X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

DOBBS FERRY-An official with the luxury townhome development Landing at Dobbs Ferry says that some of the strong buyer interest in the community can be traced to the fallout caused by the terrorist attacks on the World Trade Center on Sept. 11.

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:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.