Luxury Developer Buys Mohegan Lake Apartment Complex

MOHEGAN LAKE, NY — Ginsburg Development Companies has acquired The Landing on Mohegan Lake for $54 million. The rental community features 207 one- and two–bedroom apartments on the border between Cortlandt and Yorktown, in the Lakeland school district.

It's the newest addition of the company's multifamily portfolio. GDC plans to integrate this community to its new development under construction in Peekskill called Fort Hill Apartments at the Abbey Inn. Shuttle service will be implemented to connect the two communities and the service to the Metro North train station.

Located on Lake Mohegan, the complex was built in the 1990s and is home to many young families with children. It was acquired from New Chalet Apartments, Inc., a private equity group based in Dallas, TX. Jeffrey R. Dunne, of CBRE’s Stamford office was the broker.

With units recently upgraded by the prior owner, the apartments feature kitchens with granite countertops and stainless steel appliances, wall-to wall-carpeting, central air, gas fireplace, in-unit washers & dryers, balcony/patio, and vaulted ceilings with skylight in select units, GDC officials said. The apartments range in size from 712 to 1,215 square feet and rent from $1,860 to $2,595 per month.

GDC plans to modernize existing amenities and add more amenity space including a children’s playground, gazebo/BBQ area on the lake and lakeside clubhouse. The existing fitness club, swimming pool and landscaping will also be upgraded. There's a tennis court and half-basketball court. There is also lake access for fishing and boating.

“We are very pleased to have acquired this beautiful lakefront community in the heart of northern Westchester. The improvements we plan to undertake will make this community a long-term place for residents and families to call home and come home to vacation every day,” said GDC Principal Martin Ginsburg.

Ginsburg Development Companies is a premier residential developer in the northern suburbs of New York City with over 50 years of experience and market leadership. GDC has built and manages several of the region’s luxury developments, many with a Hudson River and/or transit-friendly focus, including in Haverstraw, Ossining, White Plains and Yonkers. In addition, GDC owns and manages a portfolio of commercial properties, located primarily in Westchester County.

For more information about The Landing on Mohegan Lake, click here or call 914-528-7718.

PHOTO/ GDC

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