Livingston Farm

Livingston Farm is a 121-acre regenerative farm and future resort site in Livingston Manor, NY — the anchor asset of the Circular platform and a rare opportunity to invest in institutional-grade agritourism real estate at formation.

Located 1 hour 45 minutes from New York City in Sullivan County's Catskill Park, the property combines resort-scale land with an in-town, walkable location. Rated the #1 town in the Catskills by Travel + Leisure, Livingston Manor is a leading hub for food, beverage, and outdoor recreation — with established demand from weekenders, second homeowners, and NYC visitors year-round.

The master plan for Livingston Farm integrates a low-density resort (up to 70 hotel keys and guest cabins), a working regenerative farm (~20 acres), purpose-built event and gathering spaces, and 30 branded residences — all designed to preserve the land and support premium ADRs in the upper-upscale rate band. Over 75% of the total site (~300 acres) will be conserved.

Phase I focuses on land control, entitlements, and the construction and stabilization of Wren of the Woods — a standalone restaurant in Armonk, NY that will generate cash flow, build brand awareness, and drive demand for the resort. Phase II deploys capital post-entitlement for vertical resort and cabin construction, targeting a 2028 opening season.

Circular is in active discussions with premier hotel operating brands seeking a foothold in the Hudson Valley market, including several marquee names. Underwriting targets a stabilized ADR in the mid-$800s to low-$900s at 55–60% blended occupancy — well supported by the existing Catskills comp set, which ranges from $300 to over $1,400 per night.