Ulster County Comptroller Reports on Former IBM Campus Redevelopment: $9.5 Million in Public Obligations Unpaid, Foreclosure Proceedings Underway
KINGSTON, NY (April 28, 2026) –The Ulster County Comptroller’s Office today released a report examining the redevelopment of the former IBM campus in the Town of Ulster, now known as iPark. The report shows that the developer, two single-purpose LLCs created by Connecticut-based National Resources operating as iPark, owes $6.56 million in unpaid mortgage payments and $2.93 million in delinquent property taxes, for a combined public-sector obligation of approximately $9.5 million.
The Ulster County Economic Development Alliance (UCEDA), which managed the disposition and financing of the project, has tried to work with iPark over the course of ownership, including two releases of mortgage liens on certain East Campus parcels and delayed enforcement of mortgage nonpayment. A requested mortgage deferral was not approved. Since the 2022 closing, iPark has made only one mortgage payment of $1,176,600 on the East Campus and no payments whatsoever on the West Campus mortgage.
“This property is absolutely vital to the economy of Ulster County. Not only did the former IBM Campus once provide thousands of jobs for our residents, but the property has been one of the top ten taxpayers in Ulster County for years,” said Comptroller March Gallagher. “Although it may be painful to account for the status of the iPark redevelopment, we cannot shy away from the facts. Ulster County must aggressively protect taxpayer interests and be realistic about the true value of the property. The tax burden on this property is a hinderance to redevelopment and until that is addressed, we are unlikely to see the property flourish.”
