Lake Street Apartments

Lake Street Apartments

Lake Street Apartments is a 375-unit apartment complex bordering Lake Muchattoes in the City of Newburgh, New York. Lake Street consists of a nine-story high-rise building containing 66 units and 48 two-story brick townhouse and garden-style buildings with a total of 309 units. The property also includes  a separate management office building.  The high-rise units are restricted to senior occupancy, while the spacious, private and quiet garden-style buildings and  townhouses are available for singles and families.  The buildings have a combined estimated floor area of about 350,000 square feet as well on-site parking for 750 cars, consisting of paved access roads and open parking lots with perimeter stalls.

The scope of work for the renovation included replacing and improving many of the existing building systems, including installing new boilers and water conservation measures.  Unit interiors were updated and new lighting fixtures and exhaust fans were installed.  Bathrooms were refurbished with new tub surrounds, sinks and faucets.  Kitchens in the high-rise buildings received new appliances, kitchen cabinets and counters. The high-rise lobby and entry doors were refurbished and new lighting fixtures and finishes were installed in all hallways and low-rise building entries and landings.  All buildings received new smoke and carbon monoxide detection systems and the high-rise building received a new security system, as well. Various exterior upgrades were also performed including new roofing, siding, masonry, repainting and air conditioner sleeve replacement.

Total Development Cost

  • $30 million

Completion

  • 2006

 Financing Highlights

  •  $7,980,000 through the syndication of 4% LIHTC
  • $17,000,000 tax exempt bond allocation

 Green Building

  • Comprehensive Energy Audit
  • Water conserving fixtures & laundry equipment
  • High efficiency, condensing boilers
  • Rigid insulation at new roof
  • New energy efficient windows
  • Energy star fixtures & LED exit signs
  • Efficient elevator motors