A transparent dome, a private hot tub, the Milky Way overhead. Two hours from New York City.
The closest truly dark sky to the largest urban feeder market in North America, paired with an amenity stack no operator within three hours of the city offers today.
DUSKFALL is a four-dome luxury glamping development on a 70-acre Catskills assemblage uniquely zoned for hospitality under a brand-new (2025) Town zoning code that creates structural supply constraints on competing development. Phase 1 sits on roughly 7 acres (parcel 1). The remaining ~63 acres carry zoning-permitted Phase 2 optionality at no incremental basis.
Most Hudson Valley / Catskills hospitality development fails before it starts; local opposition is the #1 reason within two hours of NYC. Saugerties is the rare exception: permissive new zoning, structurally constrained supply, and a Planning Board that is actively pro-tourism. All three advantages stack on the same parcel.
Town of Saugerties Local Law of 2025 (effective May 14, 2025) created the Rural Resort + Rural Event Venue designations. §245-11.I.5 permits resort, restaurant, banquet/wedding venue, conference center, glamping, fitness/spa, equestrian, and retail uses, up to 100+ guest units at minimum lot size.
Rural Resort requires a 50-acre minimum. Our 3-lot, ~70-acre contiguous assemblage clears the threshold. Only ~40 parcels in the entire township qualify, and most are held by NY State, town government, multi-generational families, or conservation land trusts. Few-to-none are for sale at any price.
Saugerties is openly pro-tourism. The Planning Board hosted our pre-application workshop and members expressed enthusiasm for the project. Other 2-hr-NYC towns (Woodstock, Phoenicia, Hudson) have actively blocked or restricted new hospitality. Saugerties is the rare combination of demand and a supportive jurisdiction.
Four transparent geodesic suites on a deck that runs to the edge of a cliff. A private hot tub steps from your door, a heated pool on the shared deck, a sauna and a telescope you control from your phone, under one of the darkest skies you can reach from New York City without flying.
The New York metro is the most valuable drive market in North America. Catskills short-term-rental performance has outrun the national benchmark every post-pandemic year, and the dark-sky amenity has no substitute closer than three-and-a-half hours.
| Property | Location | Drive NYC | Dark Sky | Private Water | ADR |
|---|---|---|---|---|---|
| Onera | Texas Hill Country | n/a | Yes | Per unit | $700+ |
| Kosmos Stargazing Resort | Mosca, CO | n/a | Yes | Shared | $1,000 AI |
| Inness | Hudson Valley | 2 hrs | No | Per unit | $500–$1,100 |
| Wildflower Farms | Hudson Valley | 2 hrs | No | Per unit | $1,000+ |
| Piaule Catskill | Catskills | 2.5 hrs | No | Per unit | $450–$700 |
| Domes at Catskills | Catskills | 90 min | No | Shared only | $100–$300 |
| Ferncrest | Poconos, PA | 2 hrs | No | Hot tub | $225–$300 |
| DUSKFALL | Saugerties, NY | 2 hrs | Bortle 4 | Pool + hot tub / dome | $700–$1,000 |
$800 base ADR converges from four independent methods: closest-comp adjusted (Kosmos AI-stripped + NYC feeder uplift) ≈ $800–850; in-market 2-hr-NYC bracket (AutoCamp $250 floor · Piaule $580 · Inness $900) ≈ $775; hedonic build-up from $550 tier median ≈ $812; RevPAR cross-check vs Onera at our 65% occupancy ≈ $831. Converged $780–$820, point $800. Y1 entry at $700 is held deliberately below every method's floor.
DUSKFALL is being built as a category-defining brand, not a cabin operator. Each layer is hard to compete with on its own; together they compound.
Among fewer than 20 lodging properties in North America with formal certification. Hard to replicate, valuable for press and search.
A resident astronomer running guest sessions and publishing sky guides. A direct route into astrotourism press.
Published proposal packages as a product line. No luxury Hudson Valley operator currently ships one. The white space is direct.
Property management, dynamic pricing, automated guest comms, and a Hudson Valley vendor network. Already in production across the existing portfolio.
Conservative is the LP-pitched base, what we are willing to print and defend. Base reflects internal expectation given pre-sale strategy and comp-validated occupancy. Bull reflects category-leading brand pull (Onera-tier demand) and upper-quartile pricing.
All cases share the same capital stack: $2.79M total project, $836K equity ($669K LP / $167K GP), $1.95M debt @ 8.0% fixed / 25-yr amort. Operating differences flow through to NOI, debt coverage, and LP partner economics under an 80/20 split with 8% pari-passu pref, GP catch-up to 20% of cumulative promote, then 60/40 LP/GP residual. After-tax LP figures assume passive treatment: depreciation suspends as Passive Activity Loss that offsets the deal's own distributions in later years, with remaining PAL releasing at exit. Probability-weighted (45% Base, 25% Conservative, 15% Bull, 10% Stress, 5% Deep Stress): expected LP IRR ~22% pre-tax.
Standard hospitality construction-to-perm structure. Non-recourse DSCR loan at stabilization de-risks the equity, with no personal guarantees. All sponsor compensation broken out explicitly: no closing-cost catch-alls, no hidden carry.
| LP Equity | $669K |
| GP Co-Invest (20%) | $167K |
| Senior Debt · 70% LTV · 8.0% fixed · 25-yr · non-recourse DSCR | $1.95M |
| Total Sources | $2.79M |
| Acquisition fee | $0 |
| Development fee | $0 |
| Refinance fee | $0 |
| Sponsor / asset-management fee · 2% of revenue | ~$22K/yr |
| PM pass-through · 6% of revenue (funds 24/7 guest team; not GP income) | ~$66K/yr |
| Disposition fee · 1% of gross exit value | ~$62K at Y10 |
| Land Acquisition | $400K |
| 4× FDomes F75 (landed, May 22 quote) | $332K |
| Per-dome fit-out (HVAC, under-floor heat, plumbing, FF&E) | $200K |
| Cedar deck + cliff overhang + IR overhead heat + lighting | $791K |
| Central pool + 4 hot tubs + sauna + amenity zones | $258K |
| Site, utilities, observatory, FF&E balance | $246K |
| Soft costs (contingency, permits, A&E, branded launch, CI, origination) | $560K |
| Total Uses | $2.79M |
| Equity split | 80% LP · 20% GP |
| Preferred return | 8% pari-passu, compounding |
| Catch-up | GP to 20% of cumulative promote |
| Residual split | 60% LP · 40% GP |
| Distribution cadence | Quarterly when CFADS positive |
| Target hold | 10 years (LP majority vote on extension or sale) |
Holding 72% occupancy constant (Base) and varying stabilized ADR × exit cap rate. The base cell is bronze; each 100bps of cap is roughly $500K of equity proceeds, and each $50 of ADR is roughly $30K of NOI.
| Exit Cap ↓ / Stab ADR → | $650 | $700 | $750 | $800 | $850 | $900 |
|---|---|---|---|---|---|---|
| 7.5% | 3.6×17.8% | 4.4×21.7% | 5.1×24.7% | 5.7×27.4% | 6.4×29.9% | 7.0×32.2% |
| 8.5% | 3.0×15.6% | 3.8×19.4% | 4.4×22.4% | 5.0×25.0% | 5.6×27.4% | 6.2×29.6% |
| 9.5% | 2.6×13.7% | 3.3×17.4% | 3.9×20.4% | 4.3×22.9% | 4.9×25.3% | 5.5×27.5% |
| 10.5% | 2.3×12.1% | 2.9×15.7% | 3.4×18.7% | 3.9×21.2% | 4.4×23.5% | 5.0×25.6% |
| 11.5% | 2.0×10.7% | 2.6×14.2% | 3.0×17.1% | 3.5×19.6% | 4.0×21.8% | 4.5×23.9% |
Each cell shows LP equity multiple (top) and LP IRR (bottom) on $669K of LP capital under the Base 72%-occ / fast-ramp operating profile. Sensitivity grid demonstrates the asymmetry: the modeled Base case sits in the middle of the table; significant adverse moves still produce institutionally acceptable LP outcomes, and modest favorable moves compound rapidly.
100% bonus depreciation under the 2025 federal tax code creates a Year-1 partnership paper loss of roughly $1.8M. Under standard passive treatment, an LP's allocable share suspends as Passive Activity Loss and offsets the deal's own distributions in later years. Most distributable income is tax-deferred through Y5; remaining PAL releases at exit, reducing LTCG. The shield is real, just deferred rather than immediate.
| NOI (Y1) | $110K |
| Interest expense | ($154K) |
| Bonus depreciation · total | ($1,814K) |
| 5-yr property (FF&E) | ($189K) |
| 7-yr property (HVAC, tubs) | ($239K) |
| 15-yr property (site work) | ($1,380K) |
| 39-yr SL (half-year) | ($6K) |
| Y1 partnership loss | ($1,858K) |
| LP 80% share of Y1 loss | ($1,486K) |
The LP's allocable Y1 loss suspends as Passive Activity Loss under IRC §469. PAL absorbs the deal's distributable income in subsequent years (Y2 through Y5+), so cash distributions arrive largely tax-deferred. Any unused PAL releases at exit, offsetting LTCG and recapture on the sale.
| LP profile · Base case | AT IRR | AT EM |
|---|---|---|
| Pre-tax LP (reference) | 22.3% | 4.25× |
| Passive LP (post-tax) | 17.7% | 3.71× |
Tax assumptions: 39% ordinary, 30.7% LTCG, 39% §1245 recapture, 31.9% §1250. Y10 exit tax ≈ $1.62M (mostly LTCG on appreciation). Passive treatment is the default for almost every outside LP. Each LP should consult their own tax advisor; examples illustrative.
Phase 1 occupies roughly 7 acres (parcel 1) of the 70-acre assemblage. The remaining ~63 acres are zoning-qualified for further hospitality development under the same Rural Resort designation. We do not underwrite Phase 2 in the Base case returns above. It represents real, uncapped upside while Phase 1 cashflows fund the diligence.
Phase 1 generates roughly $500K+ of stabilized NOI annually. That cashflow funds Phase 2 diligence and entitlement work without diluting LP returns. By the time Phase 2 breaks ground (Y3–4), the property has two-to-three years of operating history, brand recognition, and zoning entitlement in hand.
The five risks most likely to affect outcomes, each carried with a specific operating-plan mitigant. Stress-tested at $510 ADR / 55% occupancy; the deal still covers debt service. Deep stress at $400 / 45% wipes equity (tail risk, ~5% probability weighting).
| Risk | What it looks like | Mitigant |
|---|---|---|
| Demand miss (occupancy) | Pre-sale ramp underperforms; Y1–2 occupancy < 50% | $130K operating reserve · pre-sale waitlist six months pre-open · paid social budget · 65% conservative anchor |
| ADR pressure | Competitive entrants force discounting | Brand moat (DarkSky + astronomer + proposals) preserves differentiation · zoning barrier prevents nearby entrants 2–3 years |
| Construction overrun | Cedar deck or site work exceeds budget | 10% contingency baked in (~$220K) · cedar deck re-quoted at $50/SF May 2026 · fixed-price contracts for major scopes |
| Interest rate increase | Rates rise during construction; refi cap tightens | 2.74× DSCR cushion at stabilization · 100bps rate move drops DSCR ~0.3× · still well above 1.25× covenant |
| Exit cap expansion | Y10 cap rate widens vs 9.5% modeled | Each 100bps ≈ $500K of equity proceeds = ~1.5pp LP IRR · stress at 11% cap still produces >3× LP EM |
| Operator key-person risk | Sponsor inability to operate | Operating reserve covers transition · Haus team backstops · 75% LP vote can replace for cause |
Probability-weighted (avg-of-IRRs methodology, skipping wiped cases): expected LP IRR ~22% pre-tax. Cash-flow-weighted methodology produces similar outcomes. The stress and deep-stress columns are disclosed, not buried.
DUSKFALL is sponsored by an active operator with a documented track record in Hudson Valley short-term rentals, not a first-time developer. The 14-property Haus portfolio supplies live operating infrastructure, vendor network, and market intelligence that directly de-risks DUSKFALL execution.
A detailed investment memorandum, the complete underwriting model, and the offering documents are available on request. We're speaking with a small, aligned group of accredited investors.
Process: NDA → pitch call → PPM + Operating Agreement + Subscription docs → wire → K-1 onboarding. Target close 60 days from offering.
Anchor commitments receive most-favored-nation rights on subsequent deals.