Alma Realty Corp. of 31-10 37th Ave. in Long Island City proposes to build 91 apartments and 95 parking spaces at the derelict school.
The resolution before the City Council calls for Alma to pay $650,000 for the as-is building, which has been the subject of various unrealized proposals over the years.
Alma is required to have substantially completed the project two years after the closing.
Alma is controlled by Efstathios Valiotis, a developer who is the largest property owner in the city of Paterson, N.J., where he has spent nearly $200 million reviving that city’s downtown.
Yonkers isn’t the only local municipality with a former school to sell. Brewster is currently marketing the Garden Street Elementary School.