Kempner Properties, a White Plains-based commercial real estate company, announced the acquisition of Paltz Commons, a 36-unit garden-style apartment complex in the Town of New Paltz, for $7.6 million.
The 29,530-square-foot property, comprised of three buildings at 144 Main Street, is currently 100 percent occupied and primarily leased to students of SUNY New Paltz. It is located downtown and within a four-minute walk to the college campus. The building, which features 41 on-site parking spaces, was constructed in 1966.
“Our plan is to begin extensive high-quality renovations to the apartments and improve the building’s common areas, exterior painting, aesthetic improvements and landscaping,” said Kempner Properties managing partner Peter Kempner, who said that the site was purchased directly from the longtime owner/seller, with no brokers involved.
Kempner also currently owns/manages four other properties in New Paltz, including New Paltz Plaza, a 145,000-square-foot grocery-anchored shopping center, and 138 Main Street, a neighborhood strip center located next to Paltz Commons.
“The Town of New Paltz is known for its strict barriers to entry, which makes this an irreplaceable asset,” added Kempner.
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