Historic Foundry Redevelopment Completed, 59 New Units Open in Newburgh

Developers moved new residents into the Lofts At The Foundry on Johnes Street on November 20, 2025, capping a development effort that began in 1985. Six people representing three partner companies completed 59 market rate units as part of a larger, long delayed conversion of a late 1800s foundry building. The full project now matches the original plan for 120 apartments after 61 units were finished in 1999 and stalled projects and a bankruptcy intervened.

Plans to convert the building first advanced in 1985 and construction started in the mid 1980s, but work stopped amid the savings and loan crisis. Sporadic efforts continued through the 1990s and 2000s, and a bankruptcy left the site unfinished until spring 2021 when Attic Labs, Mana Tree Properties and Affordable Housing Concepts purchased the property at a bankruptcy auction. The partners say they financed the $24 million project with a mix of private capital and roughly $8 million in state and federal tax credits to help preserve the historic structure and complete construction.

Developers credited trust from public agencies and collaborative relationships for allowing the long stalled project to advance. "The city, the city's IDA took a chance on us by trusting us to take this property over," Andrew Schrijver of Attic Labs said during a conversation in one of the top floor units. The project team cited the diversity of viewpoints among the partners and neighborhood outreach as keys to navigating approvals and finishing construction.

Rents for the new units start at $1,825 per month for one bedroom apartments and $2,500 per month for two bedroom apartments, reflecting market rate positioning rather than subsidized housing. Longtime resident Carol Lawrence, who lives in one of the 61 units built in 1999, warned that supply alone will not solve affordability pressures. "We need a lot more housing," she said. "People are doubled up in apartments, and it's really hard to find a reasonable, affordable house."

The local impact is therefore twofold. The project restored a landmark and returned 59 units to the housing stock, a modest but tangible increase in supply. At the same time market rate pricing leaves affordability concerns for many residents. Developers say they are planning additional projects in Newburgh, including a 140 unit complex where 100 units would qualify as affordable housing, a potential step toward addressing deeper affordability challenges in Orange County. The Foundry completion illustrates the limits and leverage of public tax incentives and private partnerships in confronting long term housing shortages.