The Hudson Companies has closed on $73 million in financing for Pelham House, a five-story residential development at 217 Fifth Avenue in Pelham, Westchester County. Designed by United Design Works and developed in partnership with Excelsior Housing Group and Sisca Northeast, the structure is planned to yield 127 units, including six designated for affordable housing, as well as 5,300 square feet of ground-floor retail space. The affordable apartments will be reserved for households earning 80 percent of area median income. Financing was provided by Santander, Related Debt Fund, and equity through Hudson’s joint venture Green Fund with the New York City Employees’ Retirement System and the Teachers’ Retirement System of the City of New York.
The project is also planned to include a 27,000-square-foot Municipal Center across the street that will house a fire station, police department, and administrative offices. Amenities at Pelham House will include a gym, roof terrace, courtyard, bike room, and 219 parking spaces, with 60 reserved for the adjacent municipal facility.
Nighttime rendering of Pelham House, by Marvel
“Hudson could not be prouder to deliver a transformational project that addresses a wide range of needs for the community with its much-needed housing and state-of-the-art Municipal Center,” said Joe Kohl Riggs, Hudson Companies. “With today’s milestone, we thank the Village of Pelham, our development partner Excelsior Development, our contractor Sisca Northeast, our architect United Design Works, and our financial and construction partners for all their tireless efforts to make this vision a reality.”
Pelham House is located steps away from the Metro North Pelham station, which offers an approximate 30-minute commute to Grand Central Terminal.
Pelham House is planned to complete construction in 2027.
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The housing project is close to the agency, with the amount of people divided into it so yes on diversity: Thanks.
Only six for affordable housing. Sheesh. 🙄 developers you could have done better.