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
Joe Sitt and Charles Scribner’s Sons Building in Midtown (Thor, Google Maps)

Thor’s $150M loan on 597 Fifth heads to special servicing

Thor’s $150M loan on 597 Fifth heads to special servicing
258 8th Avenue (Google, Target)

Target planning yet another NYC store in Chelsea

Target planning yet another NYC store in Chelsea
Steve Witkoff and 4766 North Bay Road (Getty, Douglas Elliman)

Steve Witkoff buys waterfront Miami Beach lot for $8M

Steve Witkoff buys waterfront Miami Beach lot for $8M
Churchill Real Estate's Justin Ehrlich and 381 Broadway (Google Maps)

Two-year Tribeca foreclosure saga continues with lawsuit over $20M

Two-year Tribeca foreclosure saga continues with lawsuit over $20M
Compass CEO Robert Reffkin (Getty; iStock)

Compass eyes IPO in 2021

Compass eyes IPO 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...