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NEWBURGH, NY-Matrix Development Group has purchased a nearly 70-acre parcel near Stewart International Airport here and plans to build a large industrial building on the property, GlobeSt.com has learned. The Cranbury, NJ-based developer acquired the property in two separate transactions from PNC Bank and from Lempra Associates and HVA 83 Associates. The purchase prices for the parcels were not disclosed.

Gary Hans, Matrix Development acquisitions VP, says that the firm has not filed a formal application as of yet but intends to build an industrial building of up to 650,000 sf on the property that is located near the new headquarters of the Orange County Choppers. Hans says the firm expects to file an application with the municipality by the end of the first quarter of this year. Bob Vitanza of Kahn Realtors of Newburgh brokered the deal.

The New Windsor-Newburgh area in particular is expected to reap the benefits of the Port Authority of New York and New Jersey’s recent takeover of Stewart International Airport. The Port Authority purchased the lease for the operation of the airport from National Express last year and has since stated it plans to invest $500 million in the next 10 years to upgrade the airport.

“We are very excited about the acquisition because it greatly diversifies our portfolio in a market that has tremendous growth potential,” Hans says. “The Port Authority’s investment will have a very significant impact on the airport and the business climate of Orange County overall. We expect Matrix Business Park at Newburgh to be a highly sought after location.”

He adds that the property is situated in the Newburgh-Stewart Empire Zone and is located near two major interstate highways–I-87 and I-84– thus making industrial an ideal use for the property. Hans terms the project as a “speculative” venture since Matrix at present does not have a tenant in hand. The land purchase and the planned development of the site mark Matrix’s entrance into the New York market. Since its founding in 1979, the firm has developed in excess of $1 billion in commercial, industrial, urban, residential, golf course and hospitality projects in the Northeast and mid-Atlantic.

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