Landauer to sell mixed-use site in Upstate New York

Real Estate Weekly, June 23, 1999

Landauer Associates, Inc., a leading international real estate counseling firm, has been retained by a New York City developer as exclusive representative to offer for sale several upstate development sites.

The sites, offered as a package or separately, are located in Bridgeview, a mixed-use subdivision at the foot of the Mid-Hudson Bridge in the Village of Highland, Town of Lloyd in Ulster County, NY.

The undeveloped portion of the Planned Unit Development (PUD) offered for sale is composed of five parcels totaling approximately 38 acres. One parcel has been approved for 40 townhouse units and another for 48 condominium units. No subdivision plans have been filed for the largest parcel of 21 acres. The 21-acre site, with preliminary approvals for approximately 202 townhouse units requiring site plan approval, is priced at $800,000, or approximately $3,960 per unit. The other two parcels are commercial sites on Route 9W and Wingate Way, zoned for limited business. The parcels vary in price, ranging from $100,000 per acre for two three-acre commercial sites, to $7,500 per unit for a 48-unit condominium site, to $10,000 per unit for a 40-unit townhouse site.

Bridgeview, a PUD conceived in the mid-1980's, was partially developed in the early to mid-1990's. The development was planned to consist of 520 two-bedroom townhouse and condominium units, a retail shopping center and other commercial projects, such as office, motel and other professional buildings. To date, 166 residential townhouse units, 32 residential condominium units, a 140,000 square-foot shopping center (Grand Union, Radio Shack, McDonald's and others) known as Bridgeview Plaza, a 120-unit skilled nursing facility known as Wingate at Ulster, and a Mobil gas station have been constructed.

More details are available from Jeffrey C. Norman, director of the Investment Services Group, at Landauer. Norman's primary focus is real estate counseling services in connection with property transactions, including equity and debt placement, with an emphasis on institutional quality real estate assets of all types nationwide.

Landauer's Investment Services Group provides institutional acquisitions and dispositions, corporate financial consulting, project financing and equity sourcing, and sale/leasebacks throughout the United States. The offices of Landauer's Investment Services Group are located at 666 Fifth Avenue, New York, NY 10103.