This deepening crisis means that without interventions aimed at significantly ramping up affordable housing supply, the city's affordability gap could linger for generations.
Construction is scheduled to begin in the first quarter of 2026 with production operations anticipated to start in January 2027.
The redevelopment will complement the City of Beacon’s efforts to foster greater connectivity between the waterfront, Beacon Station and Main Street.
The redevelopment will complement the City of Beacon’s efforts to foster greater connectivity between the waterfront, Beacon Station and Main Street.
ALBANY—New York State officials announced on July 30 that the Metropolitan Transportation Authority Board had approved a developer, Jonathan Rose Companies, to transform a parking lot adjacent to the Beacon Metro-North Station into a residential development with 265 units of mixed-income housing.
The development is the latest milestone following the governor’s Executive Actions to repurpose existing underused state-owned sites for housing. The redevelopment will complement the City of Beacon’s efforts to foster greater connectivity between the waterfront, Beacon Station and Main Street. Residents will be able to access Midtown Manhattan via Metro-North’s Hudson line in just 78 minutes.
“The key to making our state a more affordable place to live is simple: build more housing, especially right next door to frequent and reliable transit service,” Gov. Kathy Hochul said. “By creating new housing next to the Beacon Metro-North station, we are breathing new life into an underutilized site and giving more New Yorkers the opportunity to live in a vibrant community with an express train to New York City just next door. This project is a model for how thoughtful development can strengthen communities and make our state more affordable and livable.”
Made possible through the governor's Redevelopment of Underutilized Sites for Housing program, funding will support a structured parking garage to replace an existing Metro-North commuter parking area with new housing units. The RUSH program is an initiative to repurpose existing state sites and properties for housing. The initiative builds on the governor's Executive Order 30, which directed state agencies and authorities, including the MTA, to identify sites appropriate for housing development.
MTA Chair and CEO Janno Lieber said, “Transit-oriented development is a double win for the region—creating lively, walkable communities while responding to Governor Hochul’s commitment to new housing. We can’t wait to get started on the Beacon project.”
Jonathan Rose Companies President Jonathan F.P. Rose said, “We are so pleased to have been selected by the MTA to redevelop the Beacon Train Station’s North Lot. This project represents a key goal of the firm- to develop green, transit-oriented mixed-income and mixed-use projects that expand housing options and economic development for their host communities. And what an amazingly vital, creative community Beacon is.”
Beacon Mayor Lee Kyriacou said, “MTA’s proposed Transit-Oriented Development project in the City of Beacon will provide increased and affordable housing opportunities to current and future residents. It will replace ugly impermeable blacktop with environmentally sustainable living — which helps Beacon both to support our Main Street, and also to do our part to help address the housing shortage in our region. We look forward to working with MTA to ensure that the project fits with the city’s planning priorities and aesthetic character.”
Jonathan Rose Companies, which is headquartered in Manhattan and has a regional office in Cold Spring, NY, has created projects $4.6 billion of value as of year-end 2024, with a current portfolio of nearly 20,000 apartment homes in 14 states and Washington, D.C. The firm, which is a fully integrated investment management, development, and asset management company with construction management, solar energy, mortgage finance, and title company affiliates, has offices in New York, Ohio, Colorado and California.
This deepening crisis means that without interventions aimed at significantly ramping up affordable housing supply, the city's affordability gap could linger for generations.
Construction is scheduled to begin in the first quarter of 2026 with production operations anticipated to start in January 2027.
The mayor’s veto puts the $4-billion project to be built at Bally’s Golf Links at Ferry Point in the Bronx back in the running among six other applicants for up to three downstate gaming licenses.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($806,500 or less) decreased to 6.83% from 6.84%.
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