Luxury lofts planned near Bronxville

A landmark records storage building in Yonkers vacated by Metropolitan Life Insurance Co. has been acquired by a Nyack-based developer with plans to convert it to luxury apartment lofts within walking distance of downtown Bronxville.

WY Management L.L.C., a boutique developer of hotels and condominium and apartment buildings in New York City, last spring signed a purchase contract for the Metropolitan Life Insurance Co. Hall of Records at 759 Palmer Road. Highcap Group, an investment sales brokerage in Manhattan, in October announced the $7.8 million sale of the MetLife property for potential residential use.

Principals at WY Management plan to redevelop the one-acre property as Metloft, a rental complex with 61 loft-style apartments, a two-level indoor parking garage, rooftop common area, indoor pool and fitness center. The building's historic exterior will be maintained, Yonkers city officials said. Industrial Development Agency board recently approved approximately $546,000 in exemptions on sales taxes for construction materials for the Metloft project and a mortgage recording tax exemption of $378,000. Yonkers IDA staff also was authorized to negotiate a property tax abatement agreement with the new owner.

City officials said the project will generate an estimated 145 construction jobs and seven full-time and part-time building staff positions.

WY Management in 2013 also proposed to partner with a Texas-based operator of boutique hotels, NYLO Hotels L.L.C., to expand and convert a two-story factory in Nyack to a four-story, 132-room loft-style hotel. The developer paid $4.2 million for the property at 400 High Ave., last occupied by Stoffel Seals Corp., and planned to invest $19 million in the hotel construction project, WY Management principal Michael Yanko said last year.

The NYLO Nyack is expected to be completed by late 2014, according to the developer's website.

WY Management principals could not be reached for comment at press time.