WHITE PLAINS, N.Y. – Westchester's Industrial Development Agency (IDA) has approved financing and incentives for four major development projects: the Ritz-Carlton and renovations to an office building in downtown White Plains; a new condo development in Bronxville and the construction of a self-storage facility in Mamaroneck.
With a total of $71.5 million in private investment, the four projects will create more than 750 permanent and full-time jobs. The transaction fees paid to the IDA on the projects will generate more than $122,000, which will be used to support small businesses and stimulate job creation.
Projects include a family-owned company expanded into a self-storage business, an environmental brown site transformed into new housing and resident parking, prime office space upgraded for high-paying professional jobs and the renovation of one of the county's most iconic tourism destinations.
“The projects supported by the IDA today demonstrate the vitality of our local economy and the strength of our job market,” said County Executive Robert P. Astorino at the Nov. 13 announcement. “We are proud that these diverse, job-creating projects all have one thing in common: successful partnership with Westchester County.”
Murphy Brothers Contracting, a family owned and operated general contracting firm in Mamaroneck, received IDA approval for a sales tax exemption totaling $110,625 for the construction of a 40,000-square-foot self-storage facility at 426 Waverly Ave. in Mamaroneck.
Onyx Equities, a fully integrated real estate investment company that specializes in acquiring and repositioning undervalued properties in the Tri-state region, received approval for IDA financing totaling $167,216 in sales tax exemptions for the renovation of a 326,307-square-foot office building located at 1311 Mamaroneck Avenue in White Plains.
The IDA approved a sales tax exemption of $1,328,400 and a mortgage tax exemption of $546,000 for Fareri Associates for the development of a $60 million condominium to be built in the Village of Bronxville at 15 Kensington Road.
The Cappelli Organization received IDA approval for $297,500 in sales tax exemptions for a $4 million renovation of the Ritz-Carlton, Westchester hotel in downtown White Plains.
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