Yonkers Approves Tax Incentives for $458 Million Luxury Residential Complex

The Yonkers Industrial Development Agency (YIDA) has granted preliminary approval for financial incentives for Teutonia Hall. This colossal $458 million mixed-use residential complex is set to redefine the city’s skyline. Hence, AMS Acquisitions, the developer behind the project, heralded it as the most significant undertaking in recent years.

AMS acquired the former Teutonia Hall property at 4 Buena Vista Ave in 2018 for $18.3 million. It has now become the canvas for an architectural giant designed by S9 Architecture. The Teutonia Hall development plans boasts two opulent 41-story towers. The ambitious two-phase project delivers a total of 906 apartments and includes 2,900 square feet of street-level commercial space. 91 of these apartments are designated for affordable housing.

Teutonia proposed waterfront
Teutonia rendering – credit: AMS Acquisitions

The development promises not only luxurious living, but also a rejuvenation of the urban environment. Therefore, it aligns with City Hall’s vision for progressive and sustainable growth. Also noteworthy is the commitment to preserving the historic essence of the site. The lower six stories of the building will house a podium, echoing the façade of the original Teutonia Hall.

In Phase 1, scheduled to commence construction in September 2024 and complete by December 2027, AMS Acquisitions will build the first residential tower and two-thirds of the parking podium. This phase will yield 510 units, amenity and support spaces, 544 parking spaces, and around 2,200 square feet of retail space. Following this, Phase 2, slated to begin construction in December 2028 and conclude by December 2031, will see the construction of the second residential tower and the remaining one-third of the parking podium, resulting in 396 units, additional amenities, 363 parking spaces, and approximately 700 square feet of retail space.

Tax breaks

AMS expects the economic impact of the Teutonia Hall project to be substantial. Moreover, the developer projects that the two phases will generate a 1,100 construction jobs. As such, it’s seeking $12.9 million in sales tax exemptions and $4.4 million in mortgage recording tax exemptions.

The final approvals of these incentives mark a pivotal moment in Yonkers’ journey towards the ever-changing composition of the city.

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