Start small, think big
In 2014, Liberty Street Partners deployed it's first capital allocation and purchased four properties in the heart of Historic Newburgh.
True to our philosophy, we started small and conservative by purchasing the two "ugly ducklings" of East Parmenter Street. These two two-family buildings are adjacent to a substantial revitalization effort undertaken by Habitat for Humanity. One property, 22E. Parmenter sits on a double lot, which could one day be developed.
Our next acquisition was 115 Liberty Street, when acquired, it was also the ‘ugliest’ building on what would soon become the "Liberty Street Corridor." This mixed-use building had a vacant store front and two two-bedroom apartments. Through investor capital and a grant from the City of Newburgh's Facade Improvement Grant, LSP gave this building a facelift and leased the commercial space to Palate Wines & Spirits.
We rounded out a busy first year with the acquisition of a four-family several blocks away. This turnkey asset gave our investors and management team a taste for scale.
In partnership with the Community Preservation Corporation, the fund was able to leverage these assets at attractive terms and provide liquidity for additional projects.
