{"id":114239,"date":"2026-01-27T20:36:20","date_gmt":"2026-01-27T20:36:20","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-ny\/114239\/"},"modified":"2026-01-27T20:36:20","modified_gmt":"2026-01-27T20:36:20","slug":"property-group-to-spend-23m-to-upgrade-hempstead-apartments","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-ny\/114239\/","title":{"rendered":"Property group to spend $23M to upgrade Hempstead apartments"},"content":{"rendered":"

\t\t\t\t\"The\t\t\t<\/p>\n

The apartment building at 100 Terrace Ave in Hempstead will have $23 million in renovations, according to new property group ownership. <\/p>\n

J. Cav Scott<\/p>\n

A 420-unit apartment building at 100 Terrace Ave. in Hempstead will undergo $23 million in renovations after a New York City-based real estate firm announced its purchase on Jan. 6.\u00a0<\/p>\n

Renovations will include revamped kitchens, added security, and elevator repairs, according to a release from Hudson Valley Property Group LLC, the company that recently acquired the property.\u00a0<\/p>\n

\u201c100 Terrace represents a critical component of the area\u2019s affordable housing infrastructure,\u201d Jason Bordainick, co-founder and managing partner of Hudson Valley Property Group, said in a statement. \u201cWe\u2019re committed to ensuring these 420 homes remain safe, accessible, and affordable for working families for generations to come.\u201d<\/p>\n

According to residents, the building is long overdue for renovations.\u00a0<\/p>\n

\u201cEverybody will tell you, this building\u2019s horrible, but it can be better. It\u2019s just broken elevators, and the maintenance is not up to date. It takes forever to get anything done,\u201d said one tenant. \u201cThe pipes don\u2019t work, you hardly get heat and hot water, but we\u2019re living in it because we\u2019ve got no other choice.\u201d\u00a0<\/p>\n

The property group says tenants will be able to stay in the building throughout the renovations, which are expected to last two years and cost $23 million. The transaction cost around $145 million, according to the property group, and included a 20-year PILOT agreement with the possibility of a 10-year extension with the Town of Hempstead Industrial Development Agency.\u00a0<\/p>\n

Documents<\/a> from the agency show $107 million of the total cost went to purchasing the building and the lot.\u00a0<\/p>\n

\u201cWe welcome this investment by Hudson Valley Property Group, and with our assistance, tenants, the Village of Hempstead, and the Town of Hempstead will benefit from the revitalization of this property and the creation of a safe, attractive, and well-maintained affordable housing community,\u201d Frederick Parola, executive director of the Town of Hempstead Industrial Development Agency, said in a statement.\u00a0<\/p>\n

The property group said it has renewed a Section 8 Housing Assistance Payment contract with the Department of Housing and Urban Development, covering 99% of the building\u2019s units. Under the agreement, residents who qualify by making no more than 50% of the area\u2019s median income will pay no more than 30% of their household income to rent.\u00a0<\/p>\n

\u201cWe look forward to partnering with Hudson Valley Property Group in preserving this community asset and are excited to collaborate to deliver safe, affordable housing to the residents of 100 Terrace Avenue,\u201d said Jeffery Daniels, deputy mayor of the Village of Hempstead, in a statement. \u201cHVPG\u2019s investment alongside the Village of Hempstead\u2019s commitment to improving the quality of life and housing in this neighborhood will have a positive impact for our community for years to come.\u201d <\/p>\n

For more real estate news, click here.<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"The apartment building at 100 Terrace Ave in Hempstead will have $23 million in renovations, according to new…\n","protected":false},"author":2,"featured_media":114240,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[37],"tags":[11524,28008,9,24,63,122,124,123,22338,13321,33853,1228,27383],"class_list":{"0":"post-114239","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-queens","8":"tag-apartment","9":"tag-hempstead","10":"tag-new-york","11":"tag-new-york-city","12":"tag-nyc","13":"tag-queens","14":"tag-queens-headlines","15":"tag-queens-news","16":"tag-renovation","17":"tag-section-8","18":"tag-the-daily","19":"tag-town","20":"tag-village"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/114239","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/comments?post=114239"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/114239\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media\/114240"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media?parent=114239"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/categories?post=114239"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/tags?post=114239"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}