July 22, 2013
Condos are all the rage in Manhattan, but our search for the hottest apartment projects took us across the Hudson and East rivers. Here are eight multifamily breakthroughs you should know about.
7. Woodstock Commons, Ulster County, NY
Better known for its 1969 festival, Woodstock also is home to Woodstock Commons, a 13-acre, 53-unit affordable housing complex subsidized by tax credits. Rent is capped at 30% of area median income, ideal for tenants priced out of neighboring Orange and Duchess counties. Senior citizens live in 20 of the rentals while artists and musicians occupy the rest. (“Though can anyone really occupy a space, man? It like, belongs to all of us,” said all of them.) Doug Olcott, SVP at Community Preservation Corp., which financed the $16M project with Rural Ulster Preservation Co, tells us that the 13 buildings, completed in March, had been delayed for eight years due to local opposition but filled up in under four months post development.