Ginsburg buys 207-unit Mohegan Lake rental complex for $54 million

Ginsburg Development Cos. has bought The Landing on Mohegan Lake, a 207-unit one- and two”“bedroom apartment lakefront rental community, for $54 million. The Valhalla developer bought the complex from New Chalet Apartments Inc., a Dallas private equity group.

The rental complex on New Chalet Drive is just off Route 6, roughly a mile from shopping centers Cortlandt Town Center and Cortlandt Crossing, the latter of which is under construction and will be home to a new ShopRite.

The complex was built  in three phases from 1989 to 1999 and offers a clubhouse, fitness center, outdoor pool and waterfront access to Lake Mohegan. Other amenities include a tennis court and lake access for fishing and boarding. The Landing on Mohegan Lake is pet friendly.

Apartment units were recently upgraded by New Chalet and feature kitchens with granite countertops, stainless steel appliances, wall-to-wall carpeting, central air, gas fireplaces, in-unit washers and dryers, balconies and vaulted ceilings with skylights in select units.
Apartments range in size from 712 to 1,215 square feet and rent from $1,860 to $2,595 per month.

Ginsburg plans to upgrade and expand the complex”™s existing amenities, including adding a children”™s playground, a gazebo and lakeside clubhouse.
“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,” GDC Principal Martin Ginsburg said.
Jeffrey R. Dunne, of CBRE”™s Stamford office was the broker.

Ginsburg plans to connect this community by shuttle to its nearby development under construction in Peekskill, Fort Hill Apartments at the Abbey Inn. There will also be service to the Metro-North train station.

The purchase marks another residential property acquisition for the company. In February of last year, Ginsburg acquired the 124-unit luxury apartment building at 34 S. Lexington Ave., formerly known as Halstead White Plains Metro North. The company soon after renamed the complex The Metro.
For more, visit moheganlakeapartments.com.