Simone Development Forms Residential Division

Commenting on its foray into residential development, Joseph Simone, president of Simone Development, says, "While we are well known for our commercial properties, we have also developed a number of significant residential projects ranging from luxury homes to affordable rental apartments. With the formation of our new residential division, we can now handle every aspect of real estate development within our geographic niche, which is the tri-state area." He adds, "We intend to aggressively pursue residential development opportunities throughout the region."

The locally based company's latest residential project is Stone Manors at Purchase which features 14 single-family custom-built estate homes on approximately 34.5 acres of heavily wooded property off Buckout Road in the Purchase section of Harrison. The five-and-six-bedroom estate homes range in size from approximately 5,700 sf to 7,200 sf and are priced from $1.9 million to $2.9 million. Nine of the 14 homes have been sold thus far.

"The response to this project has been phenomenal. There is a tremendous pent-up demand for high-end luxury housing in the Westchester market," Simone says. Simone Development is building Stone Manors at Purchase in a joint venture with DDG Realty LLC of Elmsford.

In addition to Stone Manors at Purchase, Simone Development is currently building high-end luxury homes in Armonk, Chappaqua and Purchase, where the company recently completed a 10,000-sf estate home at Purchase Estates. The company has also built luxury homes in Ardsley and Scarsdale as well as developed affordable housing units in Brooklyn and the Bronx.

Simone Development owns and manages a number of commercial projects from multi-building office parks to retail and industrial space in Westchester County, Queens, the Bronx, Long Island and Connecticut. The company's portfolio of more than 90 real estate properties totals nearly four million sf of commercial space.

In its largest project to date, the company is nearing completion on a 460,000-sf office complex just off the Hutchinson River Parkway in the Pelham Bay section of the Bronx. Called the Hutchinson Metro Center, it is the first Class A building to be built in the Bronx in more than a decade. The building is currently 50% leased.