A 19th century landmark in Poughkeepsie, the long-vacant Hudson River State Hospital has been acquired by a New Jersey developer for $4 million.
Brokers at Houlihan Lawrence Commercial Real Estate Group in Rye Brook said the buyer, Diversified Realty Advisors L.L.C. of Summit, N.J., plans to redevelop the 155-acre site on Route 9 for commercial, hospitality and residential uses.
Nicholas W. Minoia, managing partner at Diversified Realty, in an email said he did not want to comment “at this time” on the company”™s plans for the property. The company on its website also lists planned townhouse and multifamily apartment developments at Hyde Park in Dutchess County and in Newburgh and New Windsor in Orange County.
Houlihan Lawrence Commercial Group director Tom LaPerch and Houlihan Lawrence agent Steve Salomone represented the seller, Hudson Heritage L.L.C., in the November deal. Kevin McGrath, of McGrath Realty Inc. in Fishkill, represented the buyer.
Opened in 1871 as the Hudson River State Hospital for the Insane, the former psychiatric center closed about 12 years ago and has fallen into disrepair. “This site has been lying dormant for several years and now it is slated to come back in the spotlight and jumpstart the local economy, “ LaPerch said in a press release.
