Duna Real Estate Group is pleased to announce the $9.725 million acquisition of three artist and creative live-work loft properties in Kingston, New York. The portfolio totals more than 120,000 square feet in Kingston’s ascendant Midtown Arts District. The transaction was led by Hagai Barlev, Founder and Chief Executive Officer of Duna, with financing arranged by Max Ralby, Capital Markets Associate with HKS Real Estate Advisors, at afive-year, fixed-rate, 70 percent LTV with pre-payment flexibility and recourse burn-off.
The lofts, former historic Kingston factories,include the Pajama Factory at 49 Greenkill Avenue, the Brush Factory at 107 Greenkill Avenue and the Shirt Factory at 77 Cornell Street. Located adjacent to the new Empire State Trailbike paths and the town’s Broadway corridor, a main thoroughfare increasingly populated by bars, coffeeshops, restaurants and shopping, the properties are popular with the rising number of young residents looking for urban living in the heart of the idyllic Hudson Valley region.
“Residents are realizing the live-work benefits of the Mid-Hudson Valley, with its ideal balance of natural beauty and picturesque towns with deep cultural and historic roots,” said Barlev. “As the community continues to revitalize this historic and unique city, we are excited to be a part of that vibrant culture of growth in the Midtown Arts District and City of Kingston as a whole.”
Kingston, located at the foot of the Catskillsa long the Hudson River 90 miles north of New York City, was once a central piece of the thriving Hudson Valley industrial economy. Recent demographic shifts have created a high demand for housing in the region and in Kingston specifically. The City of Kingston has recently received more than $30 million in New York state economic development funds to help finance upcoming infrastructure improvements and major developments to continue to drive area growth, in addition to substantial private investment into the economy.
“With experienced operators and well positioned real estate in an emerging market, there was a high demand from the lending community for this project,” said Ralby. “We have seen a lot of activity in the Hudson Valley region and these assets represented a unique opportunity to acquire strong performing assets well located in Kingston.”
“This is an exciting time to be in Kingston and the Hudson Valley,” said Barlev. “There is a creative and supportive community spirit here, and as public and private reinvestment continues to fund infrastructure, this is a great place to live, work and have fun. The factory lofts are anatural fit for our strategy of investing inour buildings for the long term.”
About HKS Real Estate Advisors
HKS Real Estate Advisors is a full-service, boutique capital advisory firm based in Manhattan and specializing in arranging financing for commercial real estate transactions nationwide. Since its inception in 2011, HKS has closed more than $20 billion in deal volume across all asset classes and transaction types.
About Duna Real Estate
Duna Real Estate is a real estate development firm based in New York City and Kingston, NY.The firm specializes in the development, asset management and acquisition of residential, commercial and mixed-use spaces. Duna’steam hopes to work with the community on future projects that help to relieve the critical need for affordable housing inthe Hudson Valley. dunarealestate.com
