News Release

May 7, 2014      

For Further Information Contact:
Colleen Pillus
(845) 486-2000
E-mail: cpillus@dutchessny.gov

Restoration of North Hamilton Street Property Celebrated
Project has transformed key City of Poughkeepsie gateway

Poughkeepsie…Dutchess County Executive Marcus Molinaro joined community leaders, elected officials and the business community to celebrate the completion of the 26-30 North Hamilton Street restoration project with a ribbon cutting event this morning. Dutchess County Government directed $265,000 in HOME Investment Partnership Program funds for the creation of nine one-bedroom apartments in three renovated 1880’s row houses located at one of the major gateways to the City of Poughkeepsie’s northside.

Pictured from left to right: City of Poughkeepsie Mayor John Tkazyik, City of Poughkeepsie Common Council Chairman Robert Mallory, CEO Family Services Brian Doyle, managing partner of Cardinal assets of NY, Jim Sullivan, Dutchess County Legislature Minority Leader Barbara Jeter-Jackson and Dutchess County Executive Marc MolinaroCounty Executive Molinaro said, “We are thrilled to partner with the City of Poughkeepsie and Cardinal Assets to make possible the transformation of a neglected, abandoned property into beautiful, welcoming homes. It is a shining example of what is possible with vision and investment through public-private partnerships.”

The property had become a well known eyesore in the City in recent decades. After years of neglect, the City of Poughkeepsie acquired the property under Article 19-A of the Real Property Actions and Proceedings Law (RPAPL). The City worked to identify a strategic partner for the redevelopment of this critical parcel rather than auction the building. In July 2013, the City sold the buildings to Cardinal Assets for $10,000. This is the fifth property Cardinal Assets has rehabilitated in the City since 2010.

“In selecting Cardinal Assets to spearhead this renovation, the City was looking for a strategic partner with a long-term commitment to restoring and maintaining critical buildings in the City of Poughkeepsie.  I think the results speak for themselves.  We are grateful the County also recognized how critical this building is and agreed to invest County HOME funds into the renovation.  For years, people driving through the City saw this building as a reminder of the City’s challenges.  We hope they now see it as a symbol of the City’s potential,” said Mayor John Tkazyik.

Cardinal Assets has restored the building with sensitivity to the original features of the building, with amenities that include hardwood floors, exposed brick walls, security system, and energy efficient appliances and mechanical systems. “This project has truly been a community effort and we are very proud of the finished product,” said Jim Sullivan, managing partner of Cardinal Assets of NY. “We worked closely with the City of Poughkeepsie and Dutchess County Planning and Development and our neighbors to bring this project to fruition.”

Pictured is Jim Sullivan, managing partner of Cardinal assets of NYDutchess County Department of Planning & Department provided $265,000 in HOME funds with the agreement that three units would be set aside as affordable to low and moderate income households with income at or below 60% of the county median.  According to County Executive Molinaro, “The County and City partner to form the HOME Consortium.  The County generally looks to use our set-aside of HOME funds for projects outside of the City but we always look for opportunities to support the redevelopment of critical properties which we think may encourage other developers to invest in the City.”

Other HOME projects in the City of Poughkeepsie’s northside area include the recent renovation of 81 Garden Street in partnership with Hudson River Housing as well as 128 North Clinton Street, also with Hudson River Housing, which is set to begin shortly.

The renovation of the North Hamilton Street buildings has also had an impact on the neighborhood, including the nearby Family Partnership Center. Once an area where people loitered, impacting the Partnership, the property will now provide housing as well as “eyes on the street” which help improve the safety of any neighborhood. “This redevelopment has transformed ‘blight to beautiful’ and is a prime example when the City, the County, neighbors and a daring developer work together. I congratulate Jim and Gina Sullivan, Mayor Tkazyik, Corporation Counsel Paul Ackermann and Mike Brady, Council Chair Bob Mallory, the Common Council and County Executive Molinaro on this remarkably successful project,” said Brian Doyle, CEO of Family Services which runs the Family Partnership Center.

For more information about the 26-30 North Hamilton Street property, visit Cardinal Assets at (845) 380-1448. To learn more about Dutchess County’s HOME Investment Partnership Program, visit the Department of Planning and Development’s webpage.

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    Last Updated: 5/7/2014