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Elmwood Country Club in Greenburgh sold to NJ developer for $13M

 

GREENBURGH - A New Jersey-based developer recently purchased Elmwood Country Club for $13 million, according to a deed filed with the Westchester County Clerk's office.

Ridgewood Real Estate Partners of Florham Park, New Jersey, last week closed the deal to buy the 119.5-acre, member-owned club on Dobbs Ferry Road.Jonathan Grebow, chief executive officer and president of the residential real estate development company, didn't return phone and email messages seeking comment Tuesday and Wednesday.

Ridgewood also purchased 98.3 acres of the former Philips Research North America site for $12.25 million in June, aiming to transform the research campus into a residential community.

Elmwood has been up for sale for several months. In June, the club filed a worker adjustment and retraining notification, known as a WARN notice, with the state Department of Labor, announcing the lay-off of 76 employees effective Sept. 30.

Harold Bordwin, principal and managing director of Keen-Summit Capital Partners who represented Elmwood for the transaction, said the club's board had to make this move "based upon changing demographics."

"The club had lost a number of members and had to figure out how to recapitalize the club," he said.

The property's zoning allows residential development, and the club was open to considering different types of proposals, from a plan to maintain the property as a golf club to a proposal to subdivide the site for real estate development.

"They had a number of different offers on the table," Bordwin said, adding that at the end, the Ridgewood proposal was the best one.

The club's last day for operation is Sept. 30, he said.

Bordwin, who is also an Elmwood member, said it's not the club's concern what the new owner would do with the property, although he believed the existing tennis courts on the property will continue to operate as a tennis club.

A shortage of developable land, combined with changing demographics, has brought some area golf clubs to the center of redevelopment discussion.

In Mamaroneck, the owner of Hampshire Country Club has been trying to build a residential community. In White Plains, the French-American School of New York wants to build a campus on the former Ridgeway Country Club. In Ramapo, the new owners of the Minisceongo Golf Club wants to develop housing on the site.

Link to Article on Lohud.com

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