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Upstate development site sold for $13M

A 2,000-acre development site in upstate New York has been sold for $13.3 million.

Josh Goldflam, co-founder of Highcap Group, arranged the sale of what is the largest sub-division site in the history of the State of New York with approved plans for 2,577 homes, 30 cottages, 40 multi-family buildings, and a 32-room Inn.

Located on the Lost Lake at 974 Cold Spring Road in Forestburgh in the Catskill Mountains, plans for the gated community include an 18-hole Jack Nicklaus designed golf course, a lake front boat dock, an 8,000 s/f  conference center, spa and fitness center with pool, tennis, and bath house and club house with restaurant and bar.

“Ultimately, the coronavirus pandemic will prove the development to be an early success with the exodus of city dwellers moving into the Catskills region looking for a better quality of life,” said Goldflam.

JOSH GOLDFLAM

“People are being priced out of the Hamptons and are looking for alternatives. This property provides an excellent all-round experience from the Country Club user to the fly fisherman to the blackjack player looking to unwind at the Casino.”

Goldflam was tapped by Texas-based resort developer Double Diamond Companies to sell the site last summer.  He said: “This property went through many hurdles in order to get closed, and took well over a year to work its way through the process with a multitude of buyers. This is not uncommon of development sites of this nature, but of course the COVID virus played its part and delayed us getting to the finish line with the highest bidder.

The buyer was a small group of private local investors who wish to remain anonymous, said Goldflamm

The Lost Lake Resort property is located in Sullivan County approximately 90 minutes away from New York City. It features its own lake, private rivers and streams, and 1,000 acre wildlife preserve, all a five-minute drive from the new Resorts World Casino & Hotel in Monticello, and nearby the Monticello Raceway & Motor Club.

According to Goldflamm, the project was first pitched in late 2007 by Double Diamond Companies, which has built gated subdivision resorts in Pennsylvania and Texas.

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