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K&R PRESERVATION ACQUIRES AFFORDABLE HOUSING IN UPSTATE NEW YORK
K&R Preservation
HISTORY OF K & R PRESERVATION
K&R Preservation is owned and operated by its principals, Francine Kellman and Brian Raddock. The co-principals have a 14-year track record of working together to acquire and rehabilitate almost 4,000 units in the Tri-State region so far.
K&R PRESERVATION
K&R PRESERVATION ACQUIRES AFFORDABLE HOUSING IN UPSTATE NEW YORK
K&R Preservation, a New York City-based multi-family housing development firm owned and operated by its principals Francine Kellman and Brian Raddock, announced today the acquisition of the Nathan Galinsky Apartments, an affordable rental property located at 105 Protection Avenue in upstate Herkimer, New York.
In addition to acquiring the property, K&R will rehabilitate all 111 of its one-bedroom, revenue producing units and its two-bedroom security unit at a cost of $35,000 per unit.
Constructed in 1980, the downtown Herkimer property includes significant amenities including off-street parking, on-site laundry facilities, community room, additional storage, outdoor recreational area, business center, and a resident service coordinator.
The project currently receives Section 8 subsidy through a HAP contract. The building also benefits from easy access to public transportation and major highways, as well as proximity to Utica and other metropolitan centers. The property is within walking distance from shops, medical offices, community spaces, social services and parks.
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Have been working for 14 years to acquire and rehabilitate almost 4,000 units in the Tri-State region
K&R Preservation
History of K&R Preservation
Ms. Kellman and Mr. Raddock were key players, in late 2014, in the historic, industry-altering decision by the New York City Housing Authority to privatize ownership and management of City-owned housing projects.
In 2017, K & R Preservation achieved self-sustaining capitalization, thereby eliminating the need for third-party private capital while simultaneously expanding their operational profile.
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641 Lexington Ave, Fl 15
New York, NY 10022