Avison Young has been exclusively retained to offer for sale two large waterfront development properties in New York’s Hudson Valley: 302 North Water Street in Newburgh, NY, the former site of the Regal Bag Factory, and The Hudson Valley Wine Village; 437 acres of fully entitled land with a mile and a half of Hudson River Frontage in Highland, NY.
In Newburgh, the 2-acre property at 302 North Water Street consists of a 107,430-square-foot former industrial property which was converted to small-suite creative offices and is primed for redevelopment into residences to meet the growing population in the Hudson Valley. In addition, the vacant land portion of the site can accommodate newly built residential apartments that will have unobstructed views of the river. In total, the project density is projected at 240 units across 270,000-square-feet (sf). The property lies across the Hudson River from Beacon, NY with easy ferry access to the Metro North Railroad, making it a prime commuter village.
At the Hudson Valley Wine Village, the property offers a blank canvas with necessary approvals obtained for a large-scale, mixed-use development including 800 residential units, 450,000-sf of industrial, over 155,000-sf of retail/commercial space, a 125-key hotel with a conference center, restaurants, spa, and two wedding chapels. Nearly $10 million over the last decade has been spent in bringing the development site to shovel-ready condition.
James Nelson, Principal and Head of Tri-State Investment Sales, Erik Edeen, Principal and Director of Tri-State Investment Sales, and Will Suarez, Principal, are leading the marketing efforts along with Alexandra Marolda, Associate Director.
“In addition to the area’s natural beauty, the seven counties which comprise the Hudson Valley have enjoyed greater visibility in the market as creative arts and vacation destinations and both waterfront properties offer a rare opportunity to meet the demands of this burgeoning market in iconic locations,” said Edeen. “Developers are recognizing the value proposition of proximity to the city while offering the feeling of a country home and are building the supply to meet the existing and growing demand.”
