234 Unit Multi Family Development - LoopNet · includes three hamlets, Carmel, Mahopac and Mahopac Falls. In addition to being part of the Hudson Valley Region, the Town of Carmel

Kevin McGrath • Principle Broker • McGrath Realty Inc. • 1906 Route 52 • Hopewell Junction, New York 12533 • (845) 896-5444Email: [email protected] Website: Mcgrathrealtyinc.com

234 Unit Multi Family Development345 Nichols Street| Lake Carmel, Town of Kent| Dutchess County, New York

For Sale: Reduced! From $6,00,000 to $4,200,000Tax Abatement| Site Approved| Financial Incentives | 113 acresContact: Kevin McGrath 914-391-2880, [email protected]

Property DescriptionKent Manor Development represents an unsurpassed investment opportunity for the purchaser/developer of multi-family units, the development can be marketed as rental units, or fee ownership condominiums. It consists of 234 homes, or 468 bedrooms of one, two and three bedroom units. The site is located on a beautiful parcel with extraordinary vistas in the Town of Kent, New York. Kent Manor will be served by a fully constructed sewer plant. Kent Manor has no affordable unit requirement, nor is it age restricted as is virtually every other project in the surrounding area. . The court order approval provides for a six year tax abatement, prepaid recreation and building inspection fees.The approval provides for a tax abatement, for a period of six years from the date of issuance of a certificate of occupancy, each homeowner will pay real estate taxes of approximately $100 per unit per year. All recreation and building inspections fees are prepaid. The road infrastructure shall be constructed to 1990 standard, eliminating the need for belgium block.

113 AC


Site Plan:The Project was redesigned from the original to decrease the number of dwelling units (to 234 units) and to decrease impervious surface area. Each dwelling unit was redesigned so as to increase the size and to provide for a garage underneath each unit. The redesigned units were described as being between 1,800 to 2,600 sq.ft. There is a limitation on the Project to 468 bedrooms. No building plans have been prepared or submitted with the result that the purchaser/developer has the opportunity to design the layout of the units consistent, of course, with the lot dimensions referenced in the site plan. Partial construction has been started and the buyer will be able to benefit from the beginning construction of the WWTP and may benefit from the start of home construction. The site plan can be further modified for 3 story rental units.

The Project has already received the following approvals following full current SEQRA review:•Approvals by NYSDEC for:

Water Supply PermitArticle 24 Freshwater Wetlands PermitWater CertificationSPDES PermitSewer Plant Fully completed and operating.

•Approvals from ACOE for Wetlands Disturbance•Subdivision Approval by the Town of Kent




Tax AbatementKent Manor won a very favorable law Suit after many years of litigation resulting in incredible real estate tax abatements. For a period of six years from the date of issuance of a certificate of occupancy, each homeowner (or the owner of a rental project) will pay a total real estate tax of approximately $100 per unit per year!No other competing home seller can hope to match this marketing advantage, affording the purchaser/developer a sales-inducing edge. Additionally, the purchaser/developer will, during the entire build out of the Project, will receive a tax treatment (total taxes of approximately $30,000 per year, irrespective of the construction of improvements). This special tax treatment will result in savings of an estimated $1,500,000 to be considered along with the increased value of the units due to the tax abatement per unit.

Development FeesThe development fees by order of the court are to be computed at 1990 rates and guaranteed (by Court order) timely cooperation of the host municipality. Including: subdivision, inspection, and building permit fees have all been prepaid at the 1990’s rate. The cost savings to a developer/purchaser shall save millions of dollars in fees estimated at $2,000,000. The remaining approval that would be needed is the building permit that is order by the court to be considered as “time is of the essence” and fees are to computed at the 1990’s rate. Combined with savings of more than 90% in connection with the cost of construction of the sewer plant, these incredible cost savings make this opportunity unsurpassed in terms of profit potential and cash flow generation

Highlights:• Fees calculated at 1990’s rates• Fully approved• Six year tax abatement• Recreation and building fees prepaid• Operational sewer treatment facility• No affordability requirements




Demographics 1 Mile 3 Mile 10 Mile

Median Age 43.20 42.50 43.80

Population 2014 3,315 18,061 143,123

Pop. Projection 2019 3,319 18,063 143,890

Median Household Income 2014

$81,698 $91,332 $98,251

Location:Established in 1795, the Town encompasses a wealth of history. The Town of Carmel also includes several registered historical sites such as the Gilead Cemetery, the Old Red Mills Historic Park, the Putnam County Courthouse and the Reed Memorial Library, nestled near the picturesque Lake Gleneida.There are 38,000 residents that reside in the Town of Carmel. The Town also includes three hamlets, Carmel, Mahopac and Mahopac Falls. In addition to being part of the Hudson Valley Region, the Town of Carmel holds many beautiful parks and lakes, including Sycamore Park, and Chamber Park. The parcel is located directly near route 52 that serves as a major local transport for the area. Route 6 is a 5 minute drive and provides for many shopping opportunities and daily conveniences. Located near to the site are many local restaurants and shops. The local high school is just 6 minutes from the site. The Brewster commuter rail is only 6 miles away and the Southeast commuter rail is 7.5 miles away providing the site with generous commuter options.



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Retail:The area is serviced locally by many restaurants as well as ones not depicted on the map. There are many local restaurants, shops, delis, as well as many national retailers that make this location very practical for everyday needs and entertainment. The local highschool




Regional Map

Stewart International

Airport

Westchester- 40 minNYC – 90 min

Albany – 104 minPoughkeepsie- 40 min

Danbury – 40 min

SITE



Documents

234 Unit Multi Family Development - LoopNet · includes three hamlets, Carmel, Mahopac and Mahopac Falls. In addition to being part of the Hudson Valley Region, the Town of Carmel