Tri-state developers try to offload development sites to land trusts

New York /
Feb.February 13, 2012 11:00 AM

Developers who once had plans for golf courses, shopping malls and other large developments in rural regions of the tri-state area, but fell victim to the recession, are offering the vacant development sites to non-profit land trusts at discounts of up to 90 percent, the Wall Street Journal reported.

Trusts such as the Scenic Hudson Land Trust and the Open Space Institute said they’ve been receiving a multitude of calls from the developers recently, offering to sell them land in upstate New York, Connecticut and New Jersey.

“We used to call people, and now people are calling us. We’re being offered more and more properties,” said Kim Elliman, CEO of the Open Space Institute.

Scenic Hudson Land Trust recently bought one of the properties offered to them – a 185-acre parcel across from the Franklin D. Roosevelt National Historic Site in Dutchess County – for just $2 million (note: correction appended). That’s an $8 million discount from the pricetag developer Jacob Frydman, CEO of United Realty Partners, put on the land during the real estate boom. [WSJ]


Related Articles

arrow_forward_ios
(Image by Wolfgang & Hite via Dezeen)
Hudson Yards megadevelopment inspires a new line of sex toys
Hudson Yards megadevelopment inspires a new line of sex toys
Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)
Ruby Schron lands $500M refi for sprawling Queens apartment portfolio
Ruby Schron lands $500M refi for sprawling Queens apartment portfolio
Wendy Silverstein (Credit: Getty Images)
Wendy Silverstein, co-head of WeWork’s real-estate fund, is out
Wendy Silverstein, co-head of WeWork’s real-estate fund, is out
The Savoy Hotel in London, UK in 1980 (Getty)
UK hospitality employers could cut half a million jobs
UK hospitality employers could cut half a million jobs
Rapper Iggy Azalea with her new Hidden Hills property (Getty, Sotheby's International Realty)
Iggy Azalea feuds with her new neighbor in Hidden Hills
Iggy Azalea feuds with her new neighbor in Hidden Hills
75 & 81 East Lake Dr. Unit 3 (Mary Lappin Marmorowski/Elliman)
A home on Lake Montauk for just $500K? Here’s why
A home on Lake Montauk for just $500K? Here’s why
Nick Mastroianni II sold the property back to the sellers at a small profit (Google Maps, Nicholas Mastroianni)
Seller’s remorse: Nick Mastroianni returns Jupiter mansion
Seller’s remorse: Nick Mastroianni returns Jupiter mansion
A rendering of the project at 1 Park Row in the Financial District.
L.A.-based lender puts FiDi project into construction with $120M loan
L.A.-based lender puts FiDi project into construction with $120M loan
arrow_forward_ios

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

Loading...