Gut Rehab of Former Fruit House Creates New Rental Housing and Commercial Space on the Keuka Lake Outlet
Penn Yan, NY, July 30, 2021 - The Community Preservation Corporation (CPC), REI REI LLC whose principals are Cindy and Vincent Rosato, Village of Penn Yan Mayor Leigh MacKerchar, and partners celebrated the ribbon cutting for $1.5 million transformation of the former “fruit house” at 111 Liberty Street, into the Liberty Street Lofts, a mixed-use property with eight (8) loft-style rental units and ground floor commercial space in the village of Penn Yan, NY. Also in attendance at the event were Mike Lipari, Economic Development Specialist from the Finger Lakes Economic Development Center, and Steve Edwards, Project Manager from Christa Construction.
“The Village of Penn Yan salutes the Rosatos for their tenacity. This project has been several years in the making. There have been obstacles and delays. Today we see the results of their perseverance. A beautiful project. We thank you for your investment in the community,” said Mayor Leigh MacKerchar, Village of Penn Yan.
“Without a doubt, this has been a passion project for Vince and me. The opportunity to work with the potential of 111 Liberty, to restore it to a beautiful, useful building for the Penn Yan community, was an opportunity we could not pass up. Our collaboration with Christa and CPC was instrumental in getting this project to the finish line and we could not be more grateful for their help in getting it done,” said Cindy Rosato of REI REI LLC.
“At CPC, we believe that investing in a housing project is an investment in the vision of the people that make it happen and in the community they’re working to improve. The Rosatos and their partners put in the work to make their vision a reality, turning a long-vacant fruit house into new rental housing and commercial space that will help anchor the revitalization of the community. My thanks to all of our public and private partners who were committed to the success of this project,” said Miriam Zinter, Mortgage Officer at The Community Preservation Corporation.
“The Finger Lakes Economic Development Center congratulates Vince and Cindy Rosato on the grand opening of their recently completed residential apartments at 111 Liberty Street, Penn Yan. It has been a pleasure assisting Vince and Cindy throughout this project. These eight new, beautiful loft-style apartments are unlike any other housing option available in Yates County. The creation of a wide variety of housing options in a small community will help ensure the long-term success of Penn Yan. I am excited to see what Vince and Cindy do with the remaining commercial units; I am confident it will be another transformational addition to Penn Yan and the surrounding community,” said Mike Lipari, Economic Development Specialist, Finger Lakes Economic Development Center.
REI REI LLC developed, owns, and operates the property. Cindy Rosato brings more than 30 years of real estate sales experience, and more than two decades of property management experience to the project. Vincent Rosato, who currently serves as a construction supervisor for a local development company, has nearly 40 years of experience in the construction industry with specific expertise in multifamily and mixed-use development.
Liberty Street Lofts, located at 111 Liberty Street, is an adaptive re-use and gut rehabilitation that converted the three-story, former grape storage and processing building into eight apartments and multiple commercial spaces. The property sits on 0.36 acres of waterfront land, with a first-floor walk-out facing the Keuka Lake outlet that includes eight boat slips. The project connects the community by bringing new housing that is within walking distance of amenities such as a grocery store and bank, as well as restaurants, retail sites, and hotels, and nearby Keuka Lake Outlet Trail.
Originally built in the 1800s as a “fruit house,” the project was used into the early 1900s to store grapes and fruit baskets for the Finger Lakes wine community. It later served as a grape pressing facility and produced gallons of wine for Garrett and Company, one of the largest wine producers in the country until Prohibition in 1920.
Liberty Street Lofts is a prime example of how vacant, underutilized industrial buildings such as old mills and warehouses, as well as schools and theaters, which were once hubs of activity throughout New York can be put back into use as new housing and retail space – again serving as anchors of activity and economic opportunity for neighborhoods large and small.
CPC provided a $1.5 million construction and permanent loan. The development also utilizes a PILOT agreement with the local Industrial Development Agency (IDA).
As a nonprofit lender and one of the largest Community Development Financial Institution in the nation dedicated to financing multifamily housing, CPC helps their borrowers, partners and local governments meet their housing and revitalization challenges; leveraging their financial resources, unique expertise and partnerships to help create vibrant, thriving communities. Creating new rental housing that will expand the community’s housing stock, and new commercial space that will help catalyze economic opportunity supports the goals of the local government and serves the needs of the local residents.
About The Community Preservation Corporation (CPC)
Established in 1974, CPC is a nonprofit affordable housing and community revitalization finance company that believes housing is central to transforming underserved neighborhoods into thriving and vibrant communities. The company, which currently carries a AA- issuer rating from S&P Global, provides a full suite of capital products through its construction lending, Agency lending, and equity investing platforms. Since inception, CPC has provided more than $12 billion to finance nearly 220,000 units of housing, and is currently one of the largest Community Development Financial Institutions in the country dedicated to investing in multifamily housing. Visit CPC at communityp.com, and on Facebook, Twitter and LinkedIn