Island View Apartments

Qualified Contract Sales Request

Project Name:Idlewild Creek Apartments

Project Location:Cornwall, New York (Orange County/Greater Newburgh Area)

Overview:

Ownership for the project has requested the Agency to enter into a qualified contract sale process under section 42 of the Internal Revenue Service tax code.

Section 42(h)(6)(F) of the Internal Revenue Code provides owners of tax credit properties a means to exit the tax credit program after the initial 15 year Compliance Period. Project owners may request that the NYSHCR seek a buyer via a QC following the initial 15 year Compliance Period.

The one year period ends on March 18, 2016.

Project Description:

Idlewild Creek Apartments comprises 214-units in 6 residential buildings located at 1 Landmark Drive in the Town of Cornwall, New York. The project was constructed in 1998 under the Section 42 low income housing tax credit program and is rented to senior citizens who qualify under the Section 42 guidelines. The seller of the Project is Idlewild Creek, LP, a limited partnership that has owned the property since it was constructed.

Brief Site Description:

The subject property is located at 1 Landmark Drive in the Town of Cornwall, Orange County, New York. It offers easy access from Hasbrouck Ave to Continental Road and is adjacent to Highway 9W with approximately 550 feet of frontage on the east side of Continental Road, offering excellent visibility. The property extends west off of Continental Road toward Highway 9W. The site is irregular in shape totaling 13.4 acres and has been zoned R-3, residential district. The site is also in FEMA Flood Zone X which is areas determined to be outside the 0.2% annual chance of floodplain. The site basically has level topography. All utilities including water, electricity, telephone and sanitary sewers, are available to the subject. The site is improved with concrete sidewalks and asphalt parking lots.

The property is in superior condition with net rentable square feet of 199,628. There are a total of 214-units, of which 125-units are tax credit restricted and 89-units are conventional market rate. The property has 68 one-bedroom units and 146 two-bedroom units. Electricity, telephone and cable are paid for by the tenant and water/sewer and trash removal are included in the rent. There is a management office onsite.

The subject is frame construction with pitched roofs covered with asphalt shingles. The exterior is vinyl siding. Building 1 and the garden buildings are concrete slab foundation while building 6 is a block foundation with a crawl space. A wet sprinkler system is installed throughout the subject as are smoke and carbon monoxide detectors. The main apartment building has an entry guard system as well as an elevator and interior staircases made of steel railings and concrete treads.

Among the amenities are: swimming pool, exercise room, library, theater, dining area, laundry facility and a manager’s office.

Inquiries should be directed to: Dan Irizarry at