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September 17, 2019Cart


by Westchester County Business Journal

New Hackensack Plaza in Dutchess County sold for $3.45 million

The plaza is at 1820 New Hackensack Road near the Hudson Valley Regional Airport. Photo by Bob Rozycki

New Hackensack Plaza in the town of Wappinger has been sold for $3.45 million.

The 18-unit, 25,000-square-foot strip plaza was bought by Qualamor Corp. from K&J Partners LLC of Fishkill. The deal closed on Feb. 8.

The plaza is at 1820 New Hackensack Road, also known as Route 376, near the Hudson Valley Regional Airport, formerly known as the Dutchess County Airport.

The transaction cost $136.93 per square foot, according to a news release by the broker, and was capitalized at 7.9 percent of current net operating income.

The plaza was built in 1970. It has undergone extensive renovations over the past 10  years, including the replacement of all mechanical, plumbing and electrical units. Plans have been approved for a 3,200-square-foot addition, and apartments could be built above the retail units, subject to town approval.

The deal was brokered by Northeast Private Client Group in Shelton, Connecticut. Bradley Balletto, regional manager of the Connecticut office, and associate Jeffrey Wright handled the deal.