A New York City-based investment group is in contract to purchase a Hempstead Village affordable apartment building that some stakeholders say has fallen into disrepair.

Hempstead Preservation LLC , an affiliate of Hudson Valley Property Group, plans to invest $23 million into renovating the 420-unit apartment complex at 100 Terrace Ave. Total costs for the project are estimated at $146,686,722, including $107 million for the building purchase.

Local officials said the renovations will benefit tenants in the building, which, according to federal reports, faces issues from cockroach infestations to water damage. Residents also have complained about security issues and broken elevators in the building.

Tenants will not need to move during the 18 months the renovations will be t

See Full Page