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Greenburgh Finalizes Waterwheel Property Sale For $1.2M

Developers want to build a 22-unit complex that includes 17 “fair and affordable” condominiums and five “workforce housing” units.
Developers want to build a 22-unit complex that includes 17 “fair and affordable” condominiums and five “workforce housing” units. Photo Credit: Community Housing Innovations
The Waterwheel development would be located on Route 9A across from V.E. Macy Park in Ardsley.
The Waterwheel development would be located on Route 9A across from V.E. Macy Park in Ardsley. Photo Credit: Community Housing Innovations

GREENBURGH, N.Y. – A $1.21 million sale of the Waterwheel property on Saw Mill River Road in Ardsley is nearing completion.

Greenburgh town officials unanimously approved a resolution last week authorizing the land sale to developer Ardsley Waterwheel Partners LLC. Developers want to build a 22-unit complex that includes 17 “fair and affordable” condominiums and five “workforce housing” units.

Officials anticipate the closing will take place within the next few weeks, paving the way for construction to begin, Greenburgh Town Supervisor Paul Feiner said.

Although the land is within Ardsley's boundaries, Greenburgh acquired the property because of a foreclosure. The town had originally authorized the sale in 2010, but county officials exercised their right to purchase the property first and then sell it to developers.

Developers have already submitted a downpayment on the property for $150,000.

Ardsley village officials unanimously approved the plan in December 2011.

The purchase agreement includes a restrictive covenant that ensures the affordable units will remain “fair and affordable” for 99 years. The affordable housing will qualify under the county's housing settlement with the Department of Housing and Urban Development .

The affordable housing units will be sold for an estimated $200,000. Workforce housing will cost an estimated $350,000 to $360,000.

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