In addition to being Broker/Owner of Park Sterling Realty since May 2001, Caro served as President of the Westchester-Putnam Association of Realtors for two terms (2009-2010) and President of the Hudson Gateway Multiple Listing Service in 2014-2015.
Willow at the Ridgeway, which is located at 23 Bishop W.J. Walls Place, is replacing two vacant public housing buildings.
The project included a rehabilitation of the interior of the original YMCA facility, transforming it into modern apartments.
TARRYTOWN—New York Gov. Kathy Hochul announced on March 6 the completion of “62 Main” in the village of Tarrytown—a $54-million development that transformed the former YMCA of Tarrytown into 108 affordable and energy-efficient apartments.
The development is available to households earning up to 70% of the Area Median Income. Eighty-eight of the apartments are reserved for seniors aged 55 and older.
The project included a rehabilitation of the interior of the original YMCA facility, transforming it into modern apartments. Extensions to the facility in the rear of the property were demolished and replaced. The historic Main Street façade of the YMCA is intact, in accordance with a Memorandum of Agreement between the developer and the New York State Historic Preservation Office. The façade of the newly constructed portion of the building utilizes classic architectural themes prevalent throughout Tarrytown.
62 Main is fully electric with energy-efficient features including geothermal heat and air conditioning, Energy Star appliances, a rooftop solar array, a green roof courtyard and electric car charging stations. The transit-oriented development is three blocks from the Metro North train station and is within walking distance to retail stores, schools, green spaces and medical facilities.
The project is supported by HCR’s Federal Low Income Housing Tax Credit Program that generated $19 million in equity, as well as its Housing Finance Agency, which provided $10.4 million in subsidy from its Senior Housing Program and $8.4 million in tax-exempt bonds. Eight of the units will receive rental assistance through Section 8 Project-Based Vouchers issued by HCR. The New York State Energy Research and Development Authority’s New Construction – Housing Program provided $218,000.
The project is also supported by $10.1 million in loans from the Tarrytown Housing Fund—a fund of the Housing Action Council, $5 million from Westchester County’s New Homes Land Acquisition program, a $3 million permanent loan from Community Preservation Corporation Climate Capital to help finance energy efficiency improvements in the project and $1.5 million in geothermal and solar federal tax credits. The project obtained a 30-year Payment In Lieu of Taxes Agreement with the town of Greenburgh and village of Tarrytown.
All 23 tenants who lived in the Single Room Occupancy units at the facility prior to the construction remained in the development and will continue to pay no greater than 30% of their household income towards their rent. The project’s developer is WBP Development, LLC. Tax credit equity was syndicated by Raymond James Affordable Housing Investments.
In the past five years, New York State Homes and Community Renewal has financed more than 5,000 affordable homes in Westchester. 62 Main continues this effort and complements Governor Hochul’s $25-billion five-year Housing Plan which is on track to create or preserve 100,000 affordable homes statewide, state officials noted.
“My approach to tackling the housing crisis is simple: we need all types of housing options, especially in places like Westchester County,” Gov. Hochul said. “Transforming this former YMCA into affordable housing will not only revitalize the building but also provide more than 100 much-needed homes. This project ensures that seniors can remain in the community they cherish, or move to this vibrant village with an essential public transit hub.”
Westchester County Executive Ken Jenkins said, “Westchester County was proud to allocate $5 million in New Homes Land Acquisition funds for 62 Main in Tarrytown, a $54 million project that has led to the creation of 108 affordable, sustainable homes for our residents. 62 Main repurposed the former YMCA of Tarrytown into modern, transit-oriented apartments, and is the kind of investment our communities need to ensure access to high quality, affordable housing.”
Greenburgh Town Supervisor Paul Feiner said, “Our community and the entire region has a severe shortage of affordable housing. I am very pleased that 108 families will be able to benefit from a beautiful, new affordable housing complex. The families will be able to enjoy living in a great village—and can walk to the theater, great restaurants, shops, the train station, supermarkets.”
Tarrytown Mayor Karen Brown said, “This development honors Tarrytown’s past while securing its future—providing high-quality, affordable housing for seniors, incorporating cutting-edge sustainability features, and seamlessly blending into the fabric of our historic downtown. The partnership between the Village, Wilder Balter Partners, LLC, and the many agencies that made this possible is a shining example of what can be achieved when a community comes together with a shared vision. We are thrilled to welcome the new residents of 62 Main and celebrate this incredible milestone for Tarrytown.”
Wilder Balter Partners Development President William Balter said, “This development was born out of a collaboration among community members, the local merchants association, village, town, county and state stakeholders and several financial partners. We could not be happier with the results. In addition to providing new, energy-efficient affordable housing for seniors, Tarrytown’s vibrant downtown business district has a new municipal parking garage, the original 1912 YMCA building in Tarrytown’s historic district has been repurposed and has a restored façade, and the prior SRO tenants are now living in brand new apartments. It’s a true win-win.”
In addition to being Broker/Owner of Park Sterling Realty since May 2001, Caro served as President of the Westchester-Putnam Association of Realtors for two terms (2009-2010) and President of the Hudson Gateway Multiple Listing Service in 2014-2015.
Willow at the Ridgeway, which is located at 23 Bishop W.J. Walls Place, is replacing two vacant public housing buildings.
The report revealed that 24% of recent home buyers were purchasing for the first time, a significant drop from 32% last year.
This step in the organizational reshaping includes a staffing makeover that will impact 41 positions and eliminate 20 open roles that were redundant or that could be integrated elsewhere in the organization.
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