Edge-on-Hudson: Filling Out Nicely
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By Barrett Seaman—
Stone by stone, building by building, the broad swath of Hudson riverfront land that was once a GM assembly plant is filling out as a 1,177-unit village within the Village of Sleepy Hollow. The 41 Toll Brothers’ Loft Condominiums and 92 Brownstones-at-Edge-on-Hudson have sold out. While there is a certain degree of turnover among the 246 rental units at Northlight and 188 units at Emerson, Edge-on-Hudson managers say both properties “are consistently leasing at full capacity.”
Regular runners and strollers on the RiverWalk have watched over the past year as the imposing Daymark, with its 100 luxury condos, replete with pools, hot tubs, BBQ pits, communal resident lounges and playrooms, has risen up on the river’s edge. The Edge complex will include a 140-room boutique hotel; 135,000 square feet of retail space and 35,000 square feet of office space, in addition to more than 16 acres of new parkland. On one side of the building is the Hudson River; on the other, a brand new DeCicco & Sons state-of-the-art supermarket with a bar and outdoor patio on its second floor.
The Daymark’s first occupancy will be in September, but going into the summer, 75% of the units had already been sold. Prices of Daymark units reflect their riverfront location: The developers are asking $1,510,000 for two-bedroom apartment with a terrace. A three-bedroom unit with a den and an exterior “loggia” is fetching nearly $4 million.
The latest groundbreaking in the complex has begun along the northern edge of the Edge, where 90 four-story townhomes, branded as One Kingsland, will border the 16-acre park that is itself just across the creek from the existing Kingsland Point Park. The more expensive (needless to say) units will have a broader footprint and views of the Hudson. All the units are described as “elevator-ready.”
All owners at One Kingsland will have access to a 2,400 sq. ft. private clubhouse, lap pool and gym. Their townhomes, depending on location, will offer three-to-four-thousand sq. ft. of living space with internal two-car garages. Depending on the model, they are priced from $1.5 million to $2.8 million, with a premium on properties facing the river. Even before the siding has gone up, observed Peter Chavkin, Managing Partner – Development for Sun Homes, 20 units have sold.
In addition to the purchase price, homeowners will have homeowner association fees ranging from $760 to $810-a-month as well as annual property taxes projected to be 1.66% of sales value. That rate is a hybrid of Town of Mt. Pleasant tax rates and Village of Sleepy Hollow rates negotiated in advance. It compares favorably with single family home taxes in neighboring villages, albeit based at a higher price point.
Just who is buying? So far, says Chavkin, it’s a three-legged stool, with empty nesters comprising the largest group—in part because these were the potential buyers taken from a VIP “interest list.” The second group would be young families with children, though at these prices, the families that buy are likely to be above average affluence. The third leg of the stool is comprised of scientists—a reflection of Regeneron Pharmaceuticals’ significant expansion that is projected to create a thousand new jobs at its Sleepy Hollow/Tarrytown campus.
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