62 Principal in Village of Tarrytown Transforms Former YMCA Into Reasonably priced, Totally-Electrical, Transit-Oriented Growth Geared Towards Seniors
Albany, NY – WEBWIRE – Friday, March 7, 2025
Governor Kathy Hochul in the present day introduced the completion of 62 Principal within the village of Tarrytown, Westchester County a $54 million growth that remodeled the previous YMCA of Tarrytown into 108 reasonably priced and energy-efficient flats. Up to now 5 years, New York State Properties and Group Renewal has financed greater than 5,000 reasonably priced houses in Westchester. 62 Principal continues this effort and enhances Governor Hochuls $25 billion five-year Housing Plan which is on observe to create or protect 100,000 reasonably priced houses statewide.
My strategy to tackling the housing disaster is straightforward: we want all kinds of housing choices, particularly in locations like Westchester County, Governor Hochul mentioned. Remodeling this former YMCA into reasonably priced housing is not going to solely revitalize the constructing but additionally present greater than 100 much-needed houses. This undertaking ensures that seniors can stay locally they cherish, or transfer to this vibrant village with a necessary public transit hub.
The event is on the market to households incomes as much as 70 p.c of the Space Median Revenue. Eighty-eight of the flats are reserved for seniors aged 55 and older.
The undertaking included a rehabilitation of the inside of the unique YMCA facility, reworking it into trendy flats. Extensions to the ability within the rear of the property had been demolished and changed. The historic Principal Avenue faade of the YMCA is unbroken, in accordance with a Memorandum of Settlement between the developer and the New York State Historic Preservation Workplace. The faade of the newly constructed portion of the constructing makes use of traditional architectural themes prevalent all through Tarrytown.
62 Principal is fully-electric with energy-efficient options together with geothermal warmth and air-con, ENERGY STAR home equipment, a rooftop photo voltaic array, a inexperienced roof courtyard and electrical automotive charging stations. The transit-oriented growth is three blocks from the Metro North prepare station and is inside strolling distance to retail shops, colleges, inexperienced areas and medical services.
The undertaking is supported by HCRs Federal Low Revenue Housing Tax Credit score Program that generated $19 million in fairness, in addition to its Housing Finance Company, which supplied $10.4 million in subsidy from its Senior Housing Program and $8.4 million in tax exempt bonds. Eight of the models will obtain rental help via Part 8 Challenge-Primarily based Vouchers issued by HCR. The New York State Vitality Analysis and Growth Authoritys New Development Housing Program supplied $218,000.
The undertaking can also be supported by $10.1 million in loans from the Tarrytown Housing Fund a fund of the Housing Motion Council, $5 million from Westchester Countys New Properties Land Acquisition program, a $3 million everlasting mortgage from Group Preservation Company Local weather Capital to assist finance vitality effectivity enhancements within the undertaking, and $1.5 million in geothermal and photo voltaic federal tax credit. The undertaking obtained a 30-year Cost In Lieu of Taxes Settlement with the city of Greenburgh and village of Tarrytown.
All 23 tenants who lived within the Single Room Occupancy models on the facility previous to the development remained within the growth and can proceed to pay no larger than 30 p.c of their family revenue in direction of their lease. The initiatives developer is WBP Growth, LLC. Tax credit score fairness was syndicated by Raymond James Reasonably priced Housing Investments.
New York State Properties and Group Renewal Commissioner RuthAnne Visnauskas mentioned, This $54 million undertaking is reworking the historic YMCA of Tarrytown web site into protected, trendy houses that seniors, people, and households can all afford. Due to our companions, this growth epitomizes lots of our prime priorities and exhibits New Yorkers the other ways wherein the State is boosting the availability of housing.
New York State Vitality Analysis and Growth Authority President and CEO Doreen M. Harris mentioned, Offering Westchester residents with the chance to reside and luxuriate in clear, trendy, and reasonably priced residing areas like we see at 62 Principal in Tarrytown will guarantee extra New Yorkers are benefitting from the States vitality transition. NYSERDA is proud to assist the event of all-electric housing that can assist transfer communities throughout the state in direction of a more healthy future.
New York State Workplace of Parks, Recreation and Historic Preservation Commissioner Professional Tem Randy Simons mentioned, We’re grateful to HCR for working with our workplace to protect key historic options of the previous YMCA of Tarrytown. The undertaking is one other nice instance of how the adaptive reuse of historic buildings can increase choices for reasonably priced housing, elevate native economies, promote sustainability and protect the heritage of our cities and cities.
U.S. Senator Charles Schumer mentioned, Each household in Westchester deserves a protected and reasonably priced place to name residence. Im proud that the federal Low-Revenue Housing Tax Credit score that I labored arduous to guard and increase has delivered $19 million to rework the previous YMCA into 108 new houses at 62 Principal in Tarrytown. These model new houses shall be fully-electric and provide the group a inexperienced roof courtyard and electrical automotive charging. Excessive housing prices are a key driver of inflation so we should construct extra housing for working folks to carry down these excessive costs. I applaud Governor Hochuls work growing entry to reasonably priced housing in Westchester and throughout New York, and I’ll proceed working to ship federal assets to make sure that each New Yorker has a roof over their heads.
State Senate Majority Chief Andrea Stewart-Cousins mentioned, The completion of 62 Principal in Tarrytown offers protected, reasonably priced, and sustainable housing for seniors and households, together with the 23 former residents of the Single Room Occupancy models. I commend Wilder Balter Companions Growth for his or her dedication to making sure that these residents weren’t displaced, and might now get pleasure from trendy, energy-efficient houses that they will afford. This undertaking required the dedication and collaboration of quite a few companions, from Wilder Balter Companions to Westchester County to HCR and NYSERDA, with practically $53 million in vital funding secured via our State Legislatures price range allocations. As Senate Majority Chief, it stays my precedence to assist housing options that serve residents of numerous financial backgrounds whereas enhancing each Westchester County and New York State.
Westchester County Govt Ken Jenkins mentioned, Westchester County was proud to allocate $5 million in New Properties Land Acquisition funds for 62 Principal in Tarrytown, a $54 million undertaking that has led to the creation of 108 reasonably priced, sustainable houses for our residents. 62 Principal repurposed the previous YMCA of Tarrytown into trendy, transit-oriented flats, and is the sort of funding our communities want to make sure entry to prime quality, reasonably priced housing. I wish to thank Governor Kathy Hochul for her management in bringing 62 Principal to fruition.
Assemblymember MaryJane Shimsky mentioned, After we discuss constructing inclusive communities, that features the creation of residential choices for older residents who search to remain within the space after elevating their households and winding down their careers. 62 Principal presents the sort of reasonably priced housing answer our seniors want with cost-saving vitality efficiencies, facilities that embody social and health areas, adaptive models for listening to and imaginative and prescient impairment, and walkable entry to public transportation and a energetic downtown. I’m proud that New York State has been a companion in funding this worthy undertaking and welcome 62 Mains new residents to the neighborhood!
Greenburgh City Supervisor Paul Feiner mentioned, Our group and your entire area has a extreme scarcity of reasonably priced housing. I’m very happy that 108 households will have the ability to profit from a gorgeous, new reasonably priced housing complicated. The households will have the ability to get pleasure from residing in an ideal villageand can stroll to the theater, nice eating places, outlets, the prepare station, supermarkets.
Housing Motion Council Govt Director Rose Noonan mentioned, We’re happy to function the non-profit companion in partnership with WB Growth and to contribute to the capital stack to make this a lot wanted housing possible. We’re notably excited concerning the alternative it afforded the people who lived on the YMCA residence to stay and entry high quality reasonably priced housing.
Tarrytown Mayor Karen Brown mentioned, This growth honors Tarrytowns previous whereas securing its futureproviding high-quality, reasonably priced housing for seniors, incorporating cutting-edge sustainability options, and seamlessly mixing into the material of our historic downtown. The partnership between the Village, Wilder Balter Companions, LLC, and the various companies that made this doable is a shining instance of what might be achieved when a group comes along with a shared imaginative and prescient. We’re thrilled to welcome the brand new residents of 62 Principal and have fun this unimaginable milestone for Tarrytown.
Wilder Balter Companions Growth President William Balter mentioned, This growth was born out of a collaboration amongst group members, the native retailers affiliation, Village, City, County and State stakeholders and a number of other monetary companions. We couldn’t be happier with the outcomes. Along with offering new, energy-efficient reasonably priced housing for seniors, Tarrytowns vibrant downtown enterprise district has a brand new municipal parking storage, the unique 1912 YMCA constructing in Tarrytowns historic district has been repurposed and has a restored faade, and the prior SRO tenants are actually residing in model new flats. Its a real win-win.
The Group Preservation Company CEO Rafael E. Cestero mentioned, The work to revitalize 62 Principal has breathed new life into this former YMCA constructing, returning it to the group as soon as once more as a hub of exercise and as a significant useful resource of recent reasonably priced housing. We’re proud to assist finance the electrification and vitality environment friendly upgrades to the property that can present a bunch of advantages for each the proprietor and tenants. My because of our companions at WBP Growth, to HCR, the City of Greenburgh and Village of Tarrytown, and to NYSERDA for his or her dedication and collaboration.
Raymond James Reasonably priced Housing Investments Director of Acquisitions Darryl Seavey mentioned,Raymond James could be very proud to have partnered with Wilder Balter Companions, Inc. because the fairness investor within the 62 Principal Flats senior housing growth. The newly accomplished 62 Principal Flats is a very well-designed undertaking that helps carry prime quality reasonably priced housing alternatives to residents of Tarrytown, whereas on the identical time preserving vital parts of the historic former Tarrytown YMCA construction. Accordingly, the historic facade of the YMCA constructing continues to adorn the streetscape of this busy industrial hall. Raymond James wish to congratulate the workforce at Wilder Balter Companions, Inc. on the profitable completion of this exceptional new housing group.
Governor Hochuls Housing Agenda
Governor Hochul is dedicated to addressing New Yorks housing disaster and making the State extra reasonably priced and extra livable for all New Yorkers. As a part of the FY25 Enacted Price range, the Governor secured a landmark settlement to extend New Yorks housing provide via new tax incentives for Upstate communities, new incentives and reduction from sure state-imposed restrictions to create extra housing in New York Metropolis, a $500 million capital fund to construct as much as 15,000 new houses on state-owned property, a further $600 million in funding to assist quite a lot of housing developments statewide and new protections for renters and owners. As well as, as a part of the FY23 Enacted Price range, the Governor introduced a five-year, $25 billion Housing Plan to create or protect 100,000 reasonably priced houses statewide, together with 10,000 with assist companies for weak populations, plus the electrification of a further 50,000 houses. Greater than 55,000 houses have been created or preserved up to now.
The FY25 Enacted Price range additionally strengthened the Professional-Housing Group Program which the Governor launched in 2023. Professional Housing Certification is now a requirement for localities to entry as much as $650 million in discretionary funding. At the moment, 285 communities have been licensed.
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