Sandy Loewentheil and Ron Moelis of 326 Riverdale Owners LLC submitted their project application to the city last month and the Yonkers Planning Board began reviewing it Wednesday. The proposed 170-unit building would sit on a 1.25-acre lot encompassing lots with the addresses of 314, 320 and 326 Riverdale Ave., a block sitting between Morris and Post streets.
Moelis said that development in the city's waterfront was one of the reasons his company became interested in the area.
"Yonkers is a city where there is a lot going on," Moelis said on Friday, noting the site's proximity to public transportation and to New York City. "It really is a moderate income building that we think is going to be appealing."
Most of the building's units are studios and one-bedrooms, with 33 two-bedroom apartments.
Rental prices for the apartment units would be based on renters' incomes, and the units would target people with an income range from 60 percent of the area median income to 130 percent.
According to the federal department of Housing and Urban Development, the 2007 median income in Westchester for a one-person household is $67,550. Therefore the apartments targeting single people would seek incomes ranging from $40,530 to $87,815.
Moelis' application boasts that he and his partner have built more than 6,000 units of market-rate and affordable housing and more than 250,000 square feet of retail space in the metropolitan New York area.
The developers' projects in the Lower Hudson Valley include Sycamore Crest in Spring Valley, a 96-unit senior citizen apartment building that opened in 2001.
Another project set to open in early 2008 is The Arbor at 3620 Henry Hudson Parkway in the Bronx. The $90 million, 127-unit condominium complex sits on the former site of the Hebrew Home for the Aged in Riverdale.
Moelis' and Loewentheil's application is the latest in a number of residential buildings proposed for the area. The nonprofit housing developer Westhab intends to build a six-story, 60-unit rental apartment building at 7-17 Ludlow St. in the next two years. Remy Yonkers Property Corp. wants to build a 10-story, 86-unit condominium or apartment building at 303-307 S. Broadway.
Both of these proposal are still under review by city planning and zoning officials.
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