Breaking News

Poughkeepsie, N.Y.: A Postindustrial City Ready for Its Revival

Category: Finance,Real Estate

Since 2016, when the current mayor, Robert G. Rolison, began his four-year term, 1,289 housing units, most of them rental apartments, have been completed, are under construction or are planned, Mr. Hesse said, in a city that has about 12,000 units. About a third of those new apartments will be reserved for renters in specific income brackets, he added.

Among the recent projects is Queen City Lofts, a four-story rental on Main Street with 70 below-market-rate units. Many of the apartments in the building, from Kearney Realty and Development Group, are also set aside for working artists. In early June, Queen City was 97 percent leased.

Similarly, Poughkeepsie Underwear Factory, a converted red-brick 1874 structure on North Cherry Street that opened in 2017, has 15 apartments being marketed to artists; 11 are considered affordable. A coffeehouse and cafe are also in the building.

More in the luxury vein is One Dutchess, a new 300-unit complex with one- to three-bedroom units, as well as pools, a hot tub and a firepit, built on a Hudson-fronting former lumberyard. The first phase of the project, comprising 139 units, is slated open by the fall, said Finbar O’Neill, the director of operations for O’Neill Group, the New Jersey-based developer. In the first phase, which is 45 percent leased, one-bedrooms are about $1,750 a month, Mr. O’Neill said. “The city’s undergoing a renaissance, for sure,” he said.


Source link

No comments