The nation’s largest single, private aviation hangar project is set to break ground next year at StewartAirport in Newburgh, N.Y. The $90 million project will cover 500,000 sq. ft. and will be sold off as condominium space to private users.
The builder, Hayward, Calif.-based Ascend, will construct PARKAVION SWF on 32 acres on the northwest side of Stewart International Airport (SWF), adjacent to Route 17K. Ascend is marketing the units to investors as well as aviation users. The company boasts first-year returns of 8% for owners of hangars it developed in the first phase of PARKAVION HWD, a similar complex it developed in San Francisco.
“Ascend’s success in the San Francisco market has laid the foundation to expand nationally, and the New York area offers an excellent opportunity to bring our unique hangar product to a new market,” says Gary Briggs, Ascend’s president and founder. “The exceptional quality of these hangars, coupled with the unique opportunity to purchase quality hangar space, in lieu of standard short-term hangar rentals, provides a very compelling business case.”
Ascend offers features including custom flooring, which can include a company logo or family crest; relaxation rooms; private crew quarters with showers; private offices; and online video security.