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RateDevelopment at former Irving School faces foreclosure
By Colin DeVries
CATSKILL — A lawsuit has been filed seeking foreclosure on the newly renovated Kaatskill Condos, formerly the Washington Irving Elementary School, seeking over $2 million in mortgage debt.
According to Greene County Clerk documents filed Thursday, Rhinebeck Savings Bank is seeking final judgment to direct the sale of the property and seek the remainder of debt from developer Estate Capital, LLC.
The former school, located at the corner of Thompson and Academy Streets, was built in 1907 and had undergone an extensive renovation over the past couple years, attempting to transform the structure into upscale condominiums.
Site plans for the project included 11 one-bedroom units on the first three floors and two loft penthouse units with sweeping views of the Catskill Mountains on the upper floor.
Each one-bedroom unit ranged from 900 to 1,100 square feet and featured state-of-the-art design features, including Japanese-inspired sliding doors, dark hardwood flooring, Italian-imported Formica kitchen cabinetry and stylish red brick interior walls.
The majority of the interior work has been completed for the project, though some contractors have not been paid in full. Several mechanic’s liens have been filed on the property seeking unpaid debt.
Wohlfahrt Construction Company, who completed the demolition of the building and reconstructed the interior of the structure, filed a lien on the property on April 15, 2009, claiming $85,408 in unpaid labor and materials. The total agreed price for the project, including labor and materials, was $869,570.
AJC Electrical Services filed a lien on Feb. 6, 2009 claiming that Estate Capital owes $18,860.70 in unpaid labor and materials. The total agreed price for electrical work was $115,512, which began in Aug. 2007.
Additional contractors, including architectural firm Spectra Engineering Architecture and Surveying, filed liens with approximately $29,000 owed for unpaid services.
Hudson Valley Development Group, a subsidiary of Estate Capital, purchased the property in September 2005 from the Town of Catskill for $304,000. Former town supervisor Joseph Izzo, who presided over the board during the deal, said Hudson Valley was the only developer interested in the aging school building.
According to Izzo, the Town had acquired the property in 2004 from the Catskill Central School District and soon after began plans for the Washington Irving Senior Center. The vacant school was then subdivided from the property and sold to the Hudson Valley Development Group.
In May 10, 2007, Estate Capital obtained a mortgage on the property from Rhinebeck Savings Bank in the amount of $2,070,000 and have failed to pay.
Approximately $45,500 in school, village, tax, county and state taxes are also reported to be unpaid, according to the lawsuit.
In response to the recent fallout on the highly-anticipated housing to be offered in the village, Village President Vincent Seeley was disappointed to hear the structure is facing foreclosure.
“It’s unfortunate that the project was unsuccessful as the vision did meet the needs of our community,” Seeley said. He’s hopeful a new buyer will be able to capitalize on the opportunity to purchase the newly renovated building.
“I’d love to see a boutique hotel or extended-stay motel,” he said.
Numerous phone numbers associated with Hudson Valley Development Group managers and Estate Capital have been disconnected, and general manager Hans Perukel could not be reached.
Hudson Valley Development Group and partner Netherland-based Charter Capital were also involved in a project on 196 acres in Stanford, N.Y. called Brook in Waterland. It featured intricately designed Dutch-revival style homes. Information about that project is available at www.brookinwaterland.com. The status of the project, however, could not be determined on Friday. Though a real estate broker formerly attempting to market the property said she hasn’t had interest in the property for quite sometime.
“I haven’t had an inquiry on the project in over a year,” said Diana Corcoran, an associate broker with Rhinebeck (NY) Real Estate.
Corcoran also said that the homes at Brook in Waterland were being offered for “well over” $1 million.
A phone number listed on the Brook in Waterland web page was disconnected Friday.
To reach reporter Colin DeVries please call, 518-943-2100 ext. 3325, or e-mail, cdevries@thedailymail.net.
According to Greene County Clerk documents filed Thursday, Rhinebeck Savings Bank is seeking final judgment to direct the sale of the property and seek the remainder of debt from developer Estate Capital, LLC.
The former school, located at the corner of Thompson and Academy Streets, was built in 1907 and had undergone an extensive renovation over the past couple years, attempting to transform the structure into upscale condominiums.
Site plans for the project included 11 one-bedroom units on the first three floors and two loft penthouse units with sweeping views of the Catskill Mountains on the upper floor.
Each one-bedroom unit ranged from 900 to 1,100 square feet and featured state-of-the-art design features, including Japanese-inspired sliding doors, dark hardwood flooring, Italian-imported Formica kitchen cabinetry and stylish red brick interior walls.
The majority of the interior work has been completed for the project, though some contractors have not been paid in full. Several mechanic’s liens have been filed on the property seeking unpaid debt.
Wohlfahrt Construction Company, who completed the demolition of the building and reconstructed the interior of the structure, filed a lien on the property on April 15, 2009, claiming $85,408 in unpaid labor and materials. The total agreed price for the project, including labor and materials, was $869,570.
AJC Electrical Services filed a lien on Feb. 6, 2009 claiming that Estate Capital owes $18,860.70 in unpaid labor and materials. The total agreed price for electrical work was $115,512, which began in Aug. 2007.
Additional contractors, including architectural firm Spectra Engineering Architecture and Surveying, filed liens with approximately $29,000 owed for unpaid services.
Hudson Valley Development Group, a subsidiary of Estate Capital, purchased the property in September 2005 from the Town of Catskill for $304,000. Former town supervisor Joseph Izzo, who presided over the board during the deal, said Hudson Valley was the only developer interested in the aging school building.
According to Izzo, the Town had acquired the property in 2004 from the Catskill Central School District and soon after began plans for the Washington Irving Senior Center. The vacant school was then subdivided from the property and sold to the Hudson Valley Development Group.
In May 10, 2007, Estate Capital obtained a mortgage on the property from Rhinebeck Savings Bank in the amount of $2,070,000 and have failed to pay.
Approximately $45,500 in school, village, tax, county and state taxes are also reported to be unpaid, according to the lawsuit.
In response to the recent fallout on the highly-anticipated housing to be offered in the village, Village President Vincent Seeley was disappointed to hear the structure is facing foreclosure.
“It’s unfortunate that the project was unsuccessful as the vision did meet the needs of our community,” Seeley said. He’s hopeful a new buyer will be able to capitalize on the opportunity to purchase the newly renovated building.
“I’d love to see a boutique hotel or extended-stay motel,” he said.
Numerous phone numbers associated with Hudson Valley Development Group managers and Estate Capital have been disconnected, and general manager Hans Perukel could not be reached.
Hudson Valley Development Group and partner Netherland-based Charter Capital were also involved in a project on 196 acres in Stanford, N.Y. called Brook in Waterland. It featured intricately designed Dutch-revival style homes. Information about that project is available at www.brookinwaterland.com. The status of the project, however, could not be determined on Friday. Though a real estate broker formerly attempting to market the property said she hasn’t had interest in the property for quite sometime.
“I haven’t had an inquiry on the project in over a year,” said Diana Corcoran, an associate broker with Rhinebeck (NY) Real Estate.
Corcoran also said that the homes at Brook in Waterland were being offered for “well over” $1 million.
A phone number listed on the Brook in Waterland web page was disconnected Friday.
To reach reporter Colin DeVries please call, 518-943-2100 ext. 3325, or e-mail, cdevries@thedailymail.net.
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