The Family YMCA building that has been a centerpiece of downtown Tarrytown for nearly a century has been sold for $6.45 million to a developer who plans to build 109 affordable housing units and add parking for merchants.
Chappaqua-based Wilder Balter Partners purchased the 41,537-square-foot building, which was constructed in 1928 and had significant additions over the years. Under the agreement, the façade of the 93-year-old brick building will be preserved, according to RM Friedland, which brokered the deal.
Located at 62 Main St., the building sits on 1.2 acres on a hill with frontage on Main Street in the village’s downtown shopping district.
The YMCA went up for sale in September 2019 after its board of directors decided renovations to the aging building were not feasible, according to Gerry Riera, the facility’s chief executive officer. The facility’s 42 residents will continue to live there and be offered subsidized housing in the new development, Riera said.
The Y’s Dance and Cheer programs as well as its childcare services are continuing in an interim space at the EF International School in Tarrytown while the organization searches for a permanent home. The fitness facility closed March 29 and plans to establish a new one were put on hold due to plunging membership during the pandemic.
Crafting a transition
The seller, broker and developer worked with local merchants and village officials to craft the transaction, said John Barrett, managing director of RM Friedland’s Investment Sales Division.
“This really was a partnership from the very beginning between the YMCA, RM Friedland, Wilder Balter, Tarrytown Merchants Council and village government,” Barrett said in a press release. “We all came together to see what was really important to the village while preserving affordable housing.”
The merchants’ main concern was the need for additional parking. Developer Bill Balter agreed to provide 100 additional parking spaces for their exclusive use.
Barrett said the property drew 20 offers within 60 days and was under contract within 90 days. “That’s fairly fast for a development site,” said Barrett. “And we got the full asking price.”