Westchester County IDA Awards $12 Million for Rehab of Madison House Complex in White Plains

Plans to renovate the 99-unit Madison House affordable housing complex in White Plains took a giant step forward thanks to the infusion of $12 million tax-exempt bond from the Westchester County Industrial Development Agency.

The IDA board  voted to award the Peekskill-based Marathon Development Group the bond during a meeting Thursday morning. Marathon plans to use the fund to rehabilitate the eight-story complex, located at 70 Ferris Ave.

The work, which is expected to begin in November and take about 18 months to complete, will include improvements the building’s the heat and hot water system, ceiling and floors, bathrooms, kitchens, parking garage, elevators, fire alarms, carbon monoxide detectors and security systems.

“Marathon’s plan will provide healthier and safer homes for Westchester families, preserve affordable housing for those who need it most, while at the same time do our part to help the environment,” Westchester County Executive Robert Astorino said in a statement.

Marathon is firm that specializes in the acquiring and redeveloping affordable multifamily properties. Properties redeveloped by Marathon include the Peekskill Plaza apartments in Peekskill, College Arm Apartments in Sleepy Hollow and Underhill Crossing in Yortown Heights.

“The efficiency and professionalism of the Astorino team allowed us to move quickly on this project,” Mark Soja, Marathon’s chairman and chief executive officer, said in a statement. “Thanks to their diligence, we have been able to reduce our operating costs, and move forward sooner than we thought possible.”

Marathon also plans to institute some green building measures in during the renovation plans.

Some of those plans include:

• Replacing all interior lighting with Energy Star, or equivalent, fluorescent lights.