Data shows that from 1996-2021, the Hudson Valley region lost a net total of 146,763 people to out migration, which calculates out to 5% of the Hudson Valley’s population.
Elected officials, seeking to appease vocal constituents, frequently uphold restrictive zoning laws that favor single-family residences over more diverse housing options.
In 2023, the Rockland County Office of Consumer Protection investigated 617 complaints and returned $66,000 to homeowners.
NEW YORK—Commercial real estate finance firm Greystone reports it has arranged the closing of a $289,289,000 permanent Freddie Mac loan made to an affiliate of BLDG Management Company, Inc. (“BLDG”) for The Summit multifamily rental tower in Midtown Manhattan.
The new 10-year, fixed-rate Freddie Mac loan refinances the original $251-million construction credit facility provided by Bank of China in 2015.
The Greystone Capital Advisors debt advisory team, led by Drew Fletcher, President, with support from Matthew Klauer and Cassandra Connolly, represented BLDG and assisted in obtaining the Freddie Mac financing through Greystone’s Affordable Lending team. Greystone’s Jeff Englund, Scott Wallace and Chris Phillips collaborated with Freddie Mac Production Manager Naureen Versi and managed the loan process for Greystone.
The Summit, located at 222 East 44th St., is composed of 441,000 gross square feet and 429 residential rental units. Of the 429 units, 22 units are designated as affordable housing units for tenants whose household incomes are at or below 120% of the New York City Area Median Income (“AMI”), 44 units are designated for tenants earning 60% of AMI, 43 units are designated for tenants earning at or below 40% of AMI, and the remaining 320 units are market-rate.
The Summit features amenities such as a fitness complex with basketball and squash courts, indoor pool, sauna, theater, game lounge, and outdoor entertainment deck. In addition, the Summit’s penthouse sky lounge offers expansive views of the East River and the Manhattan skyline, multiple outdoor terraces, and several individually curated indoor spaces for private events.
“I am extremely proud of our continued efforts to support affordable housing in New York City and I thank all those involved for their dedication to increasing the amount of affordable rental units in an area that critically needs it,” said Steve Johnson, Vice President for Targeted Affordable Housing at Freddie Mac.
“This was a large, complex transaction that in the current environment required careful coordination among Freddie Mac, the New York State Housing Finance Agency, Greystone, and BLDG,” added Naureen Versi, the Production Manager who worked on the transaction.
“BLDG is excited to expand its relationship with Greystone and Freddie Mac through this landmark financing,” said Lloyd Goldman, founder and president of BLDG. “Despite the current headwinds facing the New York City multifamily market, Greystone and Freddie Mac delivered a market-leading execution and worked tirelessly with us to close this loan in the midst of a global pandemic.”
BLDG is a private family real estate investment, development, and operating company currently managing a New York City-focused portfolio in excess of 300 properties, including 8,000 residential units and 20 million square feet of commercial space, across the country.
“We are thrilled to be opening our first office in Columbia County and expanding our reach in the Hudson Valley,” said Liz Nunan, President and CEO of Houlihan Lawrence.
Uniting 1st Priority Mortgage and Hudson United Mortgage offer a wealth of expertise and an expanded array of unique loan products, serving borrowers across the region, company officials stated.
The property was originally developed at a reported cost of approximately $250 million and was one of the first new major multifamily projects to be built in White Plains in some time.
Pursuant to the merger agreement, which was approved by the boards of directors of HVCU, Catskill Hudson and Catskill Hudson Bank, Catskill Hudson stockholders will receive $40.50 in cash for each share of Catskill Hudson common stock.
Receive original business news about real estate and the REALTORS® who serve the lower Hudson Valley, delivered straight to your inbox. No credit card required.
