NYC escapees buying commercial real estate in Hudson Valley

Some relocated businesses are doing more sales than they did in the city

Tri-State /
Feb.February 01, 2021 10:33 AM
NYC escapees buying commercial real estate in Hudson Valley

(iStock)

A growing number of ex-New York City dwellers are scooping up commercial real estate in Hudson Valley towns.

At the onset of the pandemic last year, wealthy New Yorkers left the city for their second homes or found new houses to escape the health crisis. As those ex-New Yorkers appreciated their new environment, some of them put down roots by buying stores — or even hotels — to open businesses, the Wall Street Journal reported.

Andrea Westerlind, who started an outdoor gear and apparel company in New York City, moved its operation over the summer to Millerton in Dutchess County, where she bought a two-story retail building.

“There’s amazing energy up here, and there are so many young people,” said Westerlind, who now lives in nearby western Massachusetts. “In six months I will have done more retail sales than I would normally do in a whole year in two locations in the city.”

Michael Glickman, a long-time New Yorker and a founder of a liquor company, bought a weekend home in Hudson in Columbia County four years ago. He now owns two boutique hotels in Hudson and is in contract to buy a third hotel.

In Columbia, Greene and northern Dutchess counties, about 30 commercial real estate sales were pending as of late January, Raj Kumar of Select Sotheby’s International Realty told the Journal. The number is more than four times the number of commercial sales that closed in the first quarter of 2020.

“We have people with much higher incomes that are moving up here,” Kumar said. “That’s why commercial real estate is so attractive now, because stores will actually make money — retailers will make money.” [WSJ] — Akiko Matsuda






    Related Articles

    arrow_forward_ios
    Judge halts Hampton Bays downtown revitalization plan
    Judge halts Hampton Bays downtown revitalization plan
    Judge halts Hampton Bays downtown revitalization plan
    Mayor Steven Fulop (Getty, iStock)
    Jersey City to provide up to $10K more rent relief per tenant
    Jersey City to provide up to $10K more rent relief per tenant
    Floor & Decor moving into site of shuttered Target in Commack
    Floor & Decor moving into site of shuttered Target in Commack
    Floor & Decor moving into site of shuttered Target in Commack
    Sciame Construction CEO Frank Sciame and the Gold Coast Mansion
    Frank Sciame buys massive Gold Coast mansion. Now what?
    Frank Sciame buys massive Gold Coast mansion. Now what?
    32 Lighthouse Road in Hampton Bays (Google Maps)
    Owners sell Inn Spot on the Bay
    Owners sell Inn Spot on the Bay
    iPark 84 in East Fishkill (Photo via iPark84)
    Film studio planned for East Fishkill in Hudson Valley
    Film studio planned for East Fishkill in Hudson Valley
    Nabisco factory in Fair Lawn, New Jersey (Google Maps)
    Mondelēz taking bids for shuttered Nabisco factory in Fair Lawn
    Mondelēz taking bids for shuttered Nabisco factory in Fair Lawn
    Long Island’s office market has slumped as businesses change workplace strategies, an Avison Young report finds.
    Long Island office market on pace for dreadful year: report
    Long Island office market on pace for dreadful year: report
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...