After speaking with several investors over the past year, John Witt agreed to sell his parcel of New York land where three 35-unit apartment buildings are being constructed to James Burns and Peter Rosecrans Jr. of Burns Management. Albany Business Review reporter Robin K. Cooper takes a look at the deal valued at $1.58 million.
Witt has been working for the last decade to develop "a new urban neighborhood" on the outskirts of Saratoga Springs and this sale allows him to keep moving forward:
The sale positions Witt Construction to focus on the next phase of the project, which will include 18 rowhouses. Those units, which he plans to start building in the spring, will have listing prices starting in the low $200,000 and $300,000 range. There will be units with prices of more than $400,000.
To learn more about the sale of this development, head over Albany Business Review: