Kingstone Announces Sale of Headquarters with $1.9 Million Gain

Kingstone Companies, Inc. has signed an agreement to sell its headquarters building and an adjacent mixed-use property to Ulster County, NY. This sale is projected to generate a pre-tax gain of $1.9 million, translating to $1.5 million after taxes. The transaction is expected to close in the first quarter of 2025, subsequently reducing Kingstone's annual operating costs by approximately $300,000.

Meryl Golden, CEO of Kingstone, noted the decision was driven by their shift to a remote work model. The sale aligns with Kingstone's operational strategy, allowing them to lease smaller spaces more suitable for their current needs while maintaining a presence in Kingston, NY.