1674-37 Gerry Sanchez Newburgh/Hu.. Valley
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www.th-record.com Middletown, N.Y. 10940 -i 'c:F!er Id-Pecord Thursday, February 4, 1999 25 cents
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. - --_ - - - PHILIP KAMRASSrth,;necc,c:
Vincent Trunzo,left,and his partner Gerry Sanchez,tour part of the unrenovated Foundry cuilaing in Newburgh in April 1998.
Vigor rin o con oproject
• retain his ownership of some apart-
DAN PARROT (— _ _ mems in Phase I and relinquish own
:cord Correspondent - crship of the rest of the project to the
VE�VBURGH-On a dismal,damp • new owner
nter da};things look brighter for The .,s,_ ._.-___ • .1:1 - .1 H-.1 ®a• + i4•• `.■ If neither of these approaches were
.ve in Condominiums than they ..�; "=•••"°"'"•-i.----- marketable,individual apartments
Worko rkc decade. , <Mhd$>lAt4di�l could he marketed as they became
crews are fixing up the corn- ,� "� ' `x
nn areas in one section and remov- S - �'� ready for occupancy.
s years of debris from another sec- I la ' -z n 11_5 Full steam ahead
in and the parking garage of the ^" - .s-: But Sanchez isn't waiting for a part-
operty,which is next to Washington's A.• 7 nen.He has set up a program for deve
90,is criers.The project,dead since — �` oping his properties at The Foundry
90,is coming alive in 1999. ,,,;;;., and is initiating it on his own.His first
The City of Newburgh,which . _ _ priority is Phase I.This section
aimed the property rn 1992 when the v PHILIP KAMRASSI he Record includes finished apartments.some oi
:veloper walked away and did not pay Exterior view of part of The Foundry in Newburgh. which have been occupied since they
xes,sold the unfinished parts of the were completed.Sanchez is cleaning
•eject to developer Gerry Sanchez in John J.Lease Realtors has been hopes. and lighting the public areas,replacin
ay 1998.Sanchez,who has refur- retained to market the partially corn- "We're e're looking for someone with carpets and renovating and renting or
shed several Newburgh buildings- plete Phase II and yet-to-begin Phase financial backing and a strong track the unoccupied units.
eluding City Hall-in exchange for Ill sections of the project. record,"Lease said.He hopes to find He said he expects all of Phase Ito
tie to other buildings,formed The Lease is offering it in three possible someone with knowledge of the local be rented in February.
aundry Development Company,Inc., ways.He said that,ideally;his group area,its history and current condition. The next priority,Phase iI,involves
F handle the project. would like a partner for a joint venture **Someone within 60.90 miles would installing a new roof,patching,paint-
He is proceeding with his customary with The Foundry be ideal,"he said.The advertising ing and sealing exterior walls,and
arter system,pledging condominiums Such a partnership would finish the strategy has been keyed to that.They
i some contractors in exchange for apartments in Phase II,market them, cleaning and completing a 120-car have run ads in The Record and The garage and parking deck.Individual
-ork. develop Phase III and market that. New York Times. apartments also are being worked on
And now,efforts are being made to Because of the shared involvement Second choice for marketing would Sanchez owns 29 of the 32 apart-
ither find a financial partner;or,possi- and risk with a partner,Lease has a be an outright sale of both phases for See FOUNDRY page
ly.a developer to take over the project. fairly solid list of requirements and $500,000.In that case,Sanchez would