A developer proposing a new 150-room hotel in Yonkers will get at least $923,250 in tax breaks.
On Tuesday morning the Yonkers Industrial Development Agency voted to approve the financial incentives for Alfred Weisman Real Estate of Rye, which owns a vacant lot at 555 Tuckahoe Road near Mountaindale Road.
Weisman’s $20 million project consists of $5 million he paid for the property and $15 million for building and furnishing what he described as a name-brand hotel.
The tax breaks include $653,250 in sales tax and $270,000 in mortgage tax exemptions; a payment-in-lieu-of-taxes agreement will also be determined.
The proposed five-story hotel is expected to create 50 jobs ranging in annual salary from $22,000 to $100,000.
The construction phase is expected to create 200 temporary jobs for about a year.
The hotel’s proposed location, along with other parts of the city, was recently rezoned by the City Council to permit hotels.
Yonkers is experiencing a hotel boom. There are currently two new hotel projects in different construction stages: a Hyatt Place at the Cross County Shopping Center and a Courtyard by Marriott at the Executive Boulevard corporate park.
Twitter: @Ernie_G_journo
The post Yonkers gives new hotel developer $923,205 tax break appeared first on Tax Watch.
