Douglaston Companies Announces Launch of Nationwide Development Venture
Real Estate In-Depth | November 23, 2020
NEW YORK—Jeffrey E. Levine, the founder and chairman of New York City-based The Douglaston Companies, announced on Nov. 23 the launch of DD Nationwide, which will be under The Douglaston Companies umbrella.
DD Nationwide was established to pursue real estate development opportunities outside of the New York metropolitan area to further broaden Douglaston’s robust scope and pipeline of development. Michael Kaye has been named as president of DD Nationwide, after serving as CEO of Douglaston Development for 15 years.
The creation of DD Nationwide will allow Douglaston Development, the development arm of The Douglaston Companies, to expand its U.S. footprint beyond the New York metropolitan area and Arizona, where development is currently underway.
DD Nationwide has one project already in development in Seattle and is actively pursuing additional opportunities, while Douglaston Development will remain primarily focused on the New York metro area.
“For many years, Douglaston Development has maintained a focus on building market-rate and affordable housing projects in and around New York City along with a substantial senior housing portfolio in Arizona,” said Levine. “As our organization grows, we have decided to devote more attention to expanding our national portfolio and pursuing those opportunities throughout the United States.”
“We are seeing more and more interesting deals in growth areas throughout the country, most notably in the Puget Sound area, Philadelphia and the Southwest,” said Kaye. “We believe there are ample development opportunities arising from current market dislocation, which has led to the decision to devote more resources to exploring them.”
DD Nationwide’s portfolio includes a 47-story residential tower currently in the predevelopment phase in the Belltown neighborhood of Seattle, as well as development projects in Arizona and the greater Southwest, including Vista Winds in Peoria, AZ. Upon completion, Vista Winds will feature 216 units of senior housing along with a 200-unit multifamily community.
Among Douglas Development’s numerous projects in the New York City metro area are: Crossroads Plaza in the Mott Haven section of the Bronx. Completed in June 2019, Crossroads Plaza is a 425-unit phased mixed income, mixed-use development that consists of three affordable housing buildings as well as a 20,000-square-foot pedestrian plaza, three retail spaces totaling 60,000 square feet, and a children’s playground. The commercial spaces include community benefit tenants, consisting of a Universal Pre-Kindergarten program and The Foundling, which provides family and children social services. The project was completed in collaboration with the New York City Department of Housing Preservation and Development (HPD) and the New York City Housing Development Corporation (HDC).
The firm has also developed projects on White Plains Road and the Grand Concourse in the Bronx, as well as a host of projects in Manhattan and the Bronx.
Douglaston Development specializes in a wide range of projects from mixed-use developments, high-rise mixed-income rentals and market-rate condominiums, hospitality, senior communities and commercial spaces. Working in close collaboration with its affiliated construction and management companies, Levine Builders and Clinton Management, Douglaston Development has expertise in successful acquisition, ground-up and rehabilitation construction and management of properties post-development. Over the past 40 years, the company has expanded its portfolio to include properties located in New York, Arizona, and Washington.