UC Funds recently closed an incredible deal on a large scale redevelopment in the exclusive county of Westchester, New York. We’ve provided a $10.8 million first mortgage loan for the conversion and expansion of an existing building in Dobbs Ferry, an upscale village in the region. The Owner and General Contractor, our good friend Bart Blatt, Founder and President of BRB Construction Services, LLC., is sponsoring the project along with Co-Owner Cinta DelMonaco-Kemp, Founding Partner at AltB Partners.
The current building was constructed in 1896 and acted as a grain storage site, a shoe factory and a hardware store before becoming the headquarters of Oceana Publications in 1965. In 2005 it was bought by a developer planning to renovate the interior for multifamily, before being acquired by Blatt and DelMonaco-Kemp in 2016. It is now set to be converted into 18 luxury condos with street-level retail. The retail space is situated on both Main and Chestnut Streets in Dobbs Ferry. The 1,527-square-foot Main Street space has already been leased by At Land, an up-and-coming coffee and retail shop. Dobbs Ferry will be their first location, and they took occupancy on September 1. We expect the Chestnut Street space to be leased within the next six months.
The 18 Class A units (we like to think of them as AAA) will have amenities appealing to anyone looking for a location near the water, with ten of the units offering views that are to the west and southwest of the Hudson River. Two of the ten will be equipped with balconies, and the remaining eight will have patios. Construction of the units will most likely be completed within 10 months, with a 10 to 11 month sell-out schedule.
Westchester County has recently seen a lack of new condo development, which is what makes Dobbs Ferry a prime market. The family-friendly suburb is known to attract individuals looking for a quiet town offering easy access to downtown Manhattan. Our Dobbs Ferry asset is only five minutes from Dobbs Ferry Station, offering commuters a quick 35-minute trek to Manhattan on the Metro-North Railroad’s Hudson Line. The convenient location, along with the asset’s high-end units and competitive pricing will be extremely appealing to empty-nesters ready for something smaller, and growing families hoping to find two bedroom condos within close proximity to the city.
Having worked with Bart on previous projects, we’re extremely confident in his ability to build in-demand projects such as this. This, combined with Cinta’s sharp attention to detail, will undoubtedly yield the type of high-end asset that perfectly fits this market, and the team at UC Funds looks forward to seeing the outcome of their hard work.