347 Main Street, Poughkeepsie is a multi-tenant retail/office asset on 1.17ac with leasing and development upside in a growing Central Business District.

The subject property includes one of three federal bankruptcy courthouses in the Southern District of New York, guaranteed by the United States Government (S&P Credit Rating: AA+). The lease commenced in 2005 and was recently extended for an additional 10 years thru 2034.

Though some of the 80+ surface lot parking spaces are dedicated to the court, a large majority of the lot could be developed into an apartment building or hotel with up to 7 stories.



PRO FORMA NOI NEARLY $500,000

BUILD 60-80 APARTMENTS OVER PARKING LOT AS-OF-RIGHT

UP TO 100 APARTMENTS WITH AFFORDABLE HOUSING COMPONENT