The Foundry Condos?

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Topic: The Foundry Condos?

General Newburgh Discussion March 28, 2016 at 7:28 am

The Foundry Condos?

Hey All,

Noah and Jon here. Happy Spring!

We’ve been up to Newburgh a few times recently, and last week we stumbled over The Foundry condos. Any forum friends living in The Foundry? We’ve seen a few foreclosed units for sale, and thought it might be a great stepping stone into Newburgh from NYC as we search for the perfect permanent home/gut renovation. Are many of the units vacant? Any experience with Foundry residents?

Thanks!
Noah

2 Replies Add Reply

Noah,

I don’t know all the details about this, but there is a lawsuit going on. The original developer never developed the entire foundry, and from what I understand the residents are suing the new owner for not completing the original agreement. That is why half of it is not developed. There was a recent meeting regarding this. If you do a quick search, you might find the details.

Best,

Cher

My take is somebody balked on the ‘relative’ terms of the development rather than a matter of fact breach of contract. There was an uncommittable ‘term sheet’ drawn up in mid 2014 addressing the $s and sense to proceed with the project. It included stipulations related to property management and codes compliance. I don’t know if it came to finalization, but the issues presently at question were known at the time. The term sheet has actual construction costs at approx. $7 million. Divided by 60 units, that is $116k per unit. That’s tight in consideration of an allocation toward ‘maintenance and repairs’ of the entire property as a prerequisite to new development. Having walked the grounds, I think there could be an interpretation issue of “repairs” vs capital improvements. Inquiring, I was told last year by a board member that “they were looking for a sponsor”. Read into that what you want.
Confidence is Newburgh’s #1 resource deficiency imo.
http://www.recordonline.com/article/20160307/NEWS/160309516
http://www.cityofnewburgh-ny.gov/sites/newburghny/files/minutes/minutes-file/2014_6-16_final_minutes_for_web_site.pdf page 5 and 9-
Maybe there will be info in future minutes…http://www.cityofnewburgh-ny.gov/industrial-development-agency

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