Red Hook For Sale
A dozen buildings in the center of the village of Red Hook are being sold as a single portfolio all at once by a local family.
The center of Red Hook.
The center of the village of Red Hook, New York, where Route 9 and Market Street converge, has that distinctly bucolic Hudson Valley feel, due in large part to the historic architecture that houses its quaint shops and restaurants. Now, for the right price, you can own a dozen of those buildings including three of the four corners that define the village.
Over the past 50-plus years, the Baright family amassed an impressive collection of properties in the town but times and business interests change and the family is now selling 12 buildings as a single portfolio for $11.8 million.
“My family has been fortunate enough to live here for over 12 generations.” Said Todd Baright. “My grandfather, Carl Stockenberg, established a hardware store in 1935. In 1972 my parents, Dick and Carleen Baright, purchased the hardware store from her father and it remains a hardware store today. As my parents quickly proved themselves good stewards and caretakers, other opportunities in the village arose. They purchased most of the portfolio during the 1970s and 80s. My brothers and I added to the collection.”
In total the sale is comprised of 127 total rentable units, all in buildings zoned general business in the heart of the village. 41 of those units are commercial, 71 are residential (47 1-bedroom, 18 2-bedroom, 6 studio) and 15 are garage units. The listing states they are all currently 100% occupied and bring in a gross operating income of nearly $1.3 million.
Some of the businesses that are currently tenants in the buildings for sale are beloved community anchor businesses, including Annabelle’s Village Bake Shop, J and J’s Gourmet, Yum Yum Noodle Bar, Little Pickles, Williams Express, Village Pizza and many more, old and new.
“I think it’s a unique opportunity,” said Brian Mossy, who represents the property for Berkshire Hathaway. “The Barights have meticulously maintained these properties. They’ve been professionally managed and it shows.”
Of course, the obvious concern over such a large sale of buildings in the center of a small village is that a buyer could come in and change the look or character of the entire place, or hike rents and price out existing residents.
Mossy says that with new municipal sewer facilities underway in the village, the properties have “greater potential for more development,” but posits that by selling all the buildings together makes it easier for a new owner to maintain the character of the properties. He added that since the character of Red Hook is such a big selling point of the portfolio it’s unlikely a buyer would be interested in changing it.
It’s yet to be seen what the sale of these iconic local buildings will mean for the future of Red Hook. Mossy says the Barights, who remain personally, deeply invested in their home town, are optimistic that they will find a buyer who holds the village in the same esteem they have for generations.
