57 Cannon Street | Poughkeepsie, NY
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As exclusive agent, Cushman and Wakefield and Pyramid Brokerage Company are pleased to offer a 100% fee interest in Luckey Platt for sale.
Situated in the heart of Dutchess County in the City of Poughkeepsie, New York, Luckey Platt represents the ability to acquire an irreplaceable mixed-use community in a rapidly revitalizing downtown being fueled by significant public and private investment. Started in 1875 and completed in 1924, this iconic building was once home to Luckey, Platt & Company, which at the time was the largest department store between New York City and Albany. Completing redevelopment of both the interior and exterior in 2023, this historic structure is now home to 148 unique loft-style residences, as well over 30,000 SF of street level retail located along Main Street and Academy.
Consisting of an attractive mix of studio, one, two and three bedroom units, Luckey Platt’s residences feature modern finishes including double height ceilings with oversized windows, Latch smart unit entry systems, stainless steel appliance packages, quartz countertops, LVP flooring, and brand new building wide VRF HVAC system. Additionally, the community features a market leading amenity package highlighted by a state of the art fitness center, yoga room, game lounge, dog spa, workspaces, and package room.
Luckey Platt caters to the area’s affluent resident pool consisting primarily of high earning med’s and ed’s employees working throughout the City of Poughkeepsie and the surrounding suburbs. These residents are attracted to the community due to the rare ability to live in a luxury loft style apartment, with best in class amenities, access to a dynamic nightlife and social scene, outdoor and recreational amenities, and walkability to public transit.
Tours of Luckey Platt will be scheduled upon request with a call for offers date to be announced at a later date.
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Stability and Predictability of Cash Flows
• 100% fair market property located in a supply constrained market
• Residents relocating from NYC and other higher priced surrounding sub-markets continue to drive demand at the property
• Since April 2023, trade outs have averaged 10%
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Significant Upside Opportunity
• New ownership has the opportunity to focus on marketing existing leases to market as renovations are completed (146/148 apartments)
• Current retail tenants are paying below market rents and are on short term leases providing the opportunity to increase revenue and stabilize the rent roll with longer lease terms
• Approved to add an outdoor amenity deck, private outdoor resident terraces on the fifth and sixth floors, and rooftop solar array
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High Quality of Life with Superior Location & Demographics
• Located in the heart of Poughkeepsie's tech, med and eds employment drivers such as IBM, Vassar College, Marist College, Hudson Regional Hospital, and Vassar Brothers Medical Center
• Poughkeepsie is slated to be IBM's headquarters for quantum computing development and pledges to invest $20B throughout the next decade
• Within a walking distance to the recently completed $600M Vassar Brother's Medical Center expansion and Poughkeepsie Amtrak & Metro North Station with access to NYC within an hour and a half
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% OF UNITS
148 Units
(100% Market Rate)
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UNIT MIX
44 Studios (30%),
65 One-BDR (44%),
36 Two-BDR (24%),
3 Three-BDR (2%)
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YEAR BUILT / RENOV.
1924 / 2023
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RETAIL & OFFICE SF
30,274 SF
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AVG. IN-PLACE RENT
$1,922 per month
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NIKO NICOLAOU
Vice Chairman
+1 732 233 9522
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RYAN W. DOWD
Managing Director
+1 201 508 5278
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BRIAN WHITMER
+1 773 562 0340
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JON WEINSTEIN
Upstate NY Multifamily Investment Sales
+1 315 720 5270
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ROBERT W. SCHERREIK, CCIM, SIOR, MCR
President
+1 845 787 1373
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PETER WELCH
Financial Analyst
+1 201 508 5267
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JOHN ALASCIO
Vice Chairman
+1 212 841 9238
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CHUCK KOHAUT
Senior Director
+1 201 508 5219
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TJ SULLIVAN
Senior Director
+1 212 841 7977
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Cushman & Wakefield, LLC | Capital Markets
One Meadowlands Plaza, 7th Floor, East Rutherford, NJ
+1 201 935 4000
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© 2023 Cushman & Wakefield. All rights reserved. The information contained in this communication is confidential, may be privileged and is intended for the exclusive use of the above named addressee(s). If you are not the intended recipient(s), you are expressly prohibited from copying, distributing, disseminating, or in any other way using any information contained within this communication. This information has been obtained from sources believed to be reliable but has not been verified. NO WARRANTY OR REPRESENTATION, EXPRESS OR IMPLIED, IS MADE AS TO THE CONDITION OF THE PROPERTY (OR PROPERTIES) REFERENCED HEREIN OR AS TO THE ACCURACY OR COMPLETENESS OF THE INFORMATION CONTAINED HEREIN, AND SAME IS SUBMITTED SUBJECT TO ERRORS, OMISSIONS, CHANGE OF PRICE, RENTAL OR OTHER CONDITIONS, WITHDRAWAL WITHOUT NOTICE, AND TO ANY SPECIAL LISTING CONDITIONS IMPOSED BY THE PROPERTY OWNER(S). ANY PROJECTIONS, OPINIONS OR ESTIMATES ARE SUBJECT TO UNCERTAINTY AND DO NOT SIGNIFY CURRENT OR FUTURE PROPERTY PERFORMANCE. This e-mail may be considered advertising under federal law. |
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