Opportunity presents itself
In 2016, Liberty Street Partners was able to secure additional funding from our investor group to purchase larger and more predominant mixed-used properties in Newburgh. As early-adopters, we developed relationships with local property owners to acquire off-market assets. Our reputation for closing deals enabled us to negotiate quickly and fairly with sellers.
Our first acquisition was 49 Grand Street, a historic building that once housed the Wheelman’s Club, a pro-cycling club established in the late 1800s. This mixed-use property was renovated by local construction managers Libolt & Son’s in the early 2000s and was purchased fully occupied. The commercial tenant is Best Resources, an adult learning center that has been active in Newburgh for many years and offers the community essential job training skills.
Our second purchase was on the Newburgh Waterfront, developed into a promenade in the late 1990s and offering residents and tourists a majestic setting to enjoy food and drink overlooking the Hudson Valley. Front Street was remodeled in the early 2000 by famed local architect Jeff Wilkinson. The owners penthouse is a modern duplex overlooking the river with many amenities. Another loft apartment offers tenants a contemporary lifestyle, while business on the first two floors provide a focus on beauty, wellness and retail.
Finally, the partners purchased a 13 unit mixed-use property on Chambers Street. Also a turn-key building and recently remodeled, this property gave the portfolio further economies of scale. The loft-style apartments and coin operated laundry provided quality housing to local residents with potential upside.
