$450M RE Trade Includes iPark 84
Complex in Dutchess County
NEW YORK—A joint venture of New York City-based Lincoln Property Company and Waterfall Asset Management and Saber-Hightower of Briarcliff Manor, NY has acquired a host of New York suburban commercial assets, including the iPark 84 complex in East Fishkill, NY, from National Resources of Greenwich, CT for $450 million.
The portfolio of existing properties and development sites is headlined by iPark 84, a 270-acre business park comprising approximately 1.8 million square feet originally built for IBM’s flagship semiconductor manufacturing plant. The campus is home to a diverse collection of manufacturing tenants including IBM and Samsung subsidiary eMagin, as well as agricultural firm Cal-Maine. The campus can accommodate more than 1.5 million square feet of additional development.
Other assets in the deal announced on Aug. 20 include Edgewater Harbor, in Edgewater, NJ a 262-unit waterfront mixed-use community on the Hudson River having 60,000 square feet of retail including Sprouts Farmers Market and 761 Main Ave. in Norwalk, CT, a 29-acre, approximately 400,000 square foot mixed-use center featuring a Northwell Health anchored medical outpatient complex, Cannondale bicycles headquarters, a 70,000 square foot Club Studio gym and pads for entitled multifamily developments.
Another part of the transaction is Trilogy Lofts in Yonkers, adjacent to the Tuckahoe Metro-North station. The property is a newly developed 97-unit transit-oriented multifamily community with a 50-unit second phase set to launch this year.
“This acquisition is a milestone in Lincoln’s rapid growth across the Tri-State region,” said Jared Toothman, Executive Vice President and Market Leader at Lincoln. “The portfolio complements Lincoln’s robust national industrial, healthcare, and retail platforms as well as our multifamily development pipeline of over 5,000 units in the New York metro area.”
The joint venture’s business plan contemplates renovation and repositioning of the multifamily assets, lease-up and stabilization of existing vacancy, expansion of the medical office tenancy at Norwalk, and selective development or monetization of the portfolio’s surplus land parcels.
Published: August 26, 2026.