(To read more on the multifamily market, click here.)

NEW WINDSOR, NY-Home developer Hovnanian Enterprises, Inc. has acquired the fee simple on 50 acres of land at Stewart International Airport for $15 million. The Red Bank, NJ-based firm purchased the property from First Columbia of Latham.

Hovnanian division K. Hovnanian Homes plans to begin construction this fall on the $80-million Grove at New Windsor townhome project at the site.

First Columbia is the designated developer for the Town of New Windsor on a master planned development called New York International Plaza, a 2.5-million-sf project that will include a number of hotels, a conference center and office space. The property is a former military base. The Town of New Windsor received a little more than $5 million or one-third of the total purchase price, First Columbia officials say.

Commenting on the transaction, First Columbia VP Chris Bette says, “We’re very excited to see this project under way. It’s another major step in our redevelopment of New York International Plaza into the premier corporate and residential address in Orange County. We selected K. Hovnanian as a partner because of their outstanding national reputation and their past experience in the Hudson Valley marketplace.”

The Grove at New Windsor will consist of 275 townhome condominiums that will range in size from 1,450 sf to 2,200 sf, with attached garages and up to three bedrooms.

Jim Driscoll, K. Hovnanian Homes’ division president, says, “Homes like those we’ll be building at the Grove at New Windsor will help meet the demand for housing in the area and provide more people with their own piece of the American dream.” The company’s website states that prices of the units will start in the mid $300,000s.

In addition to the Grove at New Windsor, several projects are currently under way at New York International Plaza. Most importantly, company officials note is construction of a new interchange and highway connecting New York International Plaza and Stewart International Airport to I-84 and I-87 (NYS Thruway) is progressing as planned and is expected to be completed in the fall of 2007.

The firm is also completing the planning process for two new class A office buildings as part of its New York International Plaza development. The 60,000-sf office building at 424 Ave. of the Americas will cater to financial service firms, while the 20,000-sf building at 4 London Ave. will have office and retail suites available. The firm is marketing the properties, but did not divulge when it might break ground on those buildings.

First Columbia has already built 555 Hudson Valley Ave., a 50,000-sf building that has 7,000 sf available for lease. The development firm is also in discussions with national hotel operators to develop a number of the New York International Plaza’s pre-approved sites.

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