Kaz warehouse property in Hudson under contract for $3M
Michael DeMasi is reporting for the Albany Business Review the former Kaz Inc. manufacturing site near the Amtrak station in Hudson is under contract, with a purchase price of $3 million, to a limited liability company in Catskill. The three parcels, totaling 4.5 acres, are at 72 South Front Street, 14 Montgomery Street and 17 Montgomery Street. The purchase contract was signed by Ben Fain on behalf of South Front Street Holdings according to a court filing. Fain, who describes himself online as an artist and entrepreneur, owns the property nearby at 60 South Front Street. Fain is also the owner of a building on Water Street in Catskill. Fain did not return calls for comment. Kaz Inc. closed its manufacturing facility in 2008, putting more than 300 people out of work. The company continues to make humidifiers, air purifiers and other products, but not locally and under different ownership. The property under contract includes an abandoned warehouse and vacant land, and it is currently owned by the Hudson Development Corporation. The Amtrak station, located across the street, is the third-busiest in the state and 50th busiest in the country, according to the most recent rankings. The former Kaz site was awarded more than $487,000 from the state's Downtown Revitalization Initiative to demolish the old warehouse for a mixed-use transit-oriented development. F. Michael Tucker, president and CEO of Columbia Economic Development Corp., said the redevelopment would "revive Hudson’s historic waterfront." As a not-for-profit, HDC needed a court order to sell the property and Andrew G. Ceresia, a state appellate court judge, signed the order on December 22. Concra Appraisal Associates in Hudson, last year valued the property at $2.3 million. The property transfer has not yet occurred. Read the full story in the Albany Business Review.