The Yonkers IDA has voted preliminary approval for The Abbey on the Park, a new affordable housing development in Yonkers. The Abbey on the Park will consist of two existing historic buildings, the Ethan Flagg House and the Blessed Sacrament Monastery, in addition to one new building. The project, which is being led by the Kearney Realty & Development Group, will be located at 21-23 Park Avenue in Yonkers.
The Blessed Sacrament Monastery and Ethan Flagg House, both listed on the National Historic Registry, will be restored in the creation of The Abbey on the Park to provide 49 apartments. The new construction will add an additional 33 units to the development, bringing the total number of apartments to 82 across all three buildings. Units will break out to 31 studios, 41 one-bedrooms, and ten two-bedrooms.
21-23 Park Avenue today, via Google Maps
The project’s existing buildings are mostly vacant today. When complete, 81 of the property’s 82 total units will be rented to residents earning 60 percent of the area median income, with the remaining unit reserved for the property’s superintendent. Notably, preference will be given to those involved in artistic or literary activities for 20 to 50 percent of the units.
Incentives for The Abbey on the Park were approved alongside another affordable project, The Parker, which is located at 632-636 Broadway, also in Yonkers. The development team has requested a mortgage recording tax exemption totaling $456,975, and a sales tax exemption totaling $1,653,084.
“These two innovative and attractive residential developments will create much- needed affordable housing while generating over 400 construction jobs,” said mayor Mike Spano, chairman of the IDA Board. “These projects build upon the continued success of the Yonkers IDA as a driving force in the tremendous revitalization underway in our city’s economy.”
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Please be careful during restoration, as I know it is on the National Register of Historic Places: Thanks.