X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

ELLENVILLE, NY-One of the properties that symbolized the glory days of the Catskill resort region is on the market for sale. The ownership of the Nevele Grand Resort & Country Club is looking for interested buyers for the storied resort here and has set the asking price at $26.5 million.

The 433-room resort was built in the early 1900s and sits on 487 acres along Route 209. The Nevele was a popular stop for many entertainers in the 1940s, 1950s and 1960s during the heyday of the Catskill resorts. Since then many of the “Borscht Belt” hotels have been closed or have been sold. The seller Nevele Hotel LLC has hired Eastern Consolidated of New York City as its exclusive sales agent. Eastern Consolidated senior directors Alan Miller and Jeffery Troy, with director Peter Carillo and senior analyst Paul Nigido are spearheading the marketing initiative for the 40-building property that consists of approximately 550,000 sf.

“For well over a century, the Nevele has been a destination resort for several generations of families and conventioneers, wishing to enjoy the splendor of the Catskills and the property’s amenities,” Carillo says. The property’s amenities include: three full-service kitchens–one is Glatt Kosher–dining rooms, meeting rooms, nightclubs, lounges, indoor and outdoor swimming pools, diving pool, kiddie pool, indoor and outdoor tennis courts, racquetball/basketball courts, handball courts, a fitness center, an 18-hole championship golf course designed by Robert Trent Jones and Tom Fazio, two lakes, horseback riding trails, a skating rink, a children’s game room, snow skiing and tubing facilities. In addition to the main hotel/resort buildings that are connected by underground tunnel, the complex also includes winter lodge buildings, a ski/skate chalet, a day camp and staff housing.

Carillo says that while the current ownership instituted some capital upgrades to the complex since it purchased the property nine years ago, some additional upgrades will likely be necessary. He adds that the Nevele turns a net profit of $2.5 million per year despite sporting just a 28% occupancy. “An iconic property that in its heyday represented the height of luxury in the Catskills, acquiring the Nevele is a rare opportunity to upgrade an Ulster County landmark situated among the majestic Shawangunk Mountains, to bring it back to its original pristine grandeur,” he adds.

Ulster County has zoned the property RV-15, for Residential Village and R-40 for Residential/Resort, Eastern Consolidated’s Miller notes. However, it is not known how many residential units could be developed on the property since a new buyer would have to seek municipal approvals for any new residential development on the parcel. The property includes contiguous land parcels with the exception of a 109-acre site located across Route 209 that the ownership had planned to develop as either a 100-acre nine-hole golf course or as time-share residential development.

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
  • 3 free articles* across the ALM subscription network every 30 days
  • 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 © 2020 ALM Media Properties, LLC. All Rights Reserved.