The city is moving closer to establishing a “land bank” that supporters say would help move derelict properties back onto the tax rolls. Mayor Steve Noble said he’s also exploring a more ambitious program to establish pockets of affordability in rapidly gentrifying neighborhoods.
The bid on the Cioni Building, which is owned by the school district, comes as real estate prices in the city’s historic Stockade District have gone into an upward spiral.
Years ago, urban developers swarmed to Beacon, and a few years after that to Hudson. Now it may be Kingston’s turn. In places like Kingston’s Stockade district, the game appears to be on.
A New York City based-LLC has sent Uptown Kingston’s real estate boom to new heights by placing a $4.2 million bid on a Crown Street building owned by the Kingston City School District.
A red-hot real estate market has brought in to Uptown a tsunami of downstate money from investors willing to pay cash for properties at prices that would have been considered a good joke just a few years ago.