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

TRD 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

(Image by Wolfgang & Hite via Dezeen)

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

Wendy Silverstein (Credit: Getty Images)

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out

From left: Luise Barrack, Jonathan Mechanic, Jay Neveloff, and Robert Ivanhoe (Illustration by Hannah Drossman)

Sizing up NYC’s real estate law firms with the highest attorney headcounts

Martha Stewart

Design it the Martha Way: Martha Stewart to brand real estate developments worldwide

Harry Macklowe and 220 East 59th Street 

Singapore firm is buying Harry Macklowe’s stake in Midtown tower

Natasha Page and Jason Walker

Lawsuit: Douglas Elliman broker called me a “mulatto”

Aby Rosen and Lever House at 390 Park Avenue (Credit: Getty Images and Google Maps)

Aby Rosen says Tod Waterman stabbed him in back on Lever House deal