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Subsidy Tracker Individual Entry

Company: Avalon on the Sound East (Phase II)
Parent Company: AvalonBay Communities
Subsidy Source: local
Location: New York
City: NEW ROCHELLE
Address: 40 Memorial Highway
Zip: 10801
Project Description: Finance, Insurance and Real Estate; Sold to DSF Group in 2013; City received $1.8 M transaction fee. Acquisition, construction, and equipping of a commercial forprofit rental housing facility, including related parking facilities. Phase II total project cost at time of application was est. at $90M. Actual proj. cost was approx. $150M when built several years later. Sold to HGI Aquisitions LLC/ New Rochelle JV LLP in 2018, received MRT Exemption in connection with Sale.
Year: 2019
Major Industry of Parent: real estate
Specific Industry of Parent: real estate
Subsidy Value: $7,243,943
Program Name: Industrial Development Agencies
Awarding Agency: New Rochelle Industrial Development Agency
Type of Subsidy: tax credit/rebate
Number of Jobs or Training Slots: 14
Wage Data: $55,000
Wage Data Type: yearly salary
Capital Investment: $150,000,000
Source of Data: (click here)
Notes: Year is fiscal year. Subsidy value is total for the year of property tax abatements and sales tax exemptions less the net of payments in lieu of taxes. Jobs data is total current FTE. Wage data is estimated yearly salary created. See original source for further details on jobs and wage information. Description merges a general industry description with a project specific description as provided in the disclosure. Investment is total project cost.
Source Notes: If an online information source is not working, check the Tracker inventory page for an updated link.