Margaret Schneider, of Summit Residential LLC, the developer of The Landing at Dobbs Ferry luxury townhome project, says that part of the current crop of prospective buyers can be traced to the World Trade Center tragedy. Summit Residential is an affiliate of Cappelli Enterprises of Valhalla.
"There is no question that the interest in purchasing at The Landing from New York City residents, particularly those living in Manhattan, has increased since the tragedy," she notes. "For many people, especially those living in the area below the World Trade Center site, there are practical as well as emotional reasons for considering a move to the suburbs. We're finding that the proximity of our site in Dobbs Ferry to Manhattan is an enormous attraction. And interestingly, the fact that we are situated directly on the Hudson is a draw for people who are accustomed to water views."
While Schneider says the firm has no definitive sales statistics to indicate how many buyers were drawn to the site due to concerns about living in Manhattan, the development has attracted a significant number of New York City residents, even prior to Sept. 11.
The Landing at Dobbs Ferry will include 103 luxury townhomes priced from $990,000. Construction has begun on the final phase of the development. To date, of the first 77 units that have been sold, 31 were purchased by New York City residents. Construction on the final phase is expected to be completed by mid-2002.
"As our sales statistics clearly show, we've drawn tremendous interest from city residents from the day we opened," Schneider says. "When 40% of our buyers come from a single venue--the city--that's significant. And that was pre-September 11."
She adds that in addition to quality of life and proximity to Manhattan, another factor that has prompted some to move from New York City is the benefits of home ownership.
"Many of our buyers have been renters in the city," Schneider notes. "It's a fact of life that owning a home offers many tax advantages to the buyer, while renting essentially offers none. So, from an economic point of view, purchasing a home at The Landing not only puts a roof over your heat, but it's a terrific investment."
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
