YONKERS, NY – July 11, 2012 — A new hotel at the Cross County Shopping Center and the re-opening of a shuttered manufacturing facility on Central Avenue received assistance from the Yonkers Industrial Development Agency at its meeting today.
“These investments in hospitality and manufacturing indicate the continued growth of Yonkers despite a difficult economy,” said Mayor Mike Spano who chairs the YIDA, “Business is interested in Yonkers, and we are turning that interest into investment and jobs.”
The YIDA approved assistance for Instock Cabinets, Inc. to convert the former Stewart Stamping factory at 630 Central Park Avenue into a showroom and assembly plant for cabinets. Instock will spend an estimated $2 million to renovate and equip the building, which has been vacant for six years. The project will bring 40 new permanent jobs to Yonkers. Instock had purchased the building at the end of 2011.
“Manufacturing is becoming an endangered species in New York State, but we are showing it can work in Yonkers,” said Spano, “These are important skilled jobs to have in our community.”
The YIDA is providing a sales tax exemption of approximately $84,000 on materials to be used in the renovation, and will provide a property tax abatement to be negotiated.
The YIDA also approved assistance for a planned $26.2 million conversion of an eight story office tower at the Cross County Shopping Center into a national brand hotel. The hotel will have 155 rooms and consist of the original 55,000 square foot office tower plus 17,000 square feet of newly constructed space. The developer has not yet announced the hotel’s brand, but has committed to a national select service brand.
The YIDA will provide approximately $702,000 in sales tax exemptions for the construction phase, an approximate $277,000 mortgage tax exemption, plus a property tax abatement to be determined upon further analysis. The project will create up to 100 new construction jobs plus 28 new permanent jobs.
“A new hotel in the Central Avenue Corridor indicates the City’s transformation as a regional destination,” said Spano, “It’s a sign that Yonkers is increasingly a place to visit and to do business.”
SOURCE: Communications Director Christina Gilmartin.