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Clarkstown To Possibly Sell Middlewood Senior Complex

Middlewood Apartment Complex in Nanuet
Middlewood Apartment Complex in Nanuet

Within the next 30 to 45 days Clarkstown officials expect to review purchase proposals for the Middlewood Apartment senior complex in Nanuet. The town owns the low-income senior citizen development on Middletown Road but its mortgage is coming due and town officials are evaluating different options including refinancing and selling the multi building complex.

“The HUD mortgage on the property is coming due at the end of this year,” said Town Attorney Amy Mele. 

She said the town was advised that it should look at refinancing or selling the property. The HUD financed complex provides Section 8 low-income housing.

The town board voted unanimously to hire Marcus & Millichap Real Estate Investment Services of NY in November to assist the town.  The board’s resolution stated the agreement with Marcus & Millichap was for the firm to provide real estate services for an open listing of the property and that it would receive a four percent commission if an “acceptable purchaser is procured.” 

Mele said the town has been told there is a lot of interest in the 107-unit complex but no proposals have been presented. She said the board would meet in closed session to hear the offers because they would be considered contract negotiations. 

“The town board has made no decisions as of yet,” she said on Thursday. 

Mele could not provide specific details on the complex’s’ history or how it became town property but said the carpenters’ union originally owned it in the 1970s and early 1980s before the town took over. 

Mele said the town would only sell the complex to “an entity that would preserve the property as a senior housing development for Clarkstown residents.”

She said the buyer would have to guarantee that no one would be displaced and the subsidized rents would remain the same. Mele said it was likely that an investor would improve or renovate the property but otherwise a sale should have little impact on tenants.

“From the residents’ perspective it should be relatively seamless,” she said.

Mele said the town is required to have an appraisal done of the property but would not disclose an approximate value or range except to say a sale would be in the millions. The two-story garden apartment complex has 106 one-bedroom units and one two-bedroom caretaker apartment in multiple buildings along North Middletown Road.

 

Mike Hirsch January 28, 2014 at 08:32 AM
Alex wants to sell this asset in order to increase the town reserves so hat he can keep our AAA rating and borrow more money. It is a bad idea. The town needs to run lean and mean. He could cut town expenditures (and taxes)10% if he wanted to, as our town budget has been bloated for far too long. It is bad business to have a large reserve fund because it becomes a target for the public employee unions to ask for (and get) ridiculous salary and benefit packages. It was one of the main reasons the PBA prevailed in their last arbitration hearing with the town because the arbitrators said that the town could afford it.
James Flynn January 28, 2014 at 10:16 AM
Reserve funds should be dedicated and specified. Tax Cert, Pension etc.
Charles Clewsow January 28, 2014 at 10:43 AM
Unless we find a way to reduce salaries and pensions, we are DOOMED.
Rockparent January 28, 2014 at 10:47 AM
Perfect place for a Yeshiva, dontcha know.
Charles Clewsow January 28, 2014 at 11:55 AM
Reserve funds should not be used for operating expenses, it just masks performance. Only when taxpayers get a full blast of what the Town is really spending, will we get the necessary revolt.
Rockland Resident January 28, 2014 at 12:58 PM
What is the benefit of the town retaining ownership of this complex? Does the town make an annual profit? Can we sell it and put the money directly into debt repayment?
Charles Clewsow January 28, 2014 at 01:06 PM
RR....that is an excellent use of these funds but they will not do it unless a lot of oressure is brought and even then Gromack will not do it. He uses these funds to mask the true cost of the Town
Rockland Resident January 28, 2014 at 01:10 PM
I figured it was a pipe dream but still put it out there :)
Mike Hirsch January 28, 2014 at 02:31 PM
RR, I have heard that there is no substantial profit being made by the town on this property. From the article, it appears that the town has owned it for about 30 years. I wonder what kind of mortgage they had on it and how much is still owed on the property, if anything. I don't know what the property would sell for, but I do know one thing: Alex will not use those funds wisely.
Charles Clewsow January 28, 2014 at 02:42 PM
Mike, in government there is no such thing as a profit.
Rockland Resident January 28, 2014 at 03:08 PM
Thanks for the info. Excuse my reference to profit - I meant is it a revenue generator, where the revenue generated (over cost) is burned elsewhere. :)
Mike Hirsch January 28, 2014 at 03:12 PM
LOL Charles, but there are exceptions to every rule. The Governor of Michigan has a huge surplus right now that he wants to return to the taxpayers. A man after my own heart.
Brian January 28, 2014 at 03:29 PM
LOL Charles, but there are exceptions to every rule. The Governor of Michigan has a huge surplus right now that he wants to return to the taxpayers. A man after my own heart. I know this is old news, but doesn't anybody besides myself find it funny to read this stuff written by a guy who took a plea deal when he was caught robbing NYC taxpayers to stuff his own pockets? Geez, a little awareness goes a long way, Mike.
Mike Hirsch January 28, 2014 at 05:19 PM
Brian, you can spread lies all you like. The truth is that the bogus larceny charge was dropped within a month of it's filing because It had no merit. The powers that be up here just wanted the headline to try and silence me. Didn't work.
Robert Ward Kurkela January 28, 2014 at 09:39 PM
They went after Mike because he speaks his mind about what he sees going on. Now Patch bloggers are being sued by politicians. It's called the "chill effect." An attempt to shut down people who expose those in power who are there for ulterior purposes. Mike will always have my respect.
Concerned Worker January 29, 2014 at 07:24 AM
what does ARCO MANAGEMENT have to say about it? what about the people on the office and the superintendent there?
Charles Clewsow January 29, 2014 at 01:52 PM
These attack comments are off topic and should be deleted
Lanning Taliaferro (Editor) January 29, 2014 at 03:32 PM
While we encourage people to be honest and post what’s on their mind, communities thrive when people care about each other, and as such, Patch expects all of its users to be respectful of others. This means that whether you are being complimentary or critical, whether you are agreeing or disagreeing with the subject of an article or another user’s comment, you should act in a civil manner and refrain from personal attacks – after all, these are your neighbors.
Brian January 29, 2014 at 04:05 PM
I agree Charles. My feelings were very hurt when Mike called me a bozo. ;)

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