KINGSTON, NY—TechCity Properties is looking to sell some or all of its 1.7 million-square-foot site. Alvarez & Marsal Real Estate Advisory Services is marketing the site, which has the potential for millions of square feet of additional development.
“This sale represents a unique opportunity to acquire office and manufacturing buildings at a significant discount to replacement value, as well as developable land with views of the Catskill Mountains and Esopus Creek, near the historic towns of Woodstock, Rhinebeck and Kingston, New York,” says Jerry Pietroforte, managing director, A&M, who is leading the marketing team.
“Originally built by IBM for its own use,” he explains, “the property has its own road network and CSX rail link and is organized to allow for development of individual buildings on 27 separate tax parcels, clusters or as a multi-faceted commercial park.”
Adds TechCity CEO Alan Ginsberg, “We have attracted a number of businesses, obtained approval for a new master plan and, through our marketing, told a positive story about the region to countless people around the world. Also, the completion of IBM's environmental remediation efforts is now within sight—perhaps less than a year away.
“I am now hopeful that TechCity will attract the interest of developers who see it as an asset with great potential.”
The property in this NYC-suburb has an approved master plan that would allow for its use in office, manufacturing, distribution, R&D, and a variety of recreational uses. It is also a participant, in partnership with Ulster Community College, in New York State's “Start-Up New York” program.
Because the property is being offered for sale in whole or in part, there are a variety of possible scenarios, ranging from an individual owner with a vision for the entire site to a small business that sees an opportunity to relocate and grow by purchasing an individual building in this cost-effective location.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
