Overview

Description

RM Friedland is pleased to present an incomparable development opportunity that has not been marketed in its over 200-year history. Our firm has been exclusively engaged by the Graham Windham School to arrange for the sale of 1 South Broadway, Hastings on Hudson, New York. The subject property is a 23.97-acre site of ultra-prime land on the banks of the Hudson River. Nestled in a Rivertown Community consistently ranked one of the best places to live, this site has it all. The site is located on the west side of South Broadway, between Dudley Street to the south and Tompkins Avenue to the north.

Located less than 20 miles from Manhattan, the site has direct access to everything from fine dining to hotels to numerous sources of mass transportation, while remaining a sophisticated, private community offering picturesque Hudson River views.

THE OPPORTUNITY
1 South Broadway is the setting of a boarding and day school operated for over 200 years by Graham Windham. The school made a strategic decision in 2020 to operate as a day school only and will retain approximately four acres of the existing 23.97 acre parcel for this purpose. This area is self contained from the development opportunity. The remaining 19.97 acre parcel includes the original school building, built in 1906, and (17) out buildings formerly used as dormitories. The existing buildings have no historical or architectural designations that would not allow a new development. In addition, the land is not encumbered by any deed restrictions. Current zoning is R-20.

The subject property is being offered for sale as a Development Site with unlimited possibilities. Situated on the westside of bucolic Westchester County, with scenic views of the Hudson River.

Opportunities to acquire such large infill sites are extremely rare in Westchester County. Due to the exceptionally strategic location of the property, on a bluff overlooking both The Hudson River and the majestic Palisades, demand for high-end rental product will be strong and is currently unmet at this time as young families continue to move from New York City and settle in the Rivertowns of Westchester County. Additionally, empty nesters in the surrounding communities are seeking to downsize and stay within the area. With high barriers to entry, it is difficult to amass enough land to develop a significant residential project within an existing community that is so desirable.

SUPERIOR LOCATION
This site is truly in the center of it all. Located in Hastings on Hudson, a community consistently recognized as one of the best places to live. The Village is only twenty miles from Manhattan. Downtown Hastings has a village quaintness with award winning restaurants and boutique shops. One South Broadway has immediate access to two different Metro North train stations and roadways, but is also adjacent to the Old Croton Aqueduct Trail and 40 Acre Lenoir Preserve. It is less than a mile from the newly renovated Boyce Thompson Center with numerous fine dining options. It is also less than a mile from two hotels, a hospital and a large corporate office park.

MARKET STRENGTH
Existing large size parcels in affluent areas such as Westchester County, home to 363,284 families and 969,907 residents, continue to experience high levels of demand and create opportunities for established developers to reinvent the site and develop it. Hastings on Hudson boasts one of the highest median household prices in the County.

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