Cushman & Wakefield Marketing 103-Acre, 11-Site Development Opportunity Adjacent to Stewart International Airport

New Windsor, NY – Cushman & Wakefield announced today that the real estate services firm has been retained by Simone Development Companies to market the Stewart Airport Assemblage, a 103-acre, 11-site development opportunity adjacent to Stewart International Airport, for sale.  

Cushman & Wakefield’s Andy Merin, Gary Gabriel, Kyle Schmidt and Will Gerlin will work in coordination with Pyramid Brokerage Company’s Bob Scherreik and James DeSimone, as well as real estate advisor, Jim MacDonald, to market the opportunity.  

“The Stewart Airport Assemblage offers a rare opportunity to develop an estimated 800,000 square feet of modern industrial product across multiple buildings,” said Schmidt. “Strategically located adjacent to Stewart International Airport at the four-way interchange of Interstates 87 and 84, the assemblage’s flexible and accommodating zoning allows for multiple paths to create value, all adjacent to one of the New York City metropolitan region’s primary air cargo hubs.” 

The Stewart Airport Assemblage consists of 103 acres of land across eleven parcels adjacent to Stewart International Airport. The sites are zoned for Airport or Municipal Use, allowing for the as-of-right development of warehouses, hotels, offices, laboratories and more. The sites provide new ownership the opportunity to develop an estimated 800,000 square feet across ten lots of various sizes. The Stewart Airport Assemblage can be acquired as a portfolio or as individual sites, and further benefits from the support of the local municipality.  

“The Town of New Windsor is focused on providing its residents, visitors and businesses with a welcoming and vibrant community that delivers first class, future-focused recreational, retail, business and employment opportunities,” said Supervisor-elect Stephen A. Bedetti. “We are excited and supportive of development of the Stewart Airport Assemblage. This location, adjacent to New York Stewart International Airport, has the potential to be a key hub for the region and town alike, with sites that offer flexibility of uses and sizes which can and will foster smart, continued growth in New Windsor and Orange County. With the recent success of Legoland, Resorts World Hudson Valley, the planned Woodbury Commons expansion, Amazon’s warehousing and distribution facilities and Tesla’s distribution center, this site would be an excellent location for the proposed Orange County Convention Center, warehouse distribution or logistics facilities. We look forward to partnering with the buyer or buyers to realize the potential that these sites offer.” 

“Given its strategic importance in the region and proximity to New York City, the Orange County industrial submarket has experienced a significant increase in demand for modern warehouse and distribution space. Over the last five years, Class A industrial rents increased 95% and the market has experienced 4.9 million square feet of leasing activity,” added Schmidt. “This Assemblage opportunity also benefits from its proximity to Stewart International Airport, which doubled its cargo transfers over the past five years.”  

Industrial demand within Orange County is evidenced by 97% of new warehouse deliveries being pre-leased before completion since 2021, according to Cushman & Wakefield. The market is home to many national and global logistics firms, each having significant occupancies within minutes of the Stewart Airport Assemblage.  

According to Pyramid’s Scherreik, “The Hudson Valley is now recognized as an institutional-quality industrial market in which developers are leasing up spec buildings prior to completion. Successes during 2023 include the 927,000-square-foot lease by Matrix to Tesla in Newburgh and Bluewater’s pre-lease of 430,000 square feet to Stellantis in Fishkill.”   

The Stewart Airport Assemblage is ideally situated at the four-way interchange of Interstates 87 and 84, which runs south to Manhattan, northeast to New England and Boston, and southeast through New York and into Pennsylvania. The portfolio is accessible to more than 34 million people within a three-hour drive.  

A conceptual plan of the Stewart Airport Assemblage development potential can be downloaded here.  

About Simone Development Companies 
Simone Development Companies is a full-service real estate investment company specializing in the acquisition and development of healthcare, mixed-use, office, industrial, retail and residential properties. Headquartered at the Hutchinson Metro Center, it boasts a portfolio of over 7 million square feet throughout the Bronx, Manhattan, Queens, Long Island, Westchester County, Orange and Fairfield Counties and New Jersey. With expertise spanning acquisition, development, construction, finance, asset management, accounting, leasing and property management, Simone Development Companies is set apart by its vertically integrated management team, long-term asset ownership and its pursuit of visionary development.