A 420-unit apartment building at 100 Terrace Ave. in Hempstead will undergo $23 million in renovations after a New York City-based real estate firm announced its purchase on Jan. 6.
Renovations will include revamped kitchens, added security, and elevator repairs, according to a release from Hudson Valley Property Group LLC, the company that recently acquired the property.
“100 Terrace represents a critical component of the area’s affordable housing infrastructure,” Jason Bordainick, co-founder and managing partner of Hudson Valley Property Group, said in a statement. “We’re committed to ensuring these 420 homes remain safe, accessible, and affordable for working families for generations to come.”
According to residents, the building is long overdue for renovations.
“Everybody will tell you, this building’s horrible, but it can be better. It’s just broken elevators, and the maintenance is not up to date. It takes forever to get anything done,” said one tenant. “The pipes don’t work, you hardly get heat and hot water, but we’re living in it because we’ve got no other choice.”
The property group says tenants will be able to stay in the building throughout the renovations, which are expected to last two years and cost $23 million. The transaction cost around $145 million, according to the property group, and included a 20-year PILOT agreement with the possibility of a 10-year extension with the Town of Hempstead Industrial Development Agency.
Documents from the agency show $107 million of the total cost went to purchasing the building and the lot.
“We welcome this investment by Hudson Valley Property Group, and with our assistance, tenants, the Village of Hempstead, and the Town of Hempstead will benefit from the revitalization of this property and the creation of a safe, attractive, and well-maintained affordable housing community,” Frederick Parola, executive director of the Town of Hempstead Industrial Development Agency, said in a statement.
The property group said it has renewed a Section 8 Housing Assistance Payment contract with the Department of Housing and Urban Development, covering 99% of the building’s units. Under the agreement, residents who qualify by making no more than 50% of the area’s median income will pay no more than 30% of their household income to rent.
“We look forward to partnering with Hudson Valley Property Group in preserving this community asset and are excited to collaborate to deliver safe, affordable housing to the residents of 100 Terrace Avenue,” said Jeffery Daniels, deputy mayor of the Village of Hempstead, in a statement. “HVPG’s investment alongside the Village of Hempstead’s commitment to improving the quality of life and housing in this neighborhood will have a positive impact for our community for years to come.”
