Westfair’s Westchester County Business Journal reported on March 3 that New York City-based real estate developer Tredway, through the entity Peekskill Plaza Owner LLC, was seeking to acquire the Peekskill Plaza Apartments at 901-907 Main St., in downtown Peekskill. On April 8, Tredway announced that it has closed on the purchase.
Peekskill Plaza is a senior affordable housing community. Tredway says that its acquisition and recapitalization of the property will preserve long-term affordability, fund capital improvements and resident services. All units will be maintained as affordable for households earning at or below 60% of Area Median Income (AMI).
As part of the acquisition, Tredway is committing over $4.5 million in capital improvements, the implementation of a social services program to support residents’ health and well-being, a partnership with the City of Peekskill on workforce development initiatives, and the placement of a full-time, on-site property manager to ensure responsiveness to residents’ needs.
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 had been owned by Courtyard Housing LLC.
Will Blodgett, CEO of Tredway said, “This investment will help ensure the senior residents of Peekskill Plaza can continue living with dignity, stability, and security for years to come. We are proud to partner with the City of Peekskill, the PIDA, and our state partners, whose collaboration has been essential in bringing this project to fruition. We look forward to deepening our roots in the community and making investments that enhance residents’ day-to-day quality of life.”
The project will receive a newly extended 40 year Payment In Lieu of Taxes (PILOT) through the Peekskill Industrial Development Agency. The property will also benefit from expanded rental assistance through the City’s Section 8 program. As part of the PILOT agreement, Tredway will make a one-time $3.8 million contribution to the City to support the City’s infrastructure repairs. SVN brokered the transaction.
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.
According to Tredway, the complex had been the site of drug activity and unauthorized entry. The company said 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 previously had put total acquisition costs at $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.
