K & R PRESERVATION COMPLETES $23 MILLION RENOVATION OF FOUR APARTMENT COMPLEXES IN NEW YORK STATE’S CAPITAL REGION
Albany, Schenectady, Cohoes and Watervliet All Receive Major Upgrades to Senior Housing
New York, April 17, 2018 – K & R Preservation, an affordable housing development and preservation firm based in New York City, announced today the completion of its $23 million rehabilitation of four senior living apartment complexes in New York State’s Capital Region.
The Capital District properties, which K & R acquired in partnership with BFC Partners in January 2017, include Summit Towers, a 183-unit complex located at 720 Albany Street in Schenectady; Thurlow Terrace, a 137-unit building located on 2 Thurlow Avenue in Albany; Cayuga Plaza Apartments, a 127-unit complex located on 100 Cayuga Plaza, Cohoes; and Hudson Shores Plaza, a 137-unit complex located at 1545 Broadway in Watervliet.
In total, all 583 one-bedroom units and one studio apartment were upgraded by the new owner at a cost of approximately $40,000 per unit.
Each unit at Summit Towers in Schenectady received a new kitchen and bathroom. Other updates included upgraded building security systems and improved landscaping. New sidewalks, roofs, elevators, boilers and alarm panels were installed. The entire building was updated with new electrical.
Francine Kellman, Co-Principal of K & R Preservation, said, “We are very proud to announce the completion of more than $23 million in upgrades to almost 600 senior apartments in the Capital Region. Each building received a major upgrade and all of the apartments now have new kitchens and bathrooms. Building security systems were upgraded, as well.”
Brian Raddock, Ms. Kellman’s partner and Co-Principal, said, “This major renovation of four senior apartment complexes shows our commitment to our tenants and our community partners in the Capital Region.”
All four buildings are affordable and are set-aside for tenants earning no more than 60% of “AMI” (Area Median Income).
Ms. Kellman added, “At a time when affordable housing is becoming a much bigger issue in New York State and in the Capital Region, we are pleased to have upgraded all of these units while maintaining affordability.”
K & R Preservation has a growing portfolio of housing units and the firm plans to acquire additional properties in the Capital Region. Most recently, the firm entered into a contract to purchase the senior housing Governor Clinton Apartments and Yosman Towers apartments in the City of Kingston.
About K & R Preservation, LLC
Formed in 2010, K & R Preservation is owned and operated by its principals Francine Kellman and Brian Raddock. Formerly, as co-principals of Preservation Development Partners, Ms. Kellman and Mr. Raddock purchased and rehabilitated properties in New York City; in Spring Valley, and cities in New York State’s Capital Region; and in New Jersey totaling nearly 3,500 low-income units. Properties in the portfolio include the East River Apartments, a 179-unit multifamily apartment complex in East Harlem, Albert Goodman Plaza, a 252-unit rental complex and four-building property located in The Bronx, the Surrey Carlton Apartments, a 176-unit rental complex located in Spring Valley, NY; Trinity Apartments, a 75-unit multifamily complex located at 2105 Daly Avenue in the Bronx, Sinclair Houses, an 81-unit rental complex located at 502 and 528 West 151st Street in the Hamilton Heights section of Manhattan, North Shore Plaza, a 536-unit multifamily Project in Staten Island located at 35 Holland Avenue, a 876-unit NYCHA Portfolio scattered throughout the Bronx, Brooklyn and Manhattan, the 324-unit Leggett Avenue Property in Brooklyn, and a 236-unit senior living complex called Oakwood Towers in Essex County, NJ located at 400 Oakwood Avenue. Their most recent acquisition is a portfolio of 584 senior housing units in four buildings located in Albany, Schenectady, Cohoes and Watervliet, NY.
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