agency (IDA) approved the incentives for the developer, Rose Associates of Manhattan, at its meeting earlier this month. The developer has also agreed to create 443 parking spaces.

Construction is expected to begin early next year, with a July 2022 completion date. The project is estimated to create 631 construction jobs and 10 full-time jobs.

The 6.16-acre property, which now holds five industrial warehouse buildings and a storage shed, is within the city’s Alexander Street Urban Renewal Area and is part of the Alexander Street Master Plan adopted by the Yonkers City Council in 2009. 

Unveiled: A Boutique Bridal Brunch is February 23!

Our Best of Westchester Readers' Ballot is open through January 15!

Our Women in Business Awards event is November 21!

Our Best of Business event is October 30!

Our CEOs & Business Leaders Golf Outing is August 5!

Our Best of Westchester Party is July 24!

Our Westchester Home Design Awards event is June 26!

Our Wine & Food Festival returns June 4-9!

Our Wunderkinds event takes place on May 23!

Our Best of Business Ballot is open through May 15!

Our Healthcare Heroes Awards event takes place on May 9!

Our Westchester Home Builders Awards take place on April 4!

Our Diversity, Equity & Inclusion Forum is March 14!

Holiday flash sale ... subscribe and save 50%

Limited time offer. New subscribers only.