Long Island Developer Building Many Projects in Hudson Valley
A developer with nearly 500 projects, including multi-million-dollar mansions, is developing many projects in the Mid-Hudson Valley.
Farrell Communities, which has built homes in the state of Florida as well as the Hamptons and Long Island, is bypassing Westchester and Rockland counties to build in Orange and D counties. The company says it has close to 15 projects in the Hudson Valley.
“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,” Stephen Zagoren, chief development officer for Farrell Communities told Westfair. "We see that millennials are not buying homes or condos like people of their age did in the past. I think they’re interested in other avenues, other ways to spend their money. People are more mobile and they don’t necessarily buy a home. We see the apartments are becoming more of an option and also for retired people who want to spend a little less for their occupancy costs."
Farrell Communities is currently building multiple projects in Newburgh as well as Fishkill, New Windsor and Wappinger Falls, according to the companies website.
"Farrell Communities are more than just a housing complex – it's a neighborhood and a home," the company says on its website about upcoming projects.
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