Nationally-Recognized Developer to Revitalize ‘Asbestos-Ridden’ Hudson Valley, New York Site

Nationally-Recognized Developer to Revitalize ‘Asbestos-Ridden’ Hudson Valley, New York Site

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A $12 million deal was struck that Hudson Valley residents "have been waiting decades for."

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Ulster County Executive Pat Ryan announced Wednesday Ulster County Court Judge Bryan Rounds signed off on a negotiated settlement deal between Ulster County and Alan Ginsberg, owner of the remaining properties that comprise TechCity on the former IBM campus in the Town of Ulster.

“This is a moment many of us here in Ulster County have been waiting decades for,” Ulster County Legislator Brian Cahill said.

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This is a moment many of us here in Ulster County have been waiting decades for,

The deal allows for the ultimate sale of TechCity to National Resources, a nationally-recognized developer known for revitalizing former industrial sites, for a combined amount of $12 million, which is roughly the amount currently owed in back taxes.

“Today’s announcement regarding TechCity is momentous, and represents one of the biggest economic wins for Ulster County in decades,” County Executive Pat Ryan said. “For far too long, TechCity has been a shell of past economic success. Now we have finally reached an exciting and transformative moment, one where we can revitalize this site and remake it as a thriving beacon of new opportunity for our County.”

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The deal allows for the ultimate sale of TechCity to National Resources, a nationally-recognized developer known for revitalizing former industrial sites, for a combined amount of $12 million

The purchase is expected to include $5 million in cash payments over a five-year period, plus at least $7 million in financial commitments for substantial remediation work required on the property.

Based on recent actions by the EPA, any new owner will be required to quickly commence environmental cleanup and costs in a manner that is acceptable to both the EPA and New York State DEC. The sale of the property would allow for taxes to once again be collected on the parcels and would finally and fully wrest control of the campus from Alan Ginsberg, who has owned the former IBM site since 1998.

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National Resources, a nationally-recognized developer known for revitalizing former industrial sites, currently is working to redevelop the former IBM site in Fishkill.

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National Resources, a nationally-recognized developer known for revitalizing former industrial sites, currently is working to redevelop the former IBM site in Fishkill.

Their Fishkill location, known as iPark 84, features over 2 million square feet of commercial space and currently is slated to have GlobalFoundries, eMagin, and a film studio as tenants.

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In addition, National Resources is developing a film production facility in Yonkers for Lionsgate Entertainment. Over the past 15-years, National Resources has developed over 5 million square feet of space in eight different locations while creating more than 20,000 new jobs in these formerly vacant spaces.

“Today’s announcement is a major step forward in cleaning up the asbestos-ridden TechCity site that will boost jobs, promote economic development, and protect the public health. I look forward to continuing to clean up and revitalize the former IBM-site, unlocking its full potential to create thousands of good-paying local jobs,” Senate Majority Leader Chuck Schumer said.

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