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Developer outlines 57‑unit Broad–Howard housing project in Peekskill and asks IDA for pilot support letters
Summary
At an Aug. 26 joint IDA/PFDC meeting, developer Chuck Lesnick and project representative Niv Rotem presented a 57‑unit, $50 million Broad–Howard affordable/workforce housing project and requested letters from the city and assessor to support low‑income housing tax‑credit applications and a PILOT. The board asked for more detailed pro‑formas and numbers before any formal application.
Developer Chuck Lesnick told the Peekskill IDA and PFDC on Aug. 26 that his Broad–Howard project would include 57 residential apartments and roughly 9,63 square feet of commercial space, with 57 on‑site parking spaces and a total development cost he estimated at about $50,000,000. "We have a total of 57 residential apartments," Lesnick said in his presentation.
The project team — including Niv Rotem — said the site has already cleared several city approvals: zoning and a special use permit from the council and a site‑plan approval from the planning board. Staff (speaker 2) told the board the applicant has not yet filed a formal IDA application but that the city has reviewed an initial submission. "They have not submitted an application," a staff member said, explaining the presentation was intended to let the IDA hear the concept and advise on whether the IDA or city could provide letters needed for state low‑income housing tax credit and middle‑income housing program applications.
Project representatives described the design as stepped along Howard Street so the structure reads as three stories from the sidewalk while containing deeper volumes toward Broad Street. Lesnick said the team consolidated several lots and committed to restoring two Main Street buildings to meet Brownfields and DRI packaging requirements. The developers also described sustainability and efficiency goals, including green roofs, geothermal heating and a Passive‑House‑influenced design.
Niv Rotem gave the board the proposed affordability mix. "We have 6 units at 30% AMI... 18 at 50% AMI, and 32 at 70% AMI," he said when detailing the unit breakdown, adding that the majority of units are intended to serve workforce households (roughly 70% of county AMI). The team said they intend to pursue 9% Low‑Income Housing Tax Credits and several state and county funding sources (Brownfields cleanup equity, Westchester HIF, HCR housing trust funds) but that rising interest rates and higher construction costs make subsidy levels critical.
Board members pressed the team for detailed pro‑formas and comparisons to prior Peekskill pilots, noting other local projects carried higher per‑unit PILOT payments. Staff directed the developer to provide tighter numbers for submission to the council so the council could determine whether to support a pilot letter in time for state application deadlines. Staff also outlined the calendar: a committee of the whole on Sept. 2 and a regular council meeting on Sept. 8 as the next opportunities for council review prior to state application windows.
Next steps: the developer agreed to submit a revised packet that addresses board comments and provides the assessor and city manager the information they said they need to prepare a letter of support if the council remains comfortable. The IDA did not take a formal vote or approve any financial incentive at the Aug. 26 session.
