Cushman & Wakefield has announced March 13 as the bid deadline for a 13.28-acre multifamily development opportunity in Cold Spring Hills. Set between the prestigious Cold Spring Country Club and famed Oheka Castle, the picturesque site on East Gate Drive has drawn strong interest since coming online in January.
Currently owned by Cold Spring Country Club, the acreage is zoned Residential-Open Space Cluster District. “This property enables the creation of a distinctive community flanked by one of the area’s most well-known private country clubs and one of the world’s most prestigious wedding and event venues,” noted Cushman & Wakefield’s Andrew Merin, who is marketing the offering with team members Brian Whitmer and Ryan Dowd, based in East Rutherford, N.J., along with Tom Donovan from the commercial real estate services firm’s Queens office.
“As anticipated, interest from the development community has been strong and steady,” Merin added. “This truly is a one-of-a-kind opportunity for a high-end condominium developer to create a distinctive community on Long Island’s Gold Coast, where strong regional demand for luxury, for-sale multifamily product is being spurred by an affluent, aging population. These residents are seeking opportunities to relocate from single-family residences to well-amenitized, maintenance-free condo homes.”
While this offering is only a land/development play, it represents the fourth golf club assignment for this Cushman & Wakefield team. They also orchestrated the successful trades of The Woodmere Club in Woodmere, N.Y., Edgewood Country Club in River Vale, N.J., and Shackamaxon in Scotch Plains, N.J. This team specializes exclusively in investment sales of office, industrial, multifamily, land and retail properties throughout New Jersey, New York, and Fairfield County, Conn. The team has completed $27 billion worth of transactions since 2000, closing over $2.2 billion in sales in 2017.
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm with 45,000 employees in more than 70 countries helping occupiers and investors optimize the value of their real estate. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $6 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory.