Hudson Valley Property Group has acquired 100 Terrace Apartments, a 420-unit affordable housing complex at 100 Terrace Avenue in Hempstead, according to a press release.
The deal marks the company’s first property in Nassau County and expands its presence on Long Island, where it also operates in Suffolk County.
The acquisition will preserve the long-term affordability of the six-story building while funding major upgrades for residents, officials said.
Total project costs are approximately $145 million, with about $23 million set aside for renovations — roughly $55,000 per unit — including updated kitchens, energy-efficient appliances, building systems and elevators.
To protect affordability, Hudson Valley Property Group secured a renewed HUD Project-Based Section 8 contract covering 99 percent of the units, ensuring income-qualified residents pay no more than 30 percent of household income toward rent for at least the next 22 years, the announcement further states.
The project is supported by a Payment in Lieu of Taxes (PILOT) agreement with the Town of Hempstead Industrial Development Agency.
“We welcome this investment by Hudson Valley Property Group and with our assistance, tenants, the Village of Hempstead, and the Town of Hempstead will benefit from the revitalization of this property and the creation of a safe, attractive, and well-maintained affordable housing community,” said the town’s IDA executive director, Frederick Parola.
Planned improvements also include expanded security, a renovated laundry facility, a new business center, free high-speed Wi-Fi for residents and continued support for existing community programs, including the PEACE afterschool program.
Check out the building here:
Top: 100 Terrace Avenue Apartments in Hempstead, N.Y. (Credit: Hudson Valley Property Group/press release)
