The finest redevelopment opportunity in New Paltz! Offering includes both 11 & 13 Water Street. Located immediately south of Water Street Market along the Wallkill Valley Rail Trail, the property features a 15,000 square foot former box factory with original wood beams and 24-foot ceilings, along with a three-bedroom rental house currently leased for $1,780 per month. Zoning for both lots was recently changed to Gateway, allowing a variety of uses including retail, art gallery, office, restaurant, and apartments above the first floor. The warehouse building could be renovated and re-purposed, or a new development could be constructed on all or some of the site. New development potential is enhanced by high-density zoning, central location, and tremendous demand for quality residential product in the Village of New Paltz. Target market could include weekenders or full-timers from NYC, local retirees seeking to down size from their current homes, SUNY professors, and young professionals. 400 feet of direct Rail Trail frontage along the entire length of the lot, plus panoramic Shawangunk mountain and Wallkill River views to the west. 0.57 acre main lot is larger than most central Village parcels, allowing a development of significant scale. Full lot coverage and 3-story/35 foot height permitted. Tie-ins with Water Street Market create a variety of exciting redevelopment opportunities. Existing tenants, including the popular CHBO drum shop and the residents of the three-bedroom rental house, help to defray carrying costs while plans are completed. $990,000 offering price equates to just $62 psf excellent value, particularly considering the Propertys irreplaceable New Paltz waterfront location. Opportunity to execute a bold and creative vision that will make an enduring and positive stamp on the Village of New Paltz. See property brochure in associated docs for full detail.
Listing Courtesy of New Paltz Properties, Ulster County Board-Realtors
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