Yonkers IDA Breaks Ground On Waterfront Housing

YONKERS, NY-After a 10-year review process, a $32-million, 12-story affordable housing tower at 49 N. Broadway near the Yonkers waterfront broke ground here on Tuesday, as city and state officials lauded its arrival to the neighborhood’s burgeoning downtown. In partnership with the Yonkers Industrial Development Agency and the local governing body, the 92-unit apartment complex will be developed by Warburton Riverview Owners LLC, a joint venture between L+M Development Partners Inc. and the Greyston Foundation.

Ron Moelis, CEO and co-founder of L+M Development Partners, describes the deal as an “excellent example” of public-private partnerships combining resources to benefit communities in need. “We are pleased to have the opportunity to work with Greyston Foundation to help realize the City of Yonkers’ vision to revitalize the area, provide comfortable, affordable living opportunities for families and spur economic growth Downtown,” he said in a statement.