173-Acre Development Site in Haverstraw, N.Y., Drawing Diverse Investor & User Interest

HAVERSTRAW, N.Y., July 21, 2017 – Cushman & Wakefield’s Metropolitan Area Capital Markets Group has set a July 28 offer deadline for a 173-acre development parcel in the Town of Haverstraw. The municipality-owned property, known as Letchworth Village, came to market this spring and has seen brisk interest from investors considering a range of future uses, according to Brian Whitmer, who is heading the assignment.

“Haverstraw officials are enthusiastic about the potential of Letchworth Village and open to working with developers to explore a variety of future uses,” noted Whitmer, who is marketing the site with team members Andrew Merin, David Bernhaut, Gary Gabriel, Les Smith and Ryan Dowd. “For example, the property would be a great fit for active adult housing, with multiple advocacy groups supporting that direction. We have also seen interest in developing it for corporate use, housing, mixed-use and assisted living/continuing care.”

In 2006 a site plan was approved to construct a 500-unit, age-restricted community with single family residences, townhouses and condominium flats, along with recreation facilities and nearly 25,000 square feet of neighborhood retail on the site. “Although these approvals are still in place, the town understands the current needs of the development community and will work with developers to maximize the site’s potential,” Whitmer noted.

Letchworth Village is located at 100 Secor Road in the heart of Rockland County. Offering a bucolic setting just off Exit 14 of the Palisades Interstate Parkway and 12 minutes from the Tappan Zee Bridge, the property represents a rare and distinctive opportunity to acquire a contiguous critical mass of land for development in the Greater New York Metropolitan area.

FEIS and SEQRA have previously been completed for Letchworth Village, potentially saving the developer millions of dollars in engineering and review costs.

In addition to its proximity to the Palisades Interstate Parkway, Letchworth Village offers easy access to routes 202 and 9W. It is just 15 minutes from the Haverstraw Commuter Ferry with connections to Metro-North Railroad, and five minutes from express bus service to New York City. The site also sits between two championship golf courses (Philip J. Rotella Municipal Golf Course and Stony Point’s Patriot Hills Golf Course), with local shopping including ShopRite, CVS, New York Sports Club and other major national retailers nearby. Further adding to the site’s appeal is its proximity to the Haverstraw Marina, one of the largest marinas on the East Coast, offering 60 tree-lined acres, 1,000 slips and fine waterfront dining.

Based in East Rutherford, N.J., the Metropolitan Area Capital Markets Group specializes exclusively in investment sales of office, industrial, multifamily and retail properties throughout New Jersey, New York, Fairfield County, Conn., Pennsylvania, and Delaware. The team has completed $25 billion worth of transactions since 2000, closing on over $3.2 billion in 2016.


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