Newburgh looks to get newer.
William Kaplan, the owner of Regal Handbag on the Newburgh waterfront, had been marketing his 60-year-old factory without success for some time. Its future now is gelling as housing with Kaplan remaining at the helm.
The eight-plus-acre property, with approximately 2,000 feet of waterfront access, lies at the end of Front Street, where Newburgh”™s nightlife abounds and where major revitalization projects are planned.
The property is also within walking distance to the new Orange County Community College, where Kaplan played an instrumental part in getting the college to build in the city by donating $10 million to the project. (Its new science, engineering and technology building will be named after the Kaplan Family Foundation.)
Kaplan, whose philanthropic efforts are legendary in the region and particularly in the city of Newburgh, spoke with Mayor Nick Valentine several months ago about the factory”™s future. “He”™s been a tremendous giver to so many nonprofit projects in the county,” said Valentine, “that when we spoke about the factory, I asked him if he would consider doing something that would be a benefit to the city and bring some needed rateables to it. There is no sin in making a profit, and any profits realized will go into the family”™s philanthropic foundation. So for Mr. Kaplan and the city of Newburgh, it would be a benefit to both.”
Kaplan, having decided to hold the property, approached the city with plans to convert the former factory into apartments and has already received the necessary zoning changes. Together with Leyland Alliance, he is currently working with the architectural review board to tie up loose ends before a formal site plan or renderings are made public.
Valentine says new apartments and town homes planned for the waterfront acreage will “be very attractive to singles, couples who are looking to downsize and young professional couples just starting out. The location is ideally suited for those demographics in the population. It”™s within walking distance to the Newburgh-Beacon ferry, which is another attractive part of the picture for commuters traveling south to their jobs.”
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Howard Kaufman, principal of Leyland Alliance in Tuxedo, said some of the smaller buildings on the property will be taken down; the six-story factory, with approximately 140,000 square feet of space, is slated to become one- and two-bedroom apartments. The remaining property will be redeveloped, possibly as condominiums or town homes.
“Once we start the physical work, it will probably take at least a year to complete,” said Kaufman. “Bill is very serious about this, and we have good ideas we”™ve developed and plan to make a formal presentation to the town and planning board in the very near future.”
Valentine is thrilled with Kaplan”™s plans to bring rateables to the city. “He has not asked for any tax incentives, so this is going to be a tremendous boost financially. It will also bring some quality housing that is needed here. The fact that it”™s waterfront property and a unique setting is a definite plus for the city.”
Valentine commended Kaplan for his hard work. “At this stage of his life, he could be kicking back and enjoying retirement; this is a man that goes to work every day and wants to keep doing business. Bill”™s energy is unbelievable; what he”™s done for the city as a business owner for so many years, and for the community at large through the Kaplan Foundation, has been an incredible legacy.”
Kaplan was not available for comment at press time, but Kaufman said Kaplan is eager to see the property put to good use and to realize the potential for Newburgh. “He”™s been a tremendous advocate for helping to rebuild the city. The factory has been there for more than 60 years and was a major contributor to the city”™s economic vitality.” Now it will play a new one: bringing new living space to dozens of Hudson Valley residents who are seeking a “walkable” community setting.
Leyland was chosen two years ago to build out the city of Newburgh”™s 30 acres of remaining waterfront. Since the recession hit, Leyland is doing much of the background planning, but no shovels are in the ground. “Real estate is a cycle,” said Kaufman. “Like everything else, it will come back and we are doing all the due diligence necessary for the city now so we”™ll be ready to go to work.”
Kaufman said Kaplan”™s renovation of the Regal Handbag property is scheduled to begin late this year if all goes well in obtaining the necessary approvals and permits. “It”™s going to be an exciting and welcome addition to Newburgh,” he said.
