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 three-dome private-retreat glamping development on a 71-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 ~64 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.
Plus an environmental-review shortcut: we are improving an already-cleared single-family parcel under a zoning code that completed its own State Environmental Quality Review at adoption. A virgin-land hospitality build typically loses 18–36 months to that review process. We start with it behind us.
Rural Resort requires a 50-acre minimum. Our 3-lot, ~71-acre contiguous assemblage clears the threshold. Only a small fraction of parcels in the township qualify, and most that do are held by the State, long-time family homesteads, land banks, or conservation organizations. Qualifying acreage rarely trades 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 all-inclusive |
| 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 | Plunge + tub + sauna / dome | $800–$1,000 |
$850 base average daily rate: a comp-validated ~$800 floor plus a premium for three fully-private, individually-decked domes. The $800 floor converges from four independent methods — closest-comp adjusted (Kosmos all-inclusive-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; revenue-per-available-room cross-check vs Onera ≈ $831. Privatizing the amenity stack (no shared core, a private plunge + tub + sauna per dome) supports the $850 anchor, below the in-market ceiling (Inness ~$900, Wildflower $1,000+). Year 1 entry at $700 is held deliberately below the 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.
Every amenity, layout, and price point is chosen from what we have already measured drives nightly rate and review score across Haus's live Hudson Valley portfolio. We are not guessing what sells.
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: $2.10M total project, $629K equity ($503K limited-partner / $126K sponsor), $1.47M long-term loan at 8.0% fixed / 25-year amortization. Operating differences flow through to net operating income, debt-service coverage, and limited-partner economics under an 80/20 split with 8% pari-passu preferred return, sponsor catch-up to 20% of cumulative promote, then 60/40 residual to limited partners / sponsor. After-tax limited-partner figures assume passive treatment: depreciation deductions are deferred and applied against deal distributions later, plus any unused balance at exit. Probability-weighted (45% Base, 25% Conservative, 15% Bull, 10% Stress, 5% Deep Stress): expected limited-partner internal rate of return ~27% pre-tax.
Standard hospitality construction-to-permanent structure executed in two sequenced steps. Land is acquired up front; construction is funded by a short-term private construction note; at stabilization a long-term loan replaces the construction note with no personal guarantees. Limited partner capital is returned through quarterly cash distributions — approximately 80% recovered by Year 5, fully recovered by Year 6, with everything after that being upside. All sponsor compensation is broken out explicitly: no closing-cost catch-alls, no hidden carry.
| Limited-partner equity | $503K |
| Sponsor co-invest (20% of total equity) | $126K |
| Long-term loan · 70% loan-to-value · 8.0% fixed · 25-yr amortization · no personal guarantees | $1.47M |
| Total Sources | $2.10M |
| Acquisition fee | $0 |
| Development fee | $0 |
| Refinance fee | $0 |
| Sponsor / asset-management fee · 2% of revenue | ~$17K/yr |
| Property-management pass-through · 6% of revenue (funds the 24/7 remote guest team; not sponsor income) | ~$52K/yr |
| Disposition fee · 1% of gross exit value | ~$56K at Year 10 (Base case exit) |
| Land acquisition | $300K |
| 3× FDomes F75 suites (all-in) | $399K |
| Three private cedar decks + IR overhead + DarkSky lighting + privacy walls | $520K |
| Per-dome plunge pools + hot tubs + saunas (×3) | $210K |
| Site work, utilities, septic, electric, well, generator | $135K |
| Outdoor amenities, telescopes, furniture, fees, tech, safety | $151K |
| Contingency (10% of hard costs) | $142K |
| Construction-period interest reserve (12 months interest-only at ~10%, average draw) | $99K |
| Pre-opening branded launch (brand IP, photography, marketing) | $100K |
| Permits, A&E, legal | $25K |
| Closing costs + loan origination | $27K |
| Subtotal · Improvements (project ex-land) | $1.80M |
| Total Uses | $2.10M |
| Equity split | 80% limited partners · 20% sponsor |
| Preferred return | 8% pari-passu, compounding |
| Catch-up | Sponsor to 20% of cumulative promote |
| Residual split | 60% limited partners · 40% sponsor |
| Distribution cadence | Quarterly when cash flow after debt service is positive |
| Target hold | 10 years (limited-partner majority vote on extension or sale) |
Holding 70% occupancy constant (Base) and varying stabilized ADR × exit cap rate. The base cell is bronze; each 100bps of cap is roughly $400K of equity proceeds, and each $50 of ADR is roughly $32K of NOI.
| Exit Cap ↓ / Stab ADR → | $700 | $750 | $800 | $850 | $900 | $950 |
|---|---|---|---|---|---|---|
| 7.5% | 5.8×24.6% | 6.6×27.2% | 7.5×29.6% | 8.4×31.7% | 9.3×33.7% | 10.1×35.5% |
| 8.5% | 5.2×23.4% | 6.0×26.0% | 6.8×28.4% | 7.6×30.6% | 8.4×32.6% | 9.2×34.5% |
| 9.5% | 4.7×22.3% | 5.4×25.0% | 6.2×27.5% | 6.9×29.7% | 7.7×31.8% | 8.5×33.7% |
| 10.5% | 4.3×21.3% | 5.0×24.1% | 5.7×26.6% | 6.4×28.9% | 7.1×31.0% | 7.9×32.9% |
| 11.5% | 4.0×20.5% | 4.6×23.3% | 5.3×25.9% | 6.0×28.2% | 6.7×30.3% | 7.4×32.3% |
Each cell shows LP equity multiple (top) and LP IRR (bottom) on $503K of LP capital under the Base 70%-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.
| NOI (Y1, after sponsor + PM fees) | $154K |
| Interest expense | ($117K) |
| Bonus depreciation · total | ($1,365K) |
| 5-yr property (FF&E) | ($142K) |
| 7-yr property (HVAC, tubs) | ($180K) |
| 15-yr property (site work) | ($1,038K) |
| 39-yr SL (half-year) | ($7K) |
| Y1 partnership loss | ($1,329K) |
| LP 80% share of Y1 loss | ($1,064K) |
The limited partner's allocable Year-1 paper loss is held in reserve and applied against future deal income, so most cash distributions through Year 5 arrive tax-deferred. Any unused balance releases at exit, reducing the tax bill on the sale.
| LP profile · Base case | AT IRR | AT EM |
|---|---|---|
| Pre-tax LP (reference) | 29.7% | 6.94× |
| Passive LP (post-tax) | 24.4% | 4.34× |
Tax assumptions: 39% ordinary, 30.7% LTCG, 39% §1245 recapture, 31.9% §1250. Y10 exit tax ≈ $1.3M (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 71-acre assemblage. The remaining ~64 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 $450K+ of stabilized NOI annually at the Base case (up to $593K at Bull). 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 funded at close, outside project total · 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 | Deck or site work exceeds budget | 10% contingency baked in (~$190K) · fixed-price contracts for major scopes |
| Interest rate increase | Rates rise during construction; refi cap tightens | 3.32× DSCR cushion at Base stabilization (2.79× Conservative) · 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 = ~1.0pp LP IRR · at 11.5% cap (200bps adverse) Base case still produces 5.4× LP EM / 26.3% LP IRR |
| 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 ~27% 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. The 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.