Developer buys abandoned New Baltimore motel for affordable housing
Melanie Lekocevic is reporting for Columbia-Greene Media Ulster County developer Stefan Sanzi and his business partner Gregory Bernardi have purchased the Budget Motel and adjacent buildings on Route 9W in New Baltimore to create affordable housing. Sanzi and Bernardi closed on the property on March 31, paying about $800,000. The project will be managed by Sanzi’s company, Sanzi Associates Inc., based in Kingston. There are four buildings at the location — two sets of buildings that constitute the long-vacant motel; a single-family house containing an office; and a building behind the motel where people are currently living. Under Sanzi’s plan, motel rooms will be renovated into small apartments. “We are in the planning board process to convert the motel portion of the property’s 28 units into 16 apartments,” Sanzi said. “Out of the 16, four will be studios and 12 will be one-bedroom units.” Sanzi has submitted a site plan application to the New Baltimore Planning Board, which will conduct a public hearing on the project April 8, at town hall in Hannacroix. Some of the apartments may be designated for residents age 55 and older, but that part of the plan is not set in stone, Sanzi said. “...We are private investors, local investors, and we are not looking for grant money,” Sanzi said. “This is all just out of our pockets.” Studio apartments will be rented for $700 to $800 a month, and one-bedrooms will go for about $900, which includes utilities, Sanzi said. Sanzi's preliminary renovation budget totals $250,000 for interior improvements and landscaping. The project site plan has not yet been approved by the planning board. The company hopes to begin offering units in one of the buildings by May, he said. Read the full story at HudsonValley360 [dot] com.