BY KATHY KAHN
The Stony Point Apartments, aka “Knights Corner,” on Tompkins Avenue in Stony Point will be getting a $4.2 million makeover if a collaboration is approved by the town. One end of the proposed collaboration is Scarsdale-based Mountco Company, the other the building’s current owner, The Housing Development Fund Company of the Carpenters & Joiners Local 964.
John Modeo, Mountco’s executive vice president, came before the Stony Point Town Board October 24 to give an update to town council members and to the community on its progress in the permitting and funding applications they are working on.
“When that is completed, we will ask for a permit from the town,” said Modeo.
Stony Point Apartments LLC, as the collaboration is legally known, is currently going through the steps to get all the financial approvals and a building permit from the town to renovate the apartments. Modeo asked the town to extend the PILOT (payment in lieu of taxes) on the building for an additional year—extending to 2050, which Modeo said was needed in order to get approval from New York State and HUD to transfer ownership of the building to a new company Mountco and the Carpenters & Joiners Local are creating.
“Nobody has to move while the interior renovations are being done,” said John Modeo. “We met with all the tenants, very nice people, and told them what will be happening. All the apartments will be upgraded and tenants’ rents will remain the same. We are in the process of getting all the financial approvals and will then seek a building permit from the town.”
Supervisor Jim Monaghan asked Modeo how many jobs the renovation is expected to create and if local labor would be used.
“We anticipate between 75-100 jobs and plan on using local contractors,” responded Modeo.
Expect to see Modeo back as soon as Mountco and The Carpenters & Joiners Local 964 have their paperwork in place to move forward.