At Monday's meeting of the Hudson Industrial Development Agency (IDA), a team of three, representing Depot Lofts and led by Jacob Meglio, who identified himself as "senior head of operations at Galvan," was present to answer questions. The specific interest of the IDA was Hudson Depot Lofts, to which the IDA had granted a PILOT (payment in lieu of taxes) and other financial benefits with certain expectations.
Before they got to the topic of Depot Lofts, Meglio offered some insight into the status of Galvan properties that have been gifted to Bard College. As he explained it, T. Eric Galloway was the sole trustee of Galvan Initiatives Foundation. Galloway has now resigned and has been replaced by Bard College. A board of directors, appointed by Bard, now exists to manage what had been the collective holdings of the Galvan Foundation, and an LLC was created solely to manage this building.
Although, on April 8, Zillow was indicating there were 47 apartments available in the building (in other words, 64 percent of the apartments were vacant), Meglio reported that upwards of 50 percent of the apartments were now occupied. (If you check Zillow today, you will learn: "There are currently no available units for Hudson Depot Lofts on Zillow.") At the IDA meeting, it was noted that the second floor, the floor immediately above the commercial space, where the least expensive apartments are located, is almost completely occupied. Those now managing the building are hoping that warmer weather will improve leasing. (Marketing of the building started about a year ago.)
Council president Margaret Morris spoke of a discussion she had had with Bard CFO Tuan Toay about restructuring the PILOT to increase the number of apartments in the lower tier of affordability (up to 80 percent of the AMI) and reduce the cap on the upper tier from 130 percent of AMI to 110 or 120 and asked if the conversation was still ongoing. Meglio said he could not comment.
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