JLL on Thursday said it has been retained to manage the sale or recapitalization of a rare waterfront property in Kingston, N.Y. The Waterfront at the Strand, a 67-unit multi-housing community, is being marketed as a prime investment opportunity, particularly for buyers from New Jersey, given the property’s convenient access to the Garden State.
Located at 111 Hudson Valley Landing, the property offers views of the Hudson River and is just a short drive to Newark (approximately 90 miles), taking less than two hours by car in ideal conditions. Public transportation is also an option, with bus and train routes make the commute to places like Newark a manageable trip for residents without a car. This proximity allows New Jersey investors to easily oversee their asset and for residents to commute between the two states.
The property is currently 97% occupied and presents significant value-add potential. JLL’s marketing materials highlight a “proven renovation program” that is achieving rental premiums of $370 per unit after upgrades.
In addition to the existing units, the property includes a 1.13-acre parcel with “as of right zoning” for development. According to a third-party feasibility study, this land could be used to construct up to 140 new units, offering a substantial opportunity for growth.
The marketing team for the property consists of Steve Simonelli, senior managing director; Mike Oliver, senior managing director; Jose Cruz, senior managing director; Austin Pierce, director; Elizabeth DeVesty, director; and Ryan Robertson, senior director.
Financing team in charge consists of Scott Aiese, senior managing director and Michael Shmuely, managing director.
