Mountco Real Estate Development of Scarsdale is buying a New Rochelle senior housing complex called Washington House for about $23 million.
Mountco explained its intentions for the building at 60 Union Ave. Thursday morning to the board of the Westchester County Industrial Development Agency, which voted to prepare a tax-exempt bond and tax breaks for the company.
Mountco seeks a $23 million tax-exempt bond for the 211-unit subsidized housing complex currently owned by the Washington House Development Fund Corp.
The WIDA’s tax breaks include $383,500 in sale taxes and $299,000 in mortgage recording taxes.
The construction is expected to take a year and it will create an estimated 75 construction jobs.
Mountco expects to spend about $60,000 renovating each unit at Washington House.
Mountco is currently renovating or has recently renovated other subsidized housing in the county, including Maple Terrace, an 11-story building at 55 Maple Ave. in New Rochelle, and Rye Manor at 300 Theall Road in Rye.