Major Long Island Developer Entering Hudson Valley Market
Real Estate In-Depth | October 2019
FISHKILL, NY– Farrell Building Co., widely known for developing luxury single-family homes on Long Island and the Palm Beach, FL area, has entered the Hudson Valley with several new projects.
Farrell is developing new luxury rental properties in Newburgh, Middletown and New Windsor, in Orange County, as well as in Fishkill, Beacon, and Wappingers in Dutchess County.
The first project to be competed is Hudson Place at Fishkill, under the “Farrell Communities” umbrella. This development, at 71-75 Jackson Str. will feature townhouse type (two floor units) as well as first floor units, all very spacious two-bedroom apartments. There is also a one-of-a-kind Carriage House, restored from its original form, featuring a brick exterior and high ceilings. Some of the upscale amenities at this project include: Balconies, Quartz counters, some cathedral ceilings, full-size washers and dryers, walk-in closets, frameless shower doors and custom cabinetry.
This project is in close proximity to I-84, but also sits right on the edge of Downtown Fishkill.
According to Emily Benazzi, the property manager for Farrell Communities, units will start to be available by the end of October and there are already several rented.
Stephen Zagoren, chief development officer for Farrell Communities, said he has seen the migration from Manhattan to Westchester, Rockland, and now to Orange and Dutchess counties. “What we see in the Hudson Valley is the opportunity for us as developers to get more value from the investment and from the tenant’s perspective they can secure more value as well,” he said.
According to Zagoren, Farrell Communities brings the quality they are accustomed to building in their single-family homes to the Hudson Valley in these rental units. “Tenants can get top quality living at a competitive price.” Company founder Joe Farrell launched the company more than 25 years ago and has built a reputation for top-quality projects.
The firm recently completed one multi-family project in Long Island, with a 300-unit project under construction there as well. They have two projects almost completed in Newburgh totaling 280 apartments, including a 55-and-older opportunity.
Farrell Communities states that it welcomes participation by Realtors at all of its properties.
Besides the Newburgh communities, plans are currently being developed for other Hudson Valley projects in the other towns mentioned above. Farrell is also moving forward on a 216-unit development on Route 9W in Newburgh (home of the Overlook Farm). This project will offer water views, a Clubhouse, boating, tennis, a community pool and many additional features.