Neil Alexander, Partner in the Land Use, Zoning & Development Group and Allison Fausner, Associate in the Group, assisted Lemor Development LLC and Empire Development Capital Holding LLC propose a $79M apartment building affordability plan to the Yonkers Planning Board.

The plan is to buy 15 lots from the city of Yonkers this coming January to build a 14-story building that would have 177 apartments, all priced in the affordable category. The U.S. Department of the Treasury designated the Property as falling within an Opportunity Zone. An Opportunity Zone is a low-income census tract with an individual poverty rate of at least 20% and median family income no greater than 80% of the area median.

Lemor Development Group is a minority-owned entity, established as a division of the Lemor Realty Corporation to oversee the acquisition, development, and management of underperforming government and privately funded multifamily properties and projects. Alexander told the board, “Lemor has a strong commitment to reducing the critical shortage of affordable housing.”

Empire Development Capital Holding is a real estate consulting and development company based out of the New York City area with a focus on multifamily residential affordable housing projects.

The Westchester and Fairfield County Business Journals featured the apartment building proposal and Cuddy & Feder’s involvement in a June 27th article.

About Cuddy & Feder LLP
Cuddy & Feder LLP proudly serves clients in the areas of real estate; public and private finance (including tax-exempt and taxable bond financing); litigation & appellate practice; land use, zoning & development; cannabis law; telecommunications; energy & environmental; non-profit organizations; and trusts, estates & elder law. Over 50 years, we have established ourselves as the leading law firm serving a vast region that includes Westchester, New York City, Connecticut and the Hudson River Valley. Our foundation is local, and we enjoy enduring relationships with leaders, institutions and decision-makers in the communities we serve.

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