YONKERS, N.Y. — A joint venture of Saber-Hightower, Rafferty Real Estate and Eagle Realty Group, a subsidiary of Western & Southern Financial Group, has begun construction of The Ibex at Ridge Hill, a 17-story, 282-unit project located at Ridge Hill, an approximately 1.2 million-square-foot open-air lifestyle center in Yonkers. Bank OZK is providing construction financing for the $140 million project.
The building will include 28 affordable units. The development team did not disclose rent restrictions, but the City of Yonkers’ regulations generally require 40 percent of affordable units to serve households earning 40 to 65 percent of area median income (AMI), 20 percent to serve households at 66 to 80 percent of AMI and 40 percent to serve households at 81 to 100 percent of AMI.
The property will feature 20,000 square feet of amenities, including a resort-style pool and lounge on the ground floor and a sky lounge on the 17th floor with indoor and outdoor entertainment areas. Other amenities include a fitness center, yoga studio, a dog park, a golf simulator and game room, a demonstration kitchen, coworking space and a private dining room. First units are slated for completion in late 2028.