[ad_1]
For a developer with such an extended historical past on Lengthy Island, it’s not stunning that the identify of the family-owned builder’s latest neighborhood is a nod to the world’s previous.
Commack-based Heatherwood Luxurious Leases not too long ago opened Heritage Spy Ring Golf Membership in South Setauket, a 200-unit luxurious condominium complicated and nine-hole golf course named for the Culper Spy Ring, which operated within the Setauket space, offering intel for Normal George Washington on enemy troop actions through the British occupation of New York Metropolis in 1778.
And whereas its identify could harken again to the Revolutionary Warfare some 244 years in the past, Heatherwood’s newest growth is something however an vintage, providing a snug modern way of life to renters aged 55 and over.
DOUGLAS PARTRICK and CHRISTOPHER CAPECE: Heatherwood’s mind belief is constructing new communities and re-imagining its legacy properties. Picture by Judy Walker
Facilities on the new $70 million South Setauket rental neighborhood characteristic a 6,500-square-foot clubhouse with a totally geared up health middle, clubroom, convention room, occasion house and recreation room. There’s additionally an outside pool and splash pad, hearth pits, tennis and pickleball courtroom, bocce courtroom, playground, 2-acre nice garden and strolling trails.
Because the identify implies, one of many primary points of interest of the 70-acre Heritage Spy Ring Golf Membership is a brand new nine-hole rolling format designed by famous golf course architect Tyler Rae. Actually, the whole growth was constructed on the previous 18-hole Heatherwood Golf Membership, initially constructed within the early Sixties by Heatherwood founders Donald Partrick and Stanley Neisloss.
Established in 1950 by Partrick and Neisloss, Heatherwood began out by constructing a number of single-family-home subdivisions on Lengthy Island earlier than the corporate turned its consideration to multifamily rental developments. The agency’s very first condominium neighborhood was the 272-unit Heatherwood Home at Port Jefferson, which opened in 1962 and continues to be owned by the developer.
IN THE BEGINNING: Firm co-founder Donald Partrick (middle) with different execs and native officers on the unique Heatherwood Golf Membership website. Courtesy of Heatherwood
At present, Heatherwood’s portfolio has grown to about 7,000 residences in Queens, Brooklyn and all through Nassau and Suffolk counties.
“All the pieces we personal, we’ve constructed,” says CEO Douglas Partrick, Donald Partrick’s son, who first got here into the enterprise in 2002 quickly after Neisloss died. “To today, Heatherwood hasn’t bought any of its developments.”
Within the final couple of years, Heatherwood has made some key additions to its govt group. Christopher Capece, previously with AvalonBay Communities, got here on board as president in Jan. 2020 and this spring, Heatherwood added Sean Sallie, former deputy commissioner for planning on the Nassau County Division of Public Works, who’s now the corporate’s director of Planning and Growth.
“Though we typically contemplate acquisitions, our progress has traditionally been by way of new growth. That’s a part of Heatherwood’s DNA,” Capece stated. “One of many strategic benefits of Heatherwood is that we’re a totally built-in growth agency, together with design, growth, development, operations and golf and leisure amenities.”
That technique has been paying off, as the corporate can declare some main latest achievements. In 2018, Heatherwood opened Tower 28, a 450-unit condominium constructing in Lengthy Island Metropolis. The 58-story complicated, which value nicely over $200 million, was on the time the tallest residential constructing in New York Metropolis exterior of Manhattan.
One other ongoing Heatherwood mission will convey 125 residences and 14 hooked up ranch-style properties to a 26.9-acre website simply south of the company-owned-and-operated Pine Hills Golf Membership in Manorville. Dubbed Solar River City Properties, the $31.16 million mission will complement the corporate’s current Villas at Pine Hills neighborhood the place residents will share facilities that embody a clubhouse, health middle and pool.
Heatherwood can be planning on redeveloping the 9-acre website in West Hempstead previously occupied by Nationwide Wholesale Liquidators. That mission will rework the property, positioned throughout from the West Hempstead Lengthy Island Rail Street station, right into a 428-unit, transit-oriented rental complicated. At the moment within the allowing course of, the corporate hopes to start out development earlier than the top of subsequent yr.
And although Heatherwood is all the time on the lookout for alternatives to increase its portfolio, it hasn’t forgotten about its current communities. The corporate has not too long ago launched into a multi-million-dollar program to renovate and refresh its legacy rental complexes, including facilities like turf soccer fields, new playground tools, basketball and pickleball courts, even seaside volleyball amenities.
“We did a full market evaluation of our complete portfolio, contemplating demographics and competitors, and we recognized our communities the place we need to start our re-investment again into the properties,” Capece stated.
The renovation work is sort of accomplished on the 348-unit Norwich Gate residences in Oyster Bay, the place the corporate constructed a brand-new clubhouse, courtyard space and added facilities. Subsequent up is in depth renovations at Heatherwood Home at Port Jefferson, the agency’s first-ever rental growth. The mission additionally consists of redeveloping the neighborhood’s clubhouse and including new facilities.
“Though we’re always investing in all of our communities, we’ve simply taken a extra pointed method to giving them an enhanced way of life,” Partrick stated. “It’s not simply re-investment. It’s a re-imagining and creating a life-style.”
The convention and assembly space inside the brand new neighborhood’s clubhouse. Picture by Judy Walker
Heatherwood presents a variety of month-to-month rents at its rental properties, beginning at round $1,500 at a few of its Lengthy Island communities to greater than $10,000 at a few of its New York Metropolis buildings.
Month-to-month rents on the Heritage Spy Ring Golf Membership vary from round $3,600 for a one-bedroom, one-bath condominium to greater than $6,600 for a three-bedroom, two-bath residence. Thirty of the brand new residences are designated as workforce housing and priced with decreased rents, with half of these restricted to folks incomes as much as 80 p.c of the world median earnings and half for folks incomes as much as 120 p.c of the AMI. The South Setauket growth is about 20 p.c leased and move-ins started a few months in the past.
Mitch Pally, CEO of the Lengthy Island Builders Institute, stated Heatherwood is a significant participant within the growth of rental housing in Lengthy Island, which is sorely wanted.
“There’s little question that Heatherwood has been re-invigorated during the last couple of years, as you possibly can see with each new tasks like up in South Setauket and hopefully quickly in West Hempstead, and refurbishing of their current product line all all through the Island,” Pally stated. “They’re very neighborhood oriented. They’ve executed so much by way of our charitable arm and with LIBI itself through the years. Doug is a former president of LIBI and Chris has been concerned with our govt committee for a few years, in order that they take an excellent position within the want for and the significance of rental housing on Lengthy Island of all sorts to make it simpler to satisfy the good demand that there’s for rental housing.”
The 6,500-square-foot clubhouse at Heritage Spy Ring encompasses a totally geared up health middle, recreation room and different facilities. Picture by Judy Walker
Lawyer Howard Stein, who heads the Actual Property Observe Group at East Meadow-based Certilman Balin Adler & Hyman and has labored on many Heatherwood tasks, echoed that sentiment.
“Representing Heatherwood as a shopper has been and continues to be a rewarding alternative,” Stein stated. “Their tasks are revolutionary and fulfill the wants of an evolving market. Their group is extraordinarily skilled and proficient, and their status is impeccable as a result of they all the time fulfill their guarantees.”
In the meantime, as the corporate continues to develop on Lengthy Island, the troublesome growth atmosphere right here poses a problem and Heatherwood could finally look to increase in different areas.
“Our desire is to spend money on our house market,” Partrick stated. “We attempt to proceed to maintain our funding {dollars} on Lengthy Island even within the face of usually difficult entitlement hurdles, however we’re additionally conscious that there’s capital flight out of the area for a motive.”
[ad_2]
Source link
