After 30 years and three owners, Riverdale estate may finally get developed

New York /
Nov.November 09, 2011 04:31 PM

alternate
text
A home on the Delafield Estates
Now on its fourth development attempt, the Delafield Estates in Riverdale could finally become what developers first envisioned for the 10.4-acre Bronx site back in 1980, the Wall Street Journal reported.

The estates were once owned by early Bank of America President Edward Delafield, who resided in a mansion on the property before donating it to Columbia University in 1965 in hopes it would become a botanical gardens. But facing budget shortfalls a decade later, the university put it on the market and a buyer got approval for a gated community of 33 compact houses clustered together on about three of the acres, with the remaining seven left for shared woodland. It was conceived of by James Polshek, the former dean of Columbia University’s School of Architecture.

But both the original developer and the next buyer ran into financial difficulties, and by the time Abraham Zion picked up the property from foreclosure in 1991 it had just nine completed, occupied homes. In his 20 years of ownership, Zion did not complete any additional houses.

Now it heads to foreclosure auction, under the marketing direction of Brown Harris Stevens broker Tobias Schapiro, and buyers have the opportunity to buy homes or lots for construction at significant discounts to typical Riverdale prices. [WSJ]


Related Articles

arrow_forward_ios
Rachel Glazer (Credit: BHS)
BHS’ top Downtown agent jumps to Compass
BHS’ top Downtown agent jumps to Compass
BHS’ chief of tech, communications out amid internal shakeup
BHS’ chief of tech, communications out amid internal shakeup
BHS’ chief of tech, communications out amid internal shakeup
Bess Freedman and Robert Reffkin (Credit: Studio Scrivo)
“Unequivocally not selling:” BHS accuses rival of stoking sale rumors
“Unequivocally not selling:” BHS accuses rival of stoking sale rumors
From left: 200 Amsterdam, Extell's Gary Barnett with Central Park Tower and 130 William Street 
These buildings were the best-selling new developments of 2021
These buildings were the best-selling new developments of 2021
Compass' Robert Reffkin, Diane Ramirez, former Warburg CEO Frederick Peters (Getty, iStock)
From IPOs to industry veteran exits: These are 2021’s biggest NYC brokerage stories
From IPOs to industry veteran exits: These are 2021’s biggest NYC brokerage stories
Crazy for condos: Manhattan new-development contracts triple in 2021
Crazy for condos: Manhattan new-development contracts triple in 2021
Crazy for condos: Manhattan new-development contracts triple in 2021
NYC home sales slowdown coming in 2022, Brown Harris Stevens CEO says
NYC home sales slowdown coming in 2022, Brown Harris Stevens CEO says
NYC home sales slowdown coming in 2022, Brown Harris Stevens CEO says
Brooklyn new development sales top $1.5 billion in 2021
Brooklyn new development sales top $1.5 billion in 2021
Brooklyn new development sales top $1.5 billion in 2021
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...