Spring-Summer 2004

Published by the CITY OF City of Yonkers Office of Economic Development VISION YONKERSPROGRAMS AND SERVICES THAT BENEFIT BUSINESSES IN YONKERS Yonkers Facts Yonkers Business Week 2004 At A Glance Taking Your Business From Today Into Tomorrow • POPULATION: Approximately 200,000 • AREA: 18.3 Square Miles – 4.5 miles of extra day to the program. City officials are cross- waterfront ing their fingers that the weather gods will be kind • RELATIVE SIZE: 4th Largest City in New this year. York State • POLICE FORCE: 686 Speakers who will be making presentations at • FIRE DEPARTMENT: 443 Yonkers Business Week 2004 include Mayor Philip • RETAIL SALES TAX: 8.25% A. Amicone, who will be the keynote speaker at • CITY TAX RATE (proposed): $346.61 Per the Kick-Off Breakfast on April 26 and Bruce $1,000 of Assessed Value Ratner, president and chief executive officer of • AVERAGE RESIDENTIAL TAX BILL: $4,853 Forest City Ratner, who will address a breakfast • TOTAL LABOR FORCE: 95,000 session on Wednesday, April 28. The developer, • UNEMPLOYMENT RATE: 6.3% who recently announced plans for a massive • PUBLIC SCHOOLS: 39 development in Brooklyn that will include his lat- • PAROCHIAL SCHOOLS: 23 est acquisition – the New Jersey Nets basketball • COLLEGES: 6 (including 2 Seminaries) team – will provide attendees an update on what • PARKS & PLAYGROUNDS: 100, 1 skating will hopefully be his next “slam dunk” – the pro- rink, 2 pools, a rifle range and 3 posed $600 million Ridge Hill Village development community centers project in Yonkers. • GOLF COURSES: 2 (Dunwoodie, Sprain Lake) • LIBRARIES: 3 branches (Riverfront, Will, Yonkers native Jay Walker, founder of Crestwood) Priceline.com and president of Walker Digital will • MUSEUMS & OTHER ATTRACTIONS: Hudson speak at an April 28th luncheon, while Staples, River Museum/Andrus Planetarium, Rutledge Inc. founder and chairman Thomas G. Stemberg, This year’s Yonkers Business Week 2004 pro- Police Museum, Philipse Manor Hall and who early on in his retail career was a frequent gram, which will run from Monday, April 26th to Sherwood House visitor to a Finast Supermarket, formerly on Saturday, May 1st, will feature a host of major • HOSPITALS: 2; St. John's Riverside, St. Joseph's Tuckahoe Road, will be the keynote speaker at an luminaries from the fields of business, politics, Medical Center April 27th morning session to be held at Hudson environment, education, entertainment and • POSTAL FACILITIES: 5 Park South Tower on Pier Pointe Street. • CHURCHES/SYNAGOGUES: 20 Roman Catholic, sports, including many who got their start right here in Yonkers. 43 Protestant, 3 Eastern Orthodox, 7 Presentations by New York State Department of Synagogues Environmental Conservation Commissioner Erin • HOTELS/MOTELS: 3 Last year, despite rather nasty spring weather, Crotty and National Brownfields Association's • MEDIA: 1 Daily Newspaper, 2 Weekly approximately 4,500 people attended the event, so director Robert Colangelo on brownfield opportu- Newspapers, Cablevision of Westchester, 2 many in fact that city officials decided to add an continued on page 3 Municipal Access Channels • SHOPPING MALLS: 17 • BANKS: 12 (Over 40 branches) • RAIL SERVICE: Metro-North Commuter Diam International to Relocate Railroad/Metropolitan Transportation Authority, and AMTRAK Headquarters to Yonkers • BUS SERVICE: 20 Routes In one of the largest lease transactions in years ■ • AIRPORTS: 4 within a 20-40 minute radius in Westchester County, Diam International, a global maker of retail displays, will be relocating its cor- porate headquarters from Woodside, Queens to a Tenants Begin Taking 435,000 square foot building it now subleases from Qwest Communications. The deal will eventually Space At nValley bring as many as 700 new jobs to the City of Technology Center Yonkers. With some $14 million in renovations nearly After more than a year of negotiations with the complete, tenants at the 116,000 square foot building owner and the City of Yonkers, Diam nValley Technology Center are scheduled to begin International finalized its plan in February to relo- occupancy by late spring. The facility will be home Coming Soon cate the firm’s corporate headquarters to to a host of high-tech companies, an ambitious 555 Tuckahoe Road. “business incubator” run by Pace University, Diam International’s New Headquarters Atlantic Bank, Hudson Valley Bank, attorneys, Diam signed a 22-year sublease for the property with Qwest Communications, which leased the prop- accountants, Empire Zone and federal erty several years ago from Alfred Weissman Realty. The Denver-based telecommunications company Empowerment Zone offices, a Small Business had planned to build a lavish computer technology/data center at the property. However, those plans Development Center, the Yonkers Police were cancelled after the telecom bust of a few years ago. The property had previously been a Department and an nValley Café. distribution center for Saks Fifth Avenue. continued on page 5 continued on page 5

YONKERS CITY OF VISION – Spring/Summer 2004 • 1 Video Slot Casino To 50-Year Anniversary 1954-2004 Restaurants Have A Philipsburgh Hall continued from page 2 Open At Yonkers quality of life and is a clear example of what can Cross County Shopping Center Big Appetite For be accomplished when civic minded individuals Raceway By 2005 Celebrates With $100 Million Expansion/ work together. “We are pleased with the role Yonkers PPAC is playing in the Downtown District and the As New York State completes an environmental Renovation Plan IDA was happy to be in a position to assist,” said review on the impact of Video Lottery Terminals The success of Zuppa Restaurant and Mayor Philip A. Amicone, who serves as chairman (VLTs) at Yonkers Raceway, analysts believe the In early March, city officials got the first Lounge in downtown Yonkers and Boulder of the Yonkers Industrial Development Agency. availability of VLTs will significantly boost atten- glimpse of a major expansion/renovation project Creek Steakhouse on Central Park Avenue has dance at the track and will provide a major shot in planned for the Cross County Shopping Center. spurred incredible interest from the restaurant The effort to revitalize the former Philipsburgh the arm to the Yonkers economy. industry in locating to Yonkers. In fact, a host Hall began in the late 1990s when the leadership The facility, which this year marks the 50th of new establishments are on the menu and of St. John’s Episcopal Church in downtown Published reports indicate that Yonkers anniversary of when the first shovel went in the expected to open later this year. Yonkers and Greyston joined forces to revitalize Raceway management is hopeful that the state’s ground on the development, will be undergoing a the abandoned building on Hudson Street. The review of the project will be complete in the next major renovation program that will reposition the Phil Leggio, co-owner of Zuppa Restaurant and two not-for-profits reached out to numerous pub- few months to allow for construction to begin this property as a modern open-air neighborhood Lounge, said the restaurant, which opened a year lic and private entities to assist them in revitaliz- summer. Track officials have stated that they want community shopping center. In addition, the ago at the former Gazette Building at 59 Main ing the property, while also creating affordable to suspend racing at the track for several months plan calls for approximately 200,000 square feet Street, has been highly successful thus far. housing at the site. Today, all the apartments are to install the estimated 5,500 VLTs at the facility. Rendering Of Cross Country Shopping Mall of new retail space. Part of the new retail space Zuppa Restaurant And Lounge fully rented and the Philipsburgh Performing Arts will include expansions of the existing Sears and “It has been better than we had anticipated. Center is a place where the Yonkers business Raceway officials have stated that they hope to Macy’s department stores. It also calls for the The project is expected to create hundreds of We expected it would take two years to break Leggio said the Zuppa facility, which can seat community and city residents can gather for cul- have the video slots up and running by early 2005. construction of two new anchor stores, another jobs during the construction phase and hun- even and we are already beyond break even,” he 160 patrons, opened a private wine cellar dining tural events and fine food. ■ Yonkers is one of eight New York State tracks to be major retail location and several restaurants. dreds more once the renovation and expansion said. “It has been a great first year.” room in December that has proved very popular. granted permission to apply for a VLT license. plan is complete. Mr. DelBello said that the pre- The plan also calls for improving current liminary job cost estimate of the project is more The 9,500 square foot facility that offers He added that with the addition of a num- The addition of VLTs at Yonkers is expected to parking facilities, the construction of a new than $100 million. patrons the finest in New Age Italian cuisine, ber of restaurants in the downtown district in revive the racetrack, especially considering that five-level parking structure and a host of other has received high marks from food critics at the months ahead, Yonkers will be able to A Familiar Face attendance at Saratoga Gaming and Raceway has infrastructure improvements aimed at improv- In its presentation to city officials, Brooks The New York Times, The Journal News and offer a Restaurant Row of sorts for diners to Westchester magazine, Leggio said. Zuppa doubled since its video slots operations opened ing access to the site. Shopping Center stated, “For over 50 years, the choose from. Some attendees of the upcoming Yonkers Restaurant and Lounge is a family–owned earlier this year. Work is now underway to install Center has functioned extremely well and we Business Week 2004 event later this month might restaurant. The establishment’s other VLTs at a number of other tracks across the state, The ownership of Cross County, Brooks are only making it better. The size of the new In addition to Xaviars on the Hudson, which is recognize Thomas G. Stemberg, co-founder, and co-owners are Leggio’s son Robert Leggio- including Monticello Raceway in Sullivan County. Shopping Center, Inc. of New York City, stated to program, its specific mix of retail, the inclusion expected to open later this year, The Martini Bar chairman of the office superstore chain Staples, Zuppa and his son-in-law Armando Santucci, city officials, “We intend to bring the Center of office space and the availability of public is scheduled to open in the Hudson Park complex Inc., as someone they might have met in the past, an owner of Tramnoto Restaurant in Joe Faraldo, president of the Standardbred completely up to date, make it more attractive transportation ensures the Center’s long term and a Guinness style pub is planned for an open- but just can’t seem to place the face. Owners Association of New York, believes VLTs and functional, a much more contemporary and viability.” Hawthorne. ing later this year on Main Street.

continued on page 5 fashionable place to shop.” Well, it turns out the office superstore pioneer continued on page 6 Mr. DelBello said that tenant demand for the spent some time in Yonkers in the early 1980s Alfred DelBello, a partner in the law firm new space is high. However, he noted that at when he was an executive with First National DelBello, Donnellan, Weingarten, Tartaglia, Wise press time negotiations were ongoing and that Supermarkets. It seems he used to visit the former Public/Private Business Week 2004 continued from page 1 & Wiederkehr, LLP, who is representing Cross no firm lease transactions had been signed. Finast supermarket store on Tuckahoe Road Partnership Breathes County Shopping Center in its dealings with the nities are on tap for a luncheon on April 27th at Yonkers Mayor Philip A. Amicone, Westchester quite often. city, said a site plan for the renovation/expansion Cross County Shopping Center, which was the Hudson River Museum. County Business Journal and Yonkers Current New Life To Former project could be filed with the Yonkers Planning built in 1954 and opened in 1956, totals nearly Publisher Dee DelBello and Program Moderator A few years later, he co-founded Staples, Inc., Philipsburgh Hall On Board sometime in April 2004. 1.2 million-square feet of rentable space and is A Business Expo will be staged at Ridge Hill Tim Fleischer, news anchor for Channel 7 WABC in which under his leadership has grown into a currently anchored by Sears and Macys. The Plaza on April 28th from 8 a.m. to 4:30 p.m. More New York City, will preside over the awards cere- $13.2 billion company. Mr. Stemberg will discuss Hudson Street He stressed that while the new plan calls for complex also includes a multiplex theater and a than 100 businesses from across the tri-state area monies. This year’s honorees are: his time here in Yonkers, how he opened his first some new construction, the new retail space Super Stop & Shop Supermarket. The complex are expected to be showcasing their products and Staples store in 1986 and grew the company into ■ will not impact the surrounding residential is managed by Midwood Management. services. Helicopter and bus tours of the city are Yonkers Business of the Year: the successful enterprise it is today at the Yonkers A cooperative venture between St. John’s neighborhood and will be built on the existing scheduled. Admission is free. Greyston Foundation Business Week 2004 event. Episcopal Church in downtown Yonkers and the Cross County Shopping Center blueprint. Yonkers Family Business: Greyston Foundation to revitalize the former Networking sessions will also be conducted, Altman Lighting, Inc. City officials have learned that the City of Philipsburgh Hall has created a cultural gathering including an evening program that will feature the Yonkers Rising Star: Yonkers continues to be good to Mr. Stemberg. place for business and residents alike and has also finest in Yonkers food, art and music at the i.park on the Hudson Today, Staples store officials have told the city provided some additional affordable housing to $600 Million Ridge Hill Village Yonkers Riverfront Public Library on April 27th. Yonkers Employer of the Year: that its Staples store on 465 Tuckahoe Road is the area. Displays by local Yonkers artists and a perform- Consumers Union of United States, Inc. among the top five grossing stores nationwide Development Planned ance by the Yonkers Philharmonic Orchestra are Yonkers Corporate Citizen: for the chain. To help the organizers of the effort make ends also scheduled. St. Joseph’s Medical Center meet, the Yonkers Industrial Development Agency Forest City Ratner Companies is currently seek- Yonkers Hidden Treasure: Mr. Stemberg served as chief executive officer recently stepped in to lend a hand with a ing approval to build the New York metropolitan Yonkers Business Week will entail a host of Kawasaki Rail Car, Inc. for 16 years and today holds the title of chairman. $100,000 matching grant for the facility that is area’s first major lifestyle center, Ridge Hill informative and thought provoking panel sessions. Yonkers Legend Award: Fresh out of Harvard College and Harvard now called the Philipsburgh Performing Arts Village. This open-air center will be a dynamic Some of the topics to be covered include: Access to Honorable John Spencer Business School (as a George F. Baker Scholar), Center (PPAC). mixed-use destination, with a wide range of uses Capital, Alternative Sources of Capital, Employee Mr. Stemberg joined Jewel's Star Market stores designed to attract visitors to the site throughout Retention, Effective Marketing and Public/Private The Business Week program will conclude on corporate training program in 1973, where he Rev. Burton Ulrich of St. John’s Episcopal the day and evening, company officials said. The Development Tools. Saturday, May 1 at the Yonkers Riverfront Public rose to vice president of sales and merchandising Church is pleased with PPAC’S performance to project will feature approximately 1.3 million Library with Student Achievement Scholarship by 1980. He then moved on to Connecticut-based date. He is especially grateful for the matching square feet of retail and entertainment, a hotel The highly popular Annual Awards Dinner will Awards that will be bestowed to city students by First National Supermarkets, where he held vari- grant approved by the Yonkers Industrial and conference center, office space and up to 800 be held at the Polish Community Center on April Citibank. ous senior management positions. Eventually, he Development Agency Board of Directors. “PPAC residential units. 29th. was promoted to president of the company's will not show a profit for at least three years and View Of Town Square For additional information, please contact Edwards-Finast division, where the formula was the IDA matching grant was extremely helpful,” One of the most exciting development endeavors “It will be a type of experience that currently The kick-off to the event will be "A Taste of Wanda Nieves at (914) 377-6619 or visit to cut costs, buy in volume and slash prices. Rev. Ulrich said. ever in Westchester County has begun the process does not exist in the New York metropolitan area,” Yonkers" showcase of local eating establishments YonkersBusinessWeek.com ■ of obtaining regulatory approvals. said Richard Pesin, Director of Retail Development with a sampling of their best fare, followed by a Mr. Stemberg is also a director of CarMax, Inc., City officials say that the performing arts center for Forest City Ratner Companies. “While large tribute dinner catered by Xaviar’s Peter X. Kelly PETsMART, Inc., Polycom, Inc. and The NASDAQ has already enhanced the downtown district’s open-air centers are being built across the United honoring the new businesses to Yonkers and annu- Stock Market, Inc. ■

continued on page 3 continued on page 8 al business award recipients.

2 • YONKERS CITY OF VISION – Spring/Summer 2004 YONKERS CITY OF VISION – Spring/Summer 2004 • 3 Stay Informed About The Tyrone House Gets A Facelift Greyston’s New Bakery Puts Firm Technology Center continued from page 1 Yonkers in ‘Big Time’ The building was constructed by Alexander Smith Carpet Mills in 1922 and for 40 years was home to Purdue Frederick Pharmaceuticals. In Greyston Bakery officials say that the recent com- 2000, the facility was donated by the firm to the pletion of the two-year, $9.5 million project to build a Yonkers Industrial Development Agency (YIDA). state-of-the-art bakery on Ashburton Avenue now The YIDA formed nValley Technology Corporation, puts the firm in the “Big Time.” a Local Development Corporation, to build out, lease and operate the facility. The building has Production began for the first time on Wednesday, gone through a multi-million dollar renovation March 3, at the recently opened Greyston Bakery at program and is now one of the most modern facili- 104 Ashburton Avenue. The 23,000 square foot facili- ties in the City of Yonkers ty was constructed on a former abandoned brown- Yonkers On The Move field site off of Alexander Street and is currently In January 2004, Yonkers Mayor Philip A. employing between 55 to 60 hard to employ workers City residents can stay informed about the Amicone and Pace University President David A. from the Southwest Yonkers community. Greyston latest in business and economic development The Greyston Bakery Caputo announced the creation of a new business Bakery is also scheduled to be moving its administra- incubator for early-stage companies at the nValley activity in the City of Yonkers by watching products, economic success and social change. tive offices from its former bakery site at 104 Technology Center. The incubator will be housed “Yonkers on the Move,” a weekly cable televi- Greyston produces all of those – that’s why we buy Woodworth Avenue to its new bakery location in the in approximately 13,000 square feet of space sion program aired on Channel 78, the city’s their yummy baked goods.” near future. municipal cable station. The Tyrone House where “early stage companies” will have access to low cost space, economic incentives and assistance An icon in the Downtown District for more than “The new oak façade looks like a piece of furni- The construction of the bakery was financed in The new Maya Lin designed bakery will almost in general business techniques and commercial- The program, hosted by Dr. William Sheerin, 40 years, The Tyrone House restaurant and bar ture. It truly is a great success story,” Pinto noted, part by the Yonkers Industrial Development Agency. double the employment base at the facility and ization. highlights various business, projects and eco- looks like it had just held its grand opening, thanks "especially since the work at the Tyrone House has quadruples the production capabilities, Greyston nomic development programs available to to a complete rehabilitation of the storied eatery’s prompted a building owner down the street to con- The Greyston Bakery came from rather humble officials said. Maya Lin, among her many other Commenting on the establishment of the incu- Yonkers residents. The program airs daily exterior façade. tract for a similar oak façade to his property". The beginnings but is now a $5 million a year enterprise. accomplishments, also designed the Vietnam bator in Yonkers, Mayor Amicone said, “For forty Sunday through Saturday at the following entire project cost approximately $80,000 in city The bakery offers financial support to the Greyston Veterans Memorial in Washington, D.C. years this facility was owned and occupied by times: 7 a.m., 9 a.m., 11 a.m., 1 p.m., 3 p.m., Jim Pinto, director of the Office of Downtown and private funding. Foundation, a not-for-profit community based organ- Purdue Fredrick Pharmaceutical, and from here 5 p.m., 7 p.m. and 11 p.m. ■ and Waterfront Development for the City of ization that provides employment, affordable housing, The bakery produces brownies for Ben & Jerry’s Purdue grew into an international company. Under Yonkers, said The Tyrone House has been serving Over the years, Ms. Teague has witnessed daycare, HIV health care and related services in Ice Cream and Frozen Yogurt as well as cakes and the guidance of Pace we see the products of the downtown residents the finest Irish American the decline and now the renewal of the northern New York City and Westchester County. tarts for restaurants in New York City, Westchester new incubator following a similar path.” home cooked meals since the 1950s. However, the "Downtown District". Greyston, in partnership with federal, state, local and and upstate New York. Former Mayor exterior of the building at 72 Main Street had private funding sources, has grown into a $14 million He added that the building’s superb location, grown tired and run-down. Mary Teague, owner of “We had some difficult times, but we remained organization that employs more than 175 workers, 60 Julius Walls, president of Greyston Bakery, said the which is within the New York State Empire Zone Spencer Saluted the Tyrone House, with the assistance of the city’s confident that eventually the tide would turn” she percent of whom are entry-level. The organization expanded production capabilities at the bakery “gives and the federal Empowerment Zone, will definitely Façade Restoration Program, completed a total said. “And the tide has turned. The Tyrone House provides programs and services to more than 1,500 us the opportunity to play in the big time.” He noted be a draw for businesses in the region. In addition, For His Outstanding “facelift” of the restaurant/pub’s exterior, including has undergone a major renovation and business men, women and children each year. that Greyston now has the production capacity to the property is wired as a smart building and is the addition of an all oak façade. has never been better.” ■ market its products to major retailers and connected to the ATM switch that provides ultra Leadership Yonkers Mayor Philip A. Amicone said of the wholesalers. high-speed data transfer. Greyston Bakery, “Greyston is a real success story. We The Board are blessed to have them in our city.” of Directors of A long-time client of Greyston Bakery, which began “We expect that within 12 months over 300 new the Yonkers Xaviars on the Hudson Restaurant operations in 1982 in the Riverdale section of the jobs will be created at the nValley Technology The Greyston Bakery Café, which serves freshly Industrial Bronx, is Ben Cohen, co-founder of Ben & Jerry’s Ice Center,” the mayor said. “We are very pleased to made breakfast and lunch fare, opened in downtown Development Looks to Open by This November Cream and Yogurt, who gave the following testimonial have Pace University join us in the continued re- Yonkers at 35 Main Street in May 2003. ■ Agency hon- to the Yonkers-based bakery: “At Ben & Jerry’s, we growth of our city, which has re-emerged as one of ored former Peter Kelly, the Yonkers native who created care about three things: innovative high-quality the premier cities in which to live and work in the Mayor John the famous Xaviars Restaurant at Piermont in State of New York. With institutions like Pace join- Spencer for Rockland County, is planning to open his Diam International continued from page 1 ing us, we are confident that the effort will contin- his exemplary newest facility at the Yonkers Pier by “This facility was empty for over six years and West in Woodside, where it currently occupies ue to grow. This is only the beginning of what stewardship November of this year. we are delighted that it is now occupied as the cor- approximately 100,000 square feet of space. promises to be another great step forward for the during his two porate headquarters of an international entity,” City of Yonkers.” terms as the Kelly’s four-star restaurants in the area have Honorable John Spencer said Yonkers Mayor Philip A. Amicone. “We wel- Commenting on the factors behind its head- city’s chief attracted diners from around the tri-state area. come Diam International to Yonkers and I know quarters relocation, Tolly said, “They had the ideal Pace University’s Caputo added, “We are executive officer and as the chairman of the His Xaviars on the Hudson will be located on the this company will provide job opportunities to the building for us.” He added that the property’s loca- pleased to be leaders with Yonkers in helping cre- Yonkers Industrial Development Agency (IDA). second floor of the Yonkers Pier and will offer citizens of Yonkers in the months and years tion, its access to the Yonkers labor pool and the ate this new economic engine for the Hudson spectacular views of the Palisades, the ahead.” benefits it will be receiving from the city were also Valley. It fits our motto of ‘opportunitas’ by offering During his administration’s eight years in Manhattan skyline, the Hudson River and the keys to the deal. superb professional advice from our business and office, more than $500 million in economic George Washington and Tappan Zee bridges. David Tolly, executive vice president and chief computer schools, and by giving our students and development-related projects were approved financial officer of Diam International, said that Yonkers Industrial Development Agency (IDA) faculty members exposure to entrepreneurial through the Yonkers Industrial Development Patrons will be able to access the restaurant the company signed the sublease deal with Qwest executive director Edward Sheeran noted the opportunities.” ■ Agency. Entering 2004, an additional $3 billion from a ferry that will dock right at the Yonkers Communications in December but required Yonkers IDA had induced Diam’s application for Xaviars On The Hudson worth of development is in the pipeline. Pier as well as via the nearby Metro North approvals from the City of Yonkers to move for- approximately $14 million in bond financing as railroad station or by automobile. Kelly said. “We expect the restaurant to draw ward with its plan. The company had been work- well as property, sales and mortgage tax exemp- During the ceremonies honoring former patrons from Westchester, Fairfield and ing on trying to secure the Yonkers space for about tions from the city. The 555 Tuckahoe Road prop- Manhattan as well as from Rockland County and Mayor Spencer at the January IDA Board ses- Kelly said that construction on the new restau- a year. erty is also located in a designated State Empire Yonkers' Raceway continued from page 2 sion, which was chaired by his successor Mayor rant will begin on May 1. He anticipates a six- Bergen County, N.J. due to our following there.” Zone, which qualifies the firm for additional tax- will definitely draw the crowds at Yonkers Philip A. Amicone, the former mayor and IDA month build-out for the 250 seat restaurant that He said Diam will undertake a “significant” cap- related and job creation benefits. Raceway. In fact, in a story published recently in Chairman was presented with a map of his will offer Contemporary American fare with a Currently, Kelly operates three restaurants ital improvement effort at the property in prepara- The Journal News, Mr. Faraldo said that beloved city itemizing all the projects completed concentration on seafood dishes. across the bridge in Rockland County: the afore- tion for a June 2004 occupancy. Diam employs approximately 1,300 workers in Saratoga’s attendance numbers will be dwarfed during his tenure. mentioned Xaviars at Piermont, Restaurant X the New York metro area. The company has four by those at Yonkers once VLTs are operational. He The 13,000 square foot restaurant is expected and Bully Boy Bar in Congers and the Freelance He related that Diam plans to utilize the 555 major manufacturing locations in the United States said the racing purses will triple early on and “John Spencer has left this city a legacy that to employ approximately 70 people. Café & Wine Bar in Piermont. He also operates a Tuckahoe Road property as its corporate head- in Los Angeles, Chicago and New Jersey. Diam has eventually could grow to six times their current will extend to future generations. We are indebt- Rockland County-based catering business called quarters. The firm will house some manufacturing done work for such firms as: AOL, Chanel, Clarins ■ size after several years. ■ ed to him for his vision, tenacity and can do atti- “This is just a breathtaking location being on Events by Xaviars. functions at the building as well. Diam will retain Paris, Clinique, Coty, CVS, Dior, Disney, Old Navy, ■ tude” Mayor Amicone noted. the last operating pier on the Hudson River,” its presence at 26-45 Brooklyn/Queens Expressway Revlon, Wal-Mart and others. ■

4 • YONKERS CITY OF VISION – Spring/Summer 2004 YONKERS CITY OF VISION – Spring/Summer 2004 • 5 Mayor Named NY Chapter What Yonkers Can Offer Your Banks Bullish On Yonkers Brownfield continued from page 6 President Of National The New York State Chapter of the National Business Brownfield Association will serve as a focal point on Central Park Avenue and Commerce Bank plans Brownfield Association for the wide range of government, non-profit and Whether you are a start-up company or one [email protected] for more informa- to open one of its “store” locations on Central Park businesses dedicated to the redevelopment of that is well established, the City of Yonkers is tion on the federal Empowerment Zone. Avenue. brownfield sites in the State of New York. The Mayor Philip A. committed to providing assistance to help Chapter will provide forums where property own- Amicone was enable your firm move in the right direction Empire Zone Program In early 2004, Atlantic Bank changed the signage ers, government representatives, developers, selected last fall as through a broad range of economic benefits, on its Yonkers Financial branches (formerly Yonkers Yonkers' downtown and waterfront, as well as investors and professional service providers can the first president incentives and services. Savings and Loan) to Atlantic Bank branches. The the city's Nepperhan Valley corridor, have been meet, exchange ideas and facilitate more brown- of the New York Manhattan-based bank has five branches in the City designated as a New York State Empire Zone. field transactions in New York State. ■ State Chapter of Economic Development Incentives of Yonkers (One Manor House Square, 780 Palisade Under this state program, businesses located in the National Avenue, 1759 Central Park Avenue, 2320 Central Yonkers is the home of more than 10,000 busi- these areas may qualify for property tax refunds, Brownfield Park Avenue and an ATM location at St. John’s nesses. The city believes in taking an active role to wage-based tax credits, state sales tax exemptions, Association (NBA). Hospital) and is looking to expand its branch net- Project Updates jump-start new initiatives through financial and reduced utility and telephone rates, employment work in the city as well as in Westchester County, economic development incentives. Through the training programs, and low interest loans. As a COMPLETED AND ONGOING PROJECTS: Mayor Philip A. Amicone More than 400 according to Atlantic Bank senior vice president city’s Office of Economic Development, this can-do result of this program the city has already seen the •Construction on the $53 million Yonkers Public people attended the inaugural meeting of the Tony Morris. philosophy has become a way of life in Yonkers, rebirth of its magnificent waterfront and Library and Board of Education facility located at New York State Chapter held at the Yonkers demonstrating to business, industry, and the a revitalized downtown. For more information, One Larkin Center. Riverfront Public Library last September. The Yonkers Banks Sterling National Bank announced the opening of financial community that it is committed to making contact: [email protected]. • Hudson Park by Collins Enterprises' complex event was attended by U.S. Senator Hillary a new 2,700 square foot Westchester Regional Yonkers a thriving, fertile, attractive place for eco- A sure sign of a strong local economy is its access featuring 262 market-rate residential units and Rodham Clinton, State Senator Carl Marcellino, Banking Center at One Executive Boulevard. nomic growth and family life. For more informa- Yonkers Industrial Development to capital or simply put how many banks have office and retail space on the waterfront was chairman of the Senate Environmental Agency Program tion email [email protected] branch operations in a particular locale. Well, if that completed in 2003. Phase II will commence in Conservation Committee and Assemblyman “We are thrilled to expand the Sterling brand into is true, Yonkers is on strong financial footing. 2004. Thomas DiNapoli, chairman of the Assembly The Yonkers Industrial Development Agency the vibrant Westchester marketplace,” said Sterling Take Advantage Of The Opportunities • Xaviars, a four-star restaurant, is expected to Environmental Conservation Committee, who (YIDA) is mandated to assist industrial, com- Bancorp Chairman and Chief Executive Officer In the past 18 months, five new banks have open on the Yonkers Pier in the fall of 2004. discussed their roles in developing newly For example, have you ever heard of the federal mercial and not- for-profit organizations in Louis J. Cappelli. “Westchester and Yonkers in par- opened their doors in the City of Yonkers. Atlantic • High-speed ferry service from Yonkers to the enacted state Superfund refinancing and Empowerment Zone or the New York State Empire obtaining long-term, low-cost financing through ticular, is home to a high proportion of small-to- Bank purchased the former Yonkers Savings and Financial District of NYC by the summer 2004. brownfield cleanup program legislation. Zone? Well, if your business is located in the the issuance of tax-exempt industrial bonds. medium-sized businesses, making it the ideal loca- Loan Association, Union State Bank opened a facili- • The exterior restoration of Yonkers' historic train Nepperhan Valley, along the waterfront or in some The IDA has successfully completed 12 revenue tion for a Sterling branch. We are committed to ty at 2500 Central Park Avenue, Sleepy Hollow Bank station has been completed. The interior phase is Mayor Amicone, who at the time was Deputy retail areas of the city, your business is more than bond issues, totaling more than $500 million. bringing quality financial products and unparalleled opened a facility at 634 Yonkers Avenue, a new underway. The total restoration totaling $35 Mayor of the City of Yonkers, thanked the NBA likely in one or both zones. If you are not a certi- The financing has been used by businesses to customer service to Yonkers.” Charter One Bank opened a branch on 2371 million is expected to be completed by February and stated it was an honor for him to serve as fied business or have not heard of the zone incen- purchase machinery and equipment, new con- Central Park Avenue, Washington Mutual Savings 2005. the first president of the newly established New tives you may be missing out on some substantial struction and rehabilitation of existing sites, Sterling National Bank is the principal banking Bank opened a facility at 29 South Broadway and •Construction on the waterfront of a quarter mile York State Chapter. He remarked that the incentives. For more information check our web- land and building purchases, and architectural, subsidiary of Sterling Bancorp, a financial holding Sterling National Bank opened at branch at One esplanade park has been completed. library site was a former brownfield and that site at www.yonkersecondev.com or call (914) 377- engineering and legal fees. The funding has company with assets of $1.8 billion. Executive Boulevard. These banks are expected to •Greyston Bakery completed the construction of a its successful redevelopment into a state-of- 6797. resulted in new office parks, retail development be joined shortly by a number of new financial insti- 23,500 square foot state-of-the-art facility in the the-art library and Board of Education head- and increased manufacturing in Yonkers. The Regional Banking Center will be a full service tutions that will market their services in the City of waterfront district. quarters was proof of how old abandoned facil- The following are just some of the programs Contact [email protected] for corporate banking office and will also feature an Yonkers. These include: a new Citibank branch in • The tanks on the ATI site, a former petroleum ities can be cleaned up to become productive being offered by the city to existing businesses and more information on how the IDA works and expanded residential mortgage facility and 24-hour downtown Yonkers; Connecticut-based Webster and small tank farm, purchased in 2002 for facilities. those who wish to launch operations in Yonkers. how you can qualify for assistance. ATM and convenient drive-up banking services. ■ Bank will enter the Yonkers market with a branch cleanup and redevelopment, have been demolished. He said the City of Yonkers was committed to Federal Empowerment Zone Program City of Yonkers Loan Program • The Buena Vista 600-car parking garage cleaning up contaminated, abandoned, blighted On Jan. 16, 2002, Mayor John Spencer Yonkers has a unique loan program aimed at adjoining the Station Plaza office complex in the facilities and he encouraged cities across the announced that the U.S. Department of Housing not only encouraging new development and downtown area has been completed. Station state to join Yonkers in this effort. Following and Urban Development designated the City of increasing private investment in the city, but also Plaza, a 70,000 square foot office building in the the three-hour meeting, more than 100 people City’s Earned Income Tax Credit Program Yonkers as a federal Empowerment Zone. Projects at developing new employment opportunities. downtown area is under construction. boarded a New York Waterways ferry for a tour that have or will benefit from the federal Loans can be used for the acquisition, construc- • Renovation of Yonkers' historic "Trolley Barn" of Yonkers’ four-and-a-half-mile waterfront. It’s Your Money, Come In And Claim It! Empowerment Zone designation include the tion, or rehabilitation of real property, leasehold into 40 work-live lofts and street level restaurant continued on page 7 nValley Technology Center, The Greyston Bakery improvements, machinery and equipment, and and retail space is underway. expansion, upgrading of telecommunications working capital. To see how your business might The response to the third year of the City of The IRS estimates that 25% of all eligible filers • The $5 million redevelopment of the historic Making A Difference infrastructure in the zone and the redevelopment qualify contact: [email protected] ■ Yonkers free tax preparation service program at do not claim the Earned Income Tax Credit. An Philipsburgh Hall facility into a performing arts of the Alexander Street corridor. Contact the Yonkers Riverfront Library has been simply average refund of $2,500 means that approxi- center and catering facility. For a city to prosper, private industry must pitch incredible, city officials say. Residents are urged mately $5 million dollars is going untapped by • The $4 million restoration of the exquisite 100 - in and do their fair share to make it attractive to not to procrastinate and take advantage of the local Yonkers residents. Eligibility is determined year old Gazette Building featuring, Zuppa, the Big Appetites continued from page 3 investors and consumers alike. One way for private free service before the 11th hour, although the by filing status, amount of earned income and first "white tablecloth" restaurant in the enterprise to lend a hand has been through service will be available through tax deadline number of dependents, generally between downtown area on the ground level and office Business Improvement Districts (BIDS). In Yonkers, Leslie McGettigan and partner Barry Gilsenan The bar for the authentic Irish pub in day on April 15. $11,200 for singles with no dependents, $33,200 space on the upper levels. BIDS are having positive impacts on businesses and plan to open a (yet-to-be-named) authentic Irish Yonkers is being built in Ireland and will be for married filers with two dependents or more. • The $2 million redevelopment of the Gateway their communities as a whole. pub and restaurant with a bar and furnishings shipped, along with furniture for the restau- In an effort to assist low-income residents of Lofts into a work-live facility with retail on the straight from “the old country.” McGettigan and rant, by container ship to the United States. the City of Yonkers access the often-overlooked A cadre of 20 volunteers, including six ground floor. City officials noted that the South Broadway and Gilsenan recently purchased the former Sears Earned Income Tax Credit (EITC), the Yonkers returnees from last year, has been trained by the • Renovation of the former Sears Building into a Yonkers Downtown/Waterfront Business building at 41 Main Street. His firm is currently City officials also note that shoppers on the Volunteer Income Taxpayer Assistance Program IRS and now provides free tax services through- restaurant and retail space on the lower level and Improvement Districts are having noticeable in negotiations to lease out the third floor of the popular Central Avenue strip will soon have (VITA), provides free tax preparation service at out the tax season. Services are offered in office space on the upper levels. impacts on the areas they serve. Both BIDS have 42,000 square foot property. two new restaurants as well – an Outback the Yonkers Riverfront Public Library every English and Spanish. Volunteers were recruited •$53 million Renovation of two Parkledge towers ■ launched aggressive marketing campaigns on local Steakhouse and a Starbucks. Tuesday and Thursday from 5 p.m. to 8 p.m. and in the fall of 2003 and do not necessarily have a on Yonkers Avenue and Ashburton Avenue is cable stations. The campaigns highlight various He said that once the leases are signed, con- Saturdays from 10 a.m. to 2 p.m. The free serv- background in accounting. underway. products and services offered by business within the struction on the bar/restaurant, that will also ice is being offered to taxpayers filing simple • $10.5 million conversion of a former shoe factory BID districts. During the holiday season the BIDS include a party room, will begin shortly there- returns, non-itemized deductions only. With con- In its third year, the free income tax assistance into St. Casimir's Senior Residence. installed holiday lights along the retail strips, which after. McGettigan, who is the owner of Fagan’s tributions from JP Morgan Chase, Citibank and service helped 454 taxpayers in 2003 with a goal • Diam International, the leading retail merchan- made the districts festive and attractive. Ale House at 942 McLean Avenue in Yonkers, Verizon Wireless, taxpayers have been able to of 800 returns completed this year. dising solutions provider in the world, will said he is hopeful the restaurant can begin access this free service beginning February 3. relocate to Yonkers in 2004 bringing 700 jobs. The BIDS are currently preparing to launch serving patrons by sometime this year. The program will run through April 15, 2004 Call (914) 377-6911 for more information. No • The Expansion and relocation of SUMA Federal ambassador programs, streetscape and façade Gilsenan owns Billy Finn’s in Rockland County. and taxpayers can use free electronic filing and appointment is necessary. Residents will be Credit Union's headquarters to a new four-story improvement programs within their respective direct deposit to get refunds back faster. serviced on a first come, first serve basis. ■ facility in Executive Park has been completed. ■ districts. Starbucks Coffee continued on page 8

YONKERS CITY OF VISION – Spring/Summer 2004 • 7 6 • YONKERS CITY OF VISION – Spring/Summer 2004 Updates continued from page 6 Ridge Hill continued from page 2 States, the New York City area has only seen County. Forest City Ratner estimates that direct and • Redevelopment of the former 116,000 square foot enclosed regional malls,” he added. indirect jobs generated by the project will include Purdue Frederick research facility into the nValley approximately 7,700 construction-related jobs and Technology Center is close to completion. The The project is located on an 81.4-acre site about 5,700 permanent jobs once the complex is partnership with a Pace University to develop and between the New York State Thruway and the completed and fully tenanted. During its first year house a high tech incubator at this facility has Sprain Brook Parkway across from Stew Leonard’s. of operation, Ridge Hill Village will generate an been finalized. Because of its proximity to major transportation estimated $56.7 million in direct tax revenues for • The former Public School 13 located on McLean arterials, Ridge Hill Village will be easily accessible the City of Yonkers, Westchester County and New Avenue is being renovated into a housing complex. to the residents of Westchester County and the York State, with total direct tax revenues over 20 • The former "Safelite" warehouse on McLean northern New York metropolitan area, company years estimated at $1.5 billion. In the complex’s Avenue is being converted into a new Duane officials noted. first year of operation, the City of Yonkers will Reade Drug Store. receive an estimated $15.2 million in tax revenues • Upgrade and redevelopment of the McLean Modeled after a traditional American town cen- and $399.3 million over 20 years. These numbers Avenue commercial area is underway including ter, the pedestrian-friendly design will offer a represent direct tax revenues and do not include assessment of façade/ landscaping improvements. leisurely setting in which to shop, eat, work or live. indirect revenues that will be generated by the • Phase I of the Lake Avenue Façade program has At the heart of Ridge Hill Village will be a “town project. been completed. Phase II is expected to square,” an open, landscaped plaza that will offer commence in Spring 2004. space for community events and a comfortable “This project exemplifies how a local develop- • The Millennium Towers project on Warburton place for visitors to sit and relax. ment corporation can help government by enrich- Avenue is currently under construction. ing the economic base of a community,” said The retail component will include a diverse Yonkers Mayor Philip A. Amicone. “The city wins PROPOSED ECONOMIC DEVELOPMENT array of shopping for visitors, ranging from large- and so do the taxpayers.” PROJECTS: format big box retail to smaller retail tenants and The City's future projects include the following: boutiques, all along the project’s Main Street. The Forest City Ratner Companies has completed 9.2 • Forest City Ratner Companies signed an project will also include a multiplex cinema, million square feet of retail, commercial and resi- agreement to redevelop the 84-acre Ridge Hill department store, and a variety of restaurants. Up dential space at a development cost of $1.8 billion. Plaza site into a multi-use village-style complex. to 800 residential units will be distributed through- In addition, another 6.5 million square feet, at a This project will feature a hotel and conference out the project in buildings along the Main Street development cost totaling $1.06 billion, are under center, retail , office and residential space at a and in a separate apartment complex. BAE construction. Recent noteworthy projects include projected cost of $600 million. Systems currently leases approximately 100,000 the Embassy Suites Hotel in Battery Park City, the • Development of 51 acres located at Alexander square feet of office space at Ridge Hill, and they Hilton Times Square Hotel and Retail Complex, and Street on the waterfront. will remain in the project after its completion. In a joint venture formed with The New York Times • Construction of a 6,500 seat minor-league total, there will be 150,000 square feet of office Company to develop and own the new New York ballpark and 100,00 square feet of retail space. space incorporated into Ridge Hill Village. Finally, a Times Company Headquarters Building in midtown •Redevelopment of the former Boyce Thompson hotel and conference center will be built to draw Manhattan. Forest City Ratner is based in Brooklyn research facility. corporate and leisure travelers, as well as local res- and is an affiliate of Forest City Enterprises of • Restoration of the former Proctor Theater to its idents to its event and meeting space. Cleveland. In early 2004, Forest City Ratner made original use. headlines when it announced it was purchasing the • $100 million renovation of the 50-year old Cross The project, estimated to cost $600 million to New Jersey Nets professional basketball team as County Shopping Center is expected to be complete, will have tremendous benefits for resi- part of a $2.5 billion sports/entertainment project ■ completed in the next two years. dents of Yonkers and all inhabitants of Westchester called Brooklyn Atlantic Yards. • Discussions are underway with New York State to create new video lottery terminals (VLTs) at the 100-acre Yonkers Raceway. Battery Park Ferry’s The City of Yonkers, in conjunction with the Lower • Execution/Implementation of the 49-acre Manhattan Development Corporation and the New Nepperhan Valley Study is being crafted. Maiden Voyage Expected York/New Jersey Port Authority are projecting the •Redevelopment of the former Teutonia Hall on maiden voyage of the first ferry from the Yonkers Buena Vista into a mixed-use facility. by Mid-Summer 2004 Pier to Battery Park City by way of 34th Street by • Construction of iPark Metro Center, a 110,000 mid-summer. The journey will take 31 minutes to Yonkers residents who work on the West Side or square feet office space and 1,200 parking garage reach Battery Park City from Yonkers. The service is in Lower Manhattan may soon be able to breathe a connected to the Metro-North Yonkers Train planned to run every half hour from 6 a.m. to 10 sigh of relief thanks to a new form of travel that will Station will begin construction. ■ a.m. and then hourly from 11 a.m. to 3 p.m. The help them sidestep the harrowing morning rush. service will resume its service on the half hour from 4 p.m. to 10 p.m. ■

City of Yonkers Office of Economic Development PRSRT STD City Hall, Suite 416 U.S. Postage Yonkers, New York 10701 PAID Yonkers, NY Email: [email protected] Permit No. 256 Web: www.YonkersEconDev.com

City of Yonkers Philip A. Amicone Mayor William T. Regan Deputy Mayor Kathy Spencer Chief of Staff Edward A. Sheeran Special Assistant to the Mayor for Economic Development

This publication was paid for by the City of Yonkers’ Office of Economic Development. 8 • YONKERS CITY OF VISION – Spring/Summer 2004