Daniel Aubry first traveled the world as a professional photographer, visiting over 130 countries on assignment before he chose Beacon, NY, to put roots down in his companion profession as a real estate agent. Quietly located on Beacon's East End of town in an office to the right of the once-derelict Beacon Hotel (which has completed its first major round of renovations), Daniel has recently made a significant impact over on the West End of town, where he closed a deal early in 2017 that transferred 20 units owned by longtime property owners, the Piccone Family, to a new Hudson Valley-based family.
You may remember the Piccones from when they hung the banner above Mr. Bell's salon last year. When we wrote an article congratulating Mr. Bell on 25 years of business success, Lucy Malone told us: “Mr. Bell would come on the first of each month to pay the rent. I always asked him how he was. After we said hi, his answer for all the years I was there was 'Excellent.' That is how we started our conversation each month. It always made me smile. Mr. Bell is always smiling. Mr. Bell was an old Nabisco friend to Mr. [Frank] Piccone (his landlord’s father) and he spoke very highly of the Piccone men: Frank, Ron and Jamie, as he knew them all."
One Building To 20 Parcels Changing Hands
This real estate deal is a unique one, in that Daniel Aubry represented both the buyer and the seller. Early one evening during an event hosted by Scenic Hudson at Long Dock, Daniel planted the seed of the sale with the buyer, who already owned properties in New York and had recently sold one. Daniel, being highly conscientious of taxes associated with the sale of a property, suggested that this new family consider the Piccones' property - before it was even on the market. The building already had a positive cash flow coming in, otherwise known as a "cap rate," or an existing income-generating property that needed ongoing management.
The intent originated with the purchase of one building on Main Street, and resulted in 20 parcels being sold to the new owners, who also recently purchased the River Winds Gallery building (not the business, but the building that houses it) in a separate sale. The Daniel Aubry property sale consisted of business storefronts where Mountain Tops and Miss Vickie's Music are located, residential apartments and houses with Section 8 classification, as well as several empty lots. Sixteen of those parcels are on or are adjoining Main Street. Says Daniel: "The deal grew like Topsy. It is possibly one of the largest real estate deals involving simultaneous property ever done in Beacon.”
Dual Representation & A Business Lesson
This real estate deal is a unique one, in that Daniel Aubry represented both the buyer and the seller. How does one ensure fairness, you ask? "It was a very organic process," recalls Daniel. "Both parties need to feel that you are representing their best interest. For that, you need to be very clear what the needs and the expectations are of each part of the deal. Because the Piccones were a client before, they had some trust already."
Throughout his decades in business, first as a photographer, an industry he left "before it left me" (due to the disruption by the iPhone of the camera market), Daniel has learned to follow his instinct. How did he know that the two parties would work well and maintain trust in this situation? "Chemistry. There are people in life, I have learned, [who] you can’t do business with. Either they think they are too smart, or something else. There may be a chance to make money, but I’m at a stage in my life where my quality of life is more important to me than making money."
What May Be Next For Buildings On The West End Of Main Street
"These properties were purchased at time when Beacon was like Newburgh, down in the dumps - though Newburgh is now rising," explains Daniel. "The landlords did the best with what they had. They maintained from an infrastructure standpoint, but not a cosmetic standpoint." The Piccones had two full-time staff members to maintain the properties. Those two people have been hired by the new owners, who have also retained a property management company that specializes in Section 8 housing.
Some of the properties are close to the train station, and several are single-family homes. Where the most impact may be seen is on several vacant lots, where the new owners may do “in-fill development,” creating additional housing. "The new owners are wonderful people and have the best interest of Beacon at heart. I think it is good for Beacon. They tend to move very thoughtfully," says Daniel.
Editorial Note: This has been a sponsored article by Daniel Aubry Realty that A Little Beacon Blog's editorial team approved of to write and research, as part of our Sponsor Spotlight series. To see more of Daniel's listings, and to see what else he knows of that is not on the market yet, see www.danielaubry.com for listings and contact information.