A major capital improvement project at Marble Hall Apartments in Tuckahoe, New York, may soon begin following preliminary approvals from Westchester County’s Industrial Development Agency. Constructed in 1974, the 10-story building at 100 Columbus Avenue contains 134 income-restricted units and exhibits signs of an aging property.
Led by developer Tuckahoe Limited Partnership, interior upgrades will include new kitchens, bathroom finishes, and lighting fixtures for existing units, as well as new finishes for the onsite management offices, hallways, and shared community room. To improve the building’s energy performance, the scope of renovation includes an updated heating and hot water system as well as efficient lighting and water-saving devices.
Exterior upgrades are limited to the building’s masonry façade, which will be repainted as needed. Projected costs for the renovations hover around $5.36 million.
“We are pleased to vote preliminary approval of tax-exempt bond financing for the renovation of this apartment building that is providing much-needed affordable housing for the Tuckahoe community,” said IDA chair Joan McDonald who has direct responsibility for overseeing Westchester County’s $2 billion budget.
Financing for the proposed acquisition and rehabilitation of Marble Hall Apartments includes $36 million in short-term tax-exempt bonds issued by the IDA. Additional financing includes a $48 million permanent loan from the Department of Housing and Urban Development, approximately $16.85 million in Low Income Housing Tax Credit equity, and approximately $1.38 million in interim income. Tuckahoe Limited Partnership is also seeking a 35-year Payment in Lieu of Taxes, or PILOT, from the Village of Tuckahoe.