Residential, core-plus · Working now
Riverbend at Port Imperial
We opened 158 empty parking spaces to ferry commuters at the end of July 2026.
- Purchase price, May 2026
- Apartments
- Parking revenue, first week of October
- Return on renovation cost, against 19.2% planned
Where we found the value
- Use of the site
We opened 158 empty parking spaces to ferry commuters: $513 to $5,398 a week in ten weeks.
- Operations
Renovations cost $14,626 a unit against $20,000 planned and return 27.7% on their cost.
01What we saw
158 empty parking spaces and a clubhouse used as common space.
A stabilized community on the Hudson, a short walk from the Port Imperial ferry. 158 of its 326 parking spaces sat empty, and the clubhouse was treated as ordinary common space.
- 158
- Empty parking spaces at purchase
Core value in practiceChallenge Every Assumption
02What we thought
Rent the garage to commuters. Run the clubhouse as its own asset.
Open the empty spaces to ferry commuters for income that does not depend on renting apartments. Treat the clubhouse as an asset. Renovate apartments on turnover where the rent pays for it.
Core value in practiceCreative Advantage
03What we did
Opened the garage. Renovated on turnover.
Public parking opened at the end of July 2026. The first 16 renovated apartments cost $14,626 each, against $20,000 planned, and rent for $337 a month more on average.
- $14,626
- Renovation cost per unit, $20,000 planned
- +$337
- Rent increase a month, $321 planned
Core value in practiceExtreme Proactivity
04What changed
Parking revenue: $513 to $5,398 a week.
Weekly parking revenue went from $513 to $5,398 in ten weeks. At October’s pace that is about $281K a year. The renovations return 27.7% on their cost against the 19.2% we underwrote.
- $5,398
- A week, October 1 to 7
- $281K
- A year at that pace
- 27.7%
- Return on renovation cost
Working now · Riverbend at Port Imperial
What we have done
at Riverbend since May.
We bought Riverbend, 301 apartments on the Hudson by the Port Imperial ferry, in May 2026. The garage and the apartments were earning less than they could. These are the results so far.
Weekly parking revenue
For years the parking deck produced no income, with 158 of its 326 spaces sitting empty beside a commuter ferry. P3 opened it to the public at the end of July 2026.
- First week, Jul 27
- Latest week, Oct 1–7
- At the latest pace
- a year
P3 weekly parking revenue, July 27 to October 7, 2026. The yearly figure is the latest week times 52: arithmetic, not a forecast.
Renovations that beat the underwriting.
The first 16 renovated apartments, against what we underwrote when we bought the building.
| The first 16 units | Plan | Actual |
|---|---|---|
| Renovation cost per unit−$5,374 (−26.9%) | $20,000 | $14,626 |
| Rent increase per month+$17 (+5.2%) | $321 | $337 |
| Return on the renovation+8.4 points | 19.2% | 27.7% |
P3 Riverbend renovation tracker. Pre-renovation rent is the unit’s rent in the acquisition rent roll. Return = annual rent increase ÷ renovation spend.
In photographs
Riverbend at Port Imperial from the street
A living room at Riverbend
A kitchen at Riverbend
The indoor basketball court at Riverbend
P3 weekly parking revenue, July 27 to October 7, 2026, and P3’s renovation tracker. Annualized figures are arithmetic on the latest week, not a forecast.