Parkview Terrace is a 68-unit apartment complex located at 150 Lake Street in the City of White Plains, New York that was originally built in 1971 under HUD’s 221(d)(3) Program. The Regulatory Agreement expired in April, 2012. At that point, the project which had served lower and moderate-income residents of White Plains for 40 years, could have become market-rate housing. This would have had a devastating impact on the existing residents due to the very low vacancy rates and extensive waiting lists for other affordable rental housing for families within White Plains and its vicinity. Marathon purchased the building in 2012 in order to preserve this crucial housing resource for another 30 years by ensuring that the building systems and amenities received a thorough and complete modernization.
The scope of work for the renovation included upgrading the heating and hot water plant with high efficiency equipment. The building envelope was improved with a new roof, windows, and balcony doors. Interior walls and ceilings were repaired and repainted, new floor finishes were installed as well as new energy efficient lighting. Bathrooms were refurbished with new tub surrounds and water-conserving fixtures. Kitchens received new cabinets, counters and appliances. The building received a new fire alarm system, security camera system and an emergency generator.
Total Development Cost
- $11.4 million
Completion
- 2014
Financing Highlights
- 4% LIHTC with tax exempt bonds
- Energy Efficiency funding through NYSERDA
- Westchester County funds through New Homes Land Acquisition program
Green Building
- Comprehensive Energy Audit
- Energy Star lighting & appliances
- LED site and common area lighting
- Water conserving fixtures & laundry equipment
- New higher efficiency heating plant, and apartment temperature sensors
- Low VOC paints, no carpet & ventilation improvements
- 35% energy savings, post-retrofit, 3rd party confirmed