Comstock Residential Contracting, known in Westchester for building luxury single-family homes and upscale renovations for 20 years, has built its first “affordable housing” condominium complex geared for buyers with incomes that fall under 80 percent of the county median range.
Comstock Heights, a mixed-use property with 14, 2-bedroom condominium units, and two office spaces at 445 North State Rd in Briarcliff officially opened this week. Some residents moved in earlier and other units are still awaiting move-ins. The units will sell for $228,000 and acceptance is based on annual income restrictions—two people at $66,750, three people at $75,100 or four people at $83,400 annually.
“We’ve been in home building a long time and this gave us an opportunity to reposition our asset (on North State Road) and do some housing that is much needed in the community,” said Eric Abraham, a founder of Comstock with Charles “Chick” Raspler.
The company purchased the property in 2005 and in 2010 they sought to redevelop it for a mixed use. Their office is located in one of the two commercial spaces that front North State Road and the other space is the Briarcliff Business Center, a shared work space facility with eight furnished office areas and a conference room.
This Comstock Heights project counts toward the court-ordered housing settlement between Westchester County and the U.S. Department of Housing and Urban Development requiring that 750 fair and affordable units of housing be built in 31 communities in the county by 2016.
“There is tremendous interest in affordable housing of all types,” said Rose Noonan, executive director of the Housing Action Council in Tarrytown, a nonprofit group that helps to expand housing opportunities for moderate-income households in the Hudson Valley. “This was an opportunity for Comstock to turn its under-utilized site into something more for them and the community.”
The Housing Action Council is handling the application and qualification process on the units.
Estimated monthly real estate taxes are $510 and estimated monthly common charges are $200 per unit. The units are all two bedrooms with 2 and half bathrooms. Kitchens have energy saving appliances and granite countertops. There are hardwood floors on the first level and ceramic tiles in the bathrooms, said Abraham.
“We are accustomed to fine finishes and quality construction and wanted to bring the same to this project,” said Abraham.
His firm has built more than 50 custom homes including Deer Hollow Estates in Yorktown and Elmcroft Estates adjacent and overlooking Winged Foot Golf Club in Mamaroneck. Abraham is president of the Building and Realty Institute of Hudson Valley in Armonk and a former president of the Buildings Association of the Hudson Valley.
Comstock put up nearly 60 percent of the nearly $5.6 million project with 40 percent from federal, state and county grants. Comstock credited Hudson Valley Bank with a construction loan that helped finance the project.
CMS Bank is working with the Housing Action Council to help buyers get appropriate mortgage.