194 Church Street

Description

50 Academy Street, Poughkeepsie, NY 12601 Price: $2,900,000 | 4-Unit Apartment Building | Redevelopment Opportunity Located in the heart of Poughkeepsie’s rapidly growing Innovation District, 50 Academy Street offers an exceptional mixed-use redevelopment opportunity. This 4-unit, 2-story, 2,800-square-foot apartment building sits on 1.11 acres across 11 parcels, making it one of the largest assemblages available in downtown Poughkeepsie. With its strategic location, flexible zoning, and strong demand for residential rentals, this property is ideal for developers seeking to capitalize on Poughkeepsie’s continued growth and revitalization. Zoning & Development Potential The property is zoned PID-B (Poughkeepsie Innovation District B) and MU-5 (Mixed-Use 5), offering high-density residential and commercial development potential. PID-B Zoning: Allows up to 9 stories (120 ft) with affordable housing inclusion MU-5 Zoning: Allows up to 7 stories (94 ft) with affordable housing inclusion Permitted Uses: Multifamily residential, retail, office, hospitality, medical, live-work housing, student housing, performing arts, and food service No Historic Restrictions: The property is not located within a City Historic District Several conceptual massing studies by Tinkelman Architecture demonstrate the site’s potential: Option A: 35 residential units / 26 parking spaces Option B: 55 residential units / 28 parking spaces Option C: 76 residential units / 52 parking spaces Option D: 116 residential units / 49 parking spaces This flexibility makes it ideal for mixed-use, multifamily, or residential redevelopment. Parking & Incentives The site offers on-site parking design flexibility, including the potential for a Planning Board waiver or fee-in-lieu of parking. Additionally, it is adjacent to a municipal parking lot at 50 Cannon Street, providing 210+ spaces within 50 feet. The City of Poughkeepsie supports development in its Innovation District, creating potential opportunities for incentives and streamlined planning approvals. Prime Downtown Location Centrally located, 50 Academy Street is within walking distance to: Restaurants, cafés, and boutique shops Art centers and the historic Barrett Art Center Vassar Brothers Medical Center, a major employer in the area The property also offers easy access to major transportation routes, including Route 9, the Mid-Hudson Bridge, and Metro-North Railroad, connecting Poughkeepsie to New York City and surrounding Hudson Valley communities. Investment Highlights Prime urban infill location in a growing downtown market High-density development as-of-right with significant bonus potential Strong residential rental demand in Poughkeepsie’s revitalized core Flexible mixed-use zoning for a variety of income-producing options This is a rare opportunity to acquire a large, strategically located parcel with unmatched redevelopment potential in one of the Hudson Valley’s most dynamic growth markets.