Yorktown Apartment Complex Has New Owner, Stays 'Affordable'

The newly named Underhill Crossing is an "affordable housing" apartment complex that was purchased and renovated by a development company so it stays "affordable" for years to come. 

Officials, including town board members and the project's developers and investors, held a ribbon cutting ceremony on Thursday.

Underhill Crossing, formerly Underhill Apartments, was built 40 years ago as federally subsidized housing. When the lease expired, the apartments could have gone back to market-value rates, but instead Marathon Development Group of Peekskill purchased the complex, the developer's president Mark Soja said. 

"It's no secret that Westchester County is a very expensive place to live - with the area median income for a family of four for over $104,000, and home pricing averaging well over $500,000," Soja said. "Affordable housing for families is a very rare commodity. 

The development project of the 60-unit apartment complex cost $10.3 million. Renovations included the building's interior and exterior, new kitchens and baths, increased accessibility, energy efficiencies, new roofs with additional insulation, and a community grant. The cost was offset by a $5.6 million state tax credit, Soja said. 

“I am extremely proud of the modernization of Underhill Crossing and its preservation as affordable housing,” Soja said. 

A family of four has to make less than $60,000 to qualify to live at the apartment complex, which is targeted for working class families. Tenants are expected to pay 30 percent of their income for rent, Soja said. 

A one-bedroom apartment rents for $1,012; a two-bedroom apartment rents for $1,215; and a three-bedroom apartment rents for $1,403. 

Speaking at a press conference on Thursday, Yorktown Supervisor Michael Grace said he was proud the complex has been in town for 40 years and will continue to be "affordable" for the next 50 years. 

"It's our hope that the residents here begin to assimilate into our community, enjoy Yorktown, the great community that it really is," he said. "They add some much in terms of community that prides on its diversity, both ethnically and socioeconomic diversity."