YONKERS, NY— FSG Yonkers Hotel, LLC will soon be the owner of a Hampton Inn & Suites hotel in Yonkers, NY, now that the Yonkers Industrial Development Agency has approved the developer’s application to receive a range of subsidies that will result in the construction of the hotel. The Yonkers IDA specifically approved incentives that will include a payment in lieu of real property taxes, mortgage tax exemptions and sales and use tax exemptions for construction costs. FSG Yonkers will buy the project site for about $4 million from the seller, Robert Martin Co. The total development cost for the hotel will, therefore, be $20 million upon its completion. The Hampton Inn & Suites will be located at 160 Corporate Blvd. in the city’s Nepra Park neighborhood. The 150-room hotel will be four stories tall and feature an indoor pool, a fitness center, a business center, meeting facilities and a breakfast room. The project is scheduled to begin in June. The hotel is expected to be completed in the fall of 2008.
