NEW YORK CITY—Related Cos. has announced plans to create a mixed-use complex in Tuxedo, NY, reportedly 35 miles away—or a one-hour train ride—from Midtown Manhattan.
Tuxedo Farms will offer 1,195 residential opportunities—ranging from cottages and townhouses to manor and estate homes—priced from $450,000 to over $1.5 million. One, two and three bedroom rental apartments are also planned.
Approximately 800 of the site's 1,250 acres will be open space and additional retail amenities including a grocery store, parks, playgrounds and a new, $12 million, 37,000 square foot YMCA also will be developed as part of the complex. The YMCA will break ground in the second quarter of 2016.
“Tuxedo Farms has all the ingredients of a great community: proximity to work, state-of-the-art amenities, nature at your doorstep, and its located in a town that is poised for revitalization at the trailhead of the Hudson Valley,” says Stephen Ross, chairman and founder of Related Cos. “We are thrilled to share this exciting and rare opportunity with home builders, from whom we have already received tremendous interest.”
Best known in New York City for Hudson Yards, an urban development, Related's move to create a project in the suburbs is in keeping with the firm's modus operandi, a spokeswoman tells GlobeSt.com.
“This is not a shift in strategy as our focus remains urban areas,” she says. “But we saw Tuxedo Farms as a unique opportunity with great demographics where we could leverage all of our skill sets.”
“At Tuxedo Farms, we are delivering on our vision for a new type of master-planned community that provides a much needed alternative to the typical neighborhood subdivisions in the New York area, specifically meeting the demands of today's families,” notes Andrew Dance, SVP at Related and project lead for Tuxedo Farms. “Related also is bringing new amenities, retail options and important infrastructure to the area, where we are partnering with the town and with local businesses to further enhance what is already an exceptional community.”
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
