The Peekskill Art Lofts is a limited equity cooperative of 28 live/work lofts built in 2002 as affordable live/work spaces for artists in downtown Peekskill, NY.
Amenities
• Open floor plan
• Heavy load capacity floors: 125 lbs. per sq. ft.
• 9 1/2 – 16+ foot ceilings
• Cross ventilation
• North & south exposures
• Parquet flooring throughout
• 1 or 2 Bedrooms, 1–1/2 baths
• Utility room with slop sink
• Some units with Hudson Highland views
• First floor on-grade wheelchair accessible units
• Reserved, off street parking
• 200-Amp electrical service
• Central air conditioning
• Fully insulated
• Gas heat
• Programmable thermostat
• Cable ready + high speed DSL wiring
• Refrigerator (auto-defrost)
• Gas oven/stove with ventilation hood
• Microwave
• Dishwasher
• Washer/dryer hookup
Strategically Located
• Convenient to amenities of revitalized Hudson River town that actively supports the arts
• Ten minute walk to MetroNorth train station (free parking at station nights & weekends)
• 55-minute express trains (along scenic Hudson River) to Grand Central Terminal
• Two blocks from Paramount Center for the Arts (indy/foreign film series, concerts, shows)
• Half mile to Hudson Valley Center for Contemporary Art; 25 minutes to DIA Beacon
• Convenient to thriving coffee houses, antique stores, galleries, shopping centers
• Ten minutes to Blue Mountain Preserve, Harriman State Park, Bear Mountain, Appalachian Trail, and other outdoor recreation and sports areas
Financials
• Corporation share purchase price: approximately $14,000 - $20,000 (in 2002)
• Shareholder’s proprietary lease payment: approximately $1,050 - $1,600/month
• Business and residential zoning: maintenance 51% tax deductible
• Estimated monthly utilities: $60 - $150 in summer (electric); $100 - $300 winter (gas)
• No bank mortgage required, but must qualify for payment of monthly maintenance
• Restrictions on income eligibility and on resale of loft
• To Prospective Peekskill Art Loft Residents :
To determine your ability to pay the monthly maintenance at the Peekskill Art Lofts, take your yearly adjusted income and multiply it by 0.30 (30%). This is your income you should need for the year divided by 12 months to determine monthly maintenance budget. If your monthly maintenance budget is below $1,100 per month, you may not qualify. By reversing the calculation, $1,100/month x 12 months = $13,200/year housing budget divided by 0.30 (30%) = $44,000. $44,000 would be the minimum adjusted income (as reported on your income tax statement) to be able to qualify to live at the Peekskill Art Lofts. Your maximum adjusted income is limited to 95% of Westchester County's HUD median family income limits. To find the maximum income limit for your household group, multiply the maximum income limit on the HUD chart by by 0.95 (95%).
• Click here to view the 2012H.U.D. Median Income Limits to become a PAL shareholder
Schedule of Original Purchase Prices, Disclaimers, and Financial Notes (Dated 2002):
2002 Original Purchase Information
Sounds great, how do I qualify?
• At least 20% of Artist’s Income must be derived from artistic endeavors as defined by the City of Peekskill
• Unit must be used as one’s primary residence
• Artists must meet with Peekskill Art Loft Board of Directors
• Artists must submit work samples and credentials to Peekskill Arts Council for certification
What sort of Community of Artists?
Current residents include: painters, printmaker, architect, photographers, decorative artists, graphic designers, jewelry maker, ceramicist, art restorer, musicians/composers, fiber artist, video artist/producer, writer/poet, choreographer, website design/developer.
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Perfect, what's next?
Send us an email with any questions or comments you may have at: info@peekskillartlofts.com or reach out to our property manager Hudson North Management, 1053 Saw Mill River Road, Ardsley, NY 10502 914-674-2100. You can also contact our Real Estate Agent about any specific properties available for resale: Grace Patalano, River Towns GMAC Real Estate, (914) 739-2667