26 Apr Times Union – Foundry condo project
Newburgh’s Foundry condo project finishes 40 years after initial approval
By Lana Bellamy
New developers who took over in 2021 celebrate bringing more housing online at a critical time
NEWBURGH — Forty years after Newburgh first approved an elaborate housing redevelopment of a former factory in the Washington Heights neighborhood, the final phase of construction is complete. On Wednesday, The Foundry celebrated the opening of 59 new lofts ready for rent, which will double the number of residents in the building.
Six development partners from Attic Labs, Mana Tree and Affordable Housing Concepts LLC banded together to bring the long-awaited and complicated project to fruition after decades of trials under former owners, including lawsuits, bankruptcy, fires and multiple changes of developers. Two phases of the original three-phase condominium plan were finished by the time the most recent contingent took over in 2021. One of the new developers, Attic Labs’ Andrew Schrijver, said this third phase was the most complex, but most rewarding, part of the project.
The four-story wing of the factory lent ample space for developing units with high ceilings and loft-style bedrooms. They’re outfitted with large windows showcasing Hudson River views and the interiors have an overall industrial style. The building is located next to Washington’s Headquarters, behind Newburgh Brewing Company in the city’s East End Historic District.
The lofts are essentially condominiums but because of rules tied to historic tax credits used during the development, they must generate income for at least five years before they are sold, Schrijver explained. So, for now, they’re available for rent — starting at $1,800 for one-bedroom units — and can be sold as condos within the next several years. Tenants will be part of the complex’s homeowner’s association, its board president, Bob Szeli, said.
“We’re very excited for what this means for Newburgh in terms of helping to provide housing in a critical time, that the businesses on Liberty Street will benefit from new community members who are going to engage and utilize their services, that the tax base here is growing, and that this beautiful building that has sat here in a partial state of completion for almost 40 years is finally being delivered as promised,” Schrijver said.