The New York City-based real estate developer Tredway, through the entity Peekskill Plaza Owner LLC, is seeking to acquire the Peekskill Plaza Apartments at 901-907 Main St., in downtown Peekskill. The 168-unit senior affordable housing community was constructed in 1980 and has a seven-story brick building and three two-story garden-style buildings. The site also has 11,000 square feet of commercial and retail space. It currently is owned by Courtyard Housing LLC.
Tredway was founded in 2021 and says that its mission is to create and preserve affordable housing nationwide. The company acquires and rehabilitates existing affordable housing units in addition to developing new housing. Tredway manages a national portfolio of more than 5,300 multifamily units, with an additional 1,500 units in active development.
Tredway is seeking financial assistance with its acquisition of the Peekskill complex from Peekskill’s Industrial Development Agency. The IDA is considering providing sales and use tax exemptions, mortgage recording tax exemption, and a PILOT (payment in lieu of taxes) agreement covering real estate taxes.
According to Tredway, the complex has been the site of drug activity and unauthorized entry. It says the issues are largely attributable to uncontrolled access points, gaps in security camera coverage, limited on-site security presence, and the continued presence of exterior scaffolding, which has created areas that enable loitering. The company says as the new owner it would improve building safety by addressing deferred maintenance, eliminating the need for permanent scaffolding, and implementing modern security and management practices. It would restrict building access to residents and authorized visitors through new access control systems, expand and upgrade security camera coverage to eliminate blind spots, and increase on-site security staffing to ensure consistent monitoring and rapid response.
Tredway is planning to upgrade the units with new stainless steel appliance packages. It says that as apartments become vacant it will replace cabinets, flooring and other items as needed.
It would hire a full-time, on-site property manager who would be present five days per week and would oversee daily operations and improve responsiveness to resident needs. It also would hire a resident service coordinator to help residents access food services, coordinate in-home health visits, arrange transportation, and help residents connect to eligible benefits and local support resources.
Tredway says that its total acquisition costs would be $33,731,009, consisting of $2,270,000 for the land, $20,430,000 for the buildings, $4,859,278 for reconstruction costs, $2,371,731 for soft costs such as professional services and $3,800,000 in additional costs.
Tredway plans a $3.6 million one-time payment to Peekskill to help cover the costs of repairs to the municipal garage that is part of the complex.
Tredway says that rents for all apartments will be maintained to be affordable to households at or below 60% of the Area Median Income.
The company told the IDA, “Tredway is committed to being a contributing member of the Peekskill community — not just as an owner, but as an active partner. We take pride in being good stewards of our properties, with a proven track record of strong operations and meaningful investment in the communities we serve. Tredway will ensure the property once again stands proudly across from City Hall with a vibrant, welcoming streetscape.”
