June 7, 2018 – New York State Homes and Community Renewal and Wilder Balter Partners today announced the completion of a $21 million affordable housing development in the Chappaqua section of the Town of New Castle in Westchester County. The development renovated the iconic Reader’s Digest headquarters building to create 64 mixed-income apartments. Developed by Wilder Balter, Chappaqua Crossing is located on a sprawling campus that will include a variety of retail and commercial spaces and is also close to the Chappaqua Metro-North train station and Saw Mill Parkway.
RuthAnne Visnauskas, Commissioner of New York State Homes and Community Renewal, said, “Chappaqua Crossing creates a diverse and transit-oriented community in Chappaqua while also preserving a beloved historic building. Thanks developments like this are springing up across New York State to provide New Yorkers with safe, affordable housing and the economic opportunity that comes with it.”
Wilder Balter President Bill Balter said, “The moment I first walked through, I realized it was an incredible structure with a rich history. As builders, we embraced the challenge of retaining the special architectural details, while incorporating the modern amenities necessary to create a unique and highly desirable living environment. Our company has built thousands of homes, condos and apartments, but this presented a unique opportunity to work outside the box and we are extremely proud of the way it came together.”
The development complements Governor Andrew M. Cuomo’s unprecedented $20 billion, five-year Housing Plan, which is making housing accessible and combating homelessness by building and preserving 112,000 affordable homes and 6,000 supportive homes. The plan is a comprehensive approach to statewide housing issues and includes multifamily and single-family housing, community development, and rent stabilization.
The original Georgian-style brick building with its signature cupola opened in 1939 and for seven decades served as the headquarters for the Reader’s Digest magazine and associated businesses. The conversion included restoration and preservation of both the company’s wood-paneled reference library and its stately formal entrance rotunda, while at the same time introducing creatively designed living spaces.
The development offers a mix of one, two, and three-bedrooms, with 38 affordable to low and moderate-income residents who meet a variety of income-eligibility levels, and 26 available at market-rate. Residents have access to landscaped courtyards, an outdoor play area, two fitness rooms, a club room, walking trails, the on-site retail, potential job opportunities of the on-site office tenants and a shuttle bus to the Metro-North train station in downtown Chappaqua. The development is also served by a Westchester County Bee-line bus stop.