UNDER NEW OWNERSHIP
Sale of Gov. Clinton and Yosman Tower senior apartment buildings is complete
K&R Preservation has finalized its purchase of the Gov. Clinton and Yosman Tower senior apartment buildings in Kingston, as well as two apartment buildings in Hunter, the affordable housing development company announced Wednesday.
The properties were acquired for a total of $23 million in a sale that was finalized Oct. 5, according to a press release from K&R. The properties include the 92-unit Gov. Clinton building at 1 Albany Ave. in Kingston, the 104-unit Yosman Tower at 295 Broadway in Kingston, and the 56-unit Mountain View Apartments at 7974 Main St. and 8486 Maple Ave. in Hunter.
K&R bought the Gov. Clinton building from Ver Noy Kill Development and Yosman Tower from Granada Buildings.
In February, Landmark Preservation LLC, which is part of K&R Preservation, secured approval of a 35-year payment-inlieu-of-taxes, or PILOT, deal for the Kingston properties.
The yearly tax payments under the PILOT would begin at $187,500 for the Gov. Clinton
All the properties bought by K&R receive federal Section 8 housing subsidies and the buildings will continue to remain affordable and receive the subsidies for the next 40 years.
building and $181,000 for Yosman Tower, then increase 2 percent annually. The initial $368,500 total payment for the two buildings would grow to $722,509 by the end of the agreement.
The PILOT would cover the combined taxes for both buildings, which are paid to the city, the Kingston school district and Ulster County.
K&R Preservation said it plans to invest $44,000 per unit to rehabilitate the properties, for a total of $11 million. The company said each property will be upgraded with the repair and installation of new roofs, compactors, flooring and facades. Also, building common areas will be painted, floors will be refinished, and there will be upgrades to fire safety systems.
All individual units will be upgraded with new kitchens and have improvements made to their bathrooms, the press release said. It also said there will be upgrades to the elevator systems at the Gov. Clinton building. The renovations will take place in phases so tenants can remain in their units, K&R said.
All the properties bought by K&R receive federal Section 8 housing subsidies, the companies said, adding that the buildings will continue to remain affordable and receive the subsidies for the next 40 years.
“With a limited supply of affordable housing in Ulster and Greene counties, and very high demand for senior and multifamily housing in general in the region, this project will preserve affordability and thus provide a long-term benefit to the community,” K&R Preservation co-principal Francine Kellman said in the press release.
All 252 units will be set aside for tenants who earn no more than 60 percent of the area’s median income, K&R said.
“We have extensive experience in preserving and rehabilitating senior housing in the state of New York, and we believe in continuing to provide not only the affordable housing necessary for seniors in the region, but housing with amenities and services that go beyond the basics,” K&R Preservation co-principal Brian Raddock said in the press release.