Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.