Hudson closes transit-focused development bringing 203 new mixed-income housing units to Port Chester

The Hudson Companies (Hudson) announced today that it has completed the acquisition of a fully licensed development parcel at 27-45 N. Main Street and 28 Adee Street in the Village of Port Chester. The site plans provide for a mix of rental housing, commercial space and community facilities.

Total expected capitalization for the development is $89.2 million and financing of $11.4 million for the acquisition has been provided by Provident Bank. The majority of the project’s equity is invested through Hudson’s partnership with the New York City Employees’ Retirement System and the New York City Teachers’ Retirement System. Last year, Hudson announced its joint venture with Retirement Systems, which would invest up to $250 million in development projects, with a focus on mixed-income and environmentally friendly buildings. in the greater New York area. Cushman and Wakefield negotiated the sale as well as the debt financing. The site’s sellers – Connecticut-based Ivy Realty – have retained a minority investment in the project.

“As we continue to face a statewide housing crisis, now more than ever, we are focused on expanding our reach into undersupplied markets to provide quality housing in places wanted,” said Joe Riggs, Director of the Hudson Companies. “Through our innovative partnership with two of New York City’s largest retirement systems, we are thrilled to provide 203 quality housing, retail and community spaces for Port Chester residents.

The development – which has yet to be officially named – will offer a range of studios, one and two bedroom homes as well as parking to charge electric vehicles, nearly 10,000 square feet of space ground floor retail and a brand new facility for the Westchester Human Development Department, a non-profit social service organization. Part of the houses will be made affordable for families earning 60% of the regional median income (AMI). Facilities will include a fitness center and outdoor courtyards. The project is designed by Fogarty Finger and will be built by Broadway Builders, Hudson’s affiliate general contractor.

“Hudson is a great partner to bring Ivy’s vision to life; they have a proven track record of building first-class communities throughout the New York metropolitan area. Ivy is delighted to continue as a minority partner with them and continues to believe in the rebirth of Port Chester,” said David Archibald, Chief Investment Officer of Ivy Realty.

In addition to aiming for LEED Gold certification and conducting feasibility studies for rooftop solar power generation, Hudson plans to pursue full building electrification. The site is conveniently located just one block from the Port Chester Metro North station, providing direct access to Grand Central Terminal in less than 40 minutes and further reducing future residents’ reliance on cars. As Hudson expanded its reach outside of New York’s five boroughs, it focused on providing housing along the region’s transit-rich corridors. He recently opened another multi-family project in the nearby village of Pelham.

“We were drawn to Port Chester not only by its public transport links to New York, White Plains and Greenwich, but also by its vibrancy,” said Laszlo Syrop, Director of Acquisitions at Hudson. “Port Chester is home to a diverse community and a beautiful, walkable downtown with plenty of dining and nightlife options. We see that even outside the big cities, people are increasingly looking for opportunities to settle in places like this.

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