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For a developer with such an extended historical past on Lengthy Island, it’s not stunning that the title of the family-owned builder’s latest neighborhood is a nod to the realm’s previous.
Commack-based Heatherwood Luxurious Leases just lately opened Heritage Spy Ring Golf Membership in South Setauket, a 200-unit luxurious house complicated and nine-hole golf course named for the Culper Spy Ring, which operated within the Setauket space, offering intel for Basic George Washington on enemy troop actions in the course of the British occupation of New York Metropolis in 1778.
And whereas its title could harken again to the Revolutionary Battle some 244 years in the past, Heatherwood’s newest growth is something however an vintage, providing a snug modern way of life to renters aged 55 and over.
DOUGLAS PARTRICK and CHRISTOPHER CAPECE: Heatherwood’s mind belief is constructing new communities and re-imagining its legacy properties. Picture by Judy Walker
Facilities on the new $70 million South Setauket rental neighborhood characteristic a 6,500-square-foot clubhouse with a completely geared up health heart, clubroom, convention room, occasion house and recreation room. There’s additionally an outside pool and splash pad, hearth pits, tennis and pickleball court docket, bocce court docket, playground, 2-acre nice garden and strolling trails.
Because the title implies, one of many predominant sights of the 70-acre Heritage Spy Ring Golf Membership is a brand new nine-hole rolling structure designed by famous golf course architect Tyler Rae. In truth, your complete growth was constructed on the previous 18-hole Heatherwood Golf Membership, initially constructed within the early 1960s by Heatherwood founders Donald Partrick and Stanley Neisloss.
Established in 1950 by Partrick and Neisloss, Heatherwood began out by constructing a number of single-family-home subdivisions on Lengthy Island earlier than the corporate turned its consideration to multifamily rental developments. The agency’s very first house neighborhood was the 272-unit Heatherwood Home at Port Jefferson, which opened in 1962 and remains to be owned by the developer.
IN THE BEGINNING: Firm co-founder Donald Partrick (heart) with different execs and native officers on the unique Heatherwood Golf Membership website. Courtesy of Heatherwood
At the moment, Heatherwood’s portfolio has grown to about 7,000 residences in Queens, Brooklyn and all through Nassau and Suffolk counties.
“All the things we personal, we’ve constructed,” says CEO Douglas Partrick, Donald Partrick’s son, who first got here into the enterprise in 2002 quickly after Neisloss died. “To at the present time, Heatherwood hasn’t bought any of its developments.”
Within the final couple of years, Heatherwood has made some key additions to its government staff. Christopher Capece, previously with AvalonBay Communities, got here on board as president in Jan. 2020 and this spring, Heatherwood added Sean Sallie, former deputy commissioner for planning on the Nassau County Division of Public Works, who’s now the corporate’s director of Planning and Improvement.
“Though we typically take into account acquisitions, our development has traditionally been through new growth. That’s a part of Heatherwood’s DNA,” Capece stated. “One of many strategic benefits of Heatherwood is that we’re a completely built-in growth agency, together with design, growth, development, operations and golf and leisure amenities.”
That technique has been paying off, as the corporate can declare some main latest achievements. In 2018, Heatherwood opened Tower 28, a 450-unit house constructing in Lengthy Island Metropolis. The 58-story complicated, which price nicely over $200 million, was on the time the tallest residential constructing in New York Metropolis outdoors of Manhattan.
One other ongoing Heatherwood mission will deliver 125 residences and 14 connected ranch-style houses to a 26.9-acre website simply south of the company-owned-and-operated Pine Hills Golf Membership in Manorville. Dubbed Solar River City Houses, the $31.16 million mission will complement the corporate’s present Villas at Pine Hills neighborhood the place residents will share facilities that embody a clubhouse, health heart and pool.
Heatherwood can also be planning on redeveloping the 9-acre website in West Hempstead previously occupied by Nationwide Wholesale Liquidators. That mission will remodel the property, situated throughout from the West Hempstead Lengthy Island Rail Street station, right into a 428-unit, transit-oriented rental complicated. At the moment within the allowing course of, the corporate hopes to begin development earlier than the top of subsequent 12 months.
And although Heatherwood is at all times searching for alternatives to broaden its portfolio, it hasn’t forgotten about its present communities. The corporate has just lately launched into a multi-million-dollar program to renovate and refresh its legacy rental complexes, including facilities like turf soccer fields, new playground tools, basketball and pickleball courts, even seashore volleyball amenities.
“We did a full market evaluation of our total portfolio, contemplating demographics and competitors, and we recognized our communities the place we need to start our re-investment again into the properties,” Capece stated.
The renovation work is sort of accomplished on the 348-unit Norwich Gate residences in Oyster Bay, the place the corporate constructed a brand-new clubhouse, courtyard space and added facilities. Subsequent up is in depth renovations at Heatherwood Home at Port Jefferson, the agency’s first-ever rental growth. The mission additionally consists of redeveloping the neighborhood’s clubhouse and including new facilities.
“Though we’re consistently investing in all of our communities, we’ve simply taken a extra pointed strategy to giving them an enhanced way of life,” Partrick stated. “It’s not simply re-investment. It’s a re-imagining and creating a way of life.”
The convention and assembly space inside the brand new neighborhood’s clubhouse. Picture by Judy Walker
Heatherwood provides a variety of month-to-month rents at its rental properties, beginning at round $1,500 at a few of its Lengthy Island communities to greater than $10,000 at a few of its New York Metropolis buildings.
Month-to-month rents on the Heritage Spy Ring Golf Membership vary from round $3,600 for a one-bedroom, one-bath house to greater than $6,600 for a three-bedroom, two-bath residence. Thirty of the brand new residences are designated as workforce housing and priced with lowered rents, with half of these restricted to individuals incomes as much as 80 p.c of the realm median revenue and half for individuals incomes as much as 120 p.c of the AMI. The South Setauket growth is about 20 p.c leased and move-ins started a few months in the past.
Mitch Pally, CEO of the Lengthy Island Builders Institute, stated Heatherwood is a significant participant within the growth of rental housing in Lengthy Island, which is sorely wanted.
“There’s little question that Heatherwood has been re-invigorated over the past couple of years, as you’ll be able to see with each new tasks like up in South Setauket and hopefully quickly in West Hempstead, and refurbishing of their present product line all all through the Island,” Pally stated. “They’re very neighborhood oriented. They’ve carried out loads by our charitable arm and with LIBI itself through the years. Doug is a former president of LIBI and Chris has been concerned with our government committee for a few years, in order that they take an awesome function within the want for and the significance of rental housing on Lengthy Island of all sorts to make it simpler to satisfy the nice demand that there’s for rental housing.”
The 6,500-square-foot clubhouse at Heritage Spy Ring incorporates a totally geared up health heart, recreation room and different facilities. Picture by Judy Walker
Legal professional Howard Stein, who heads the Actual Property Apply Group at East Meadow-based Certilman Balin Adler & Hyman and has labored on many Heatherwood tasks, echoed that sentiment.
“Representing Heatherwood as a shopper has been and continues to be a rewarding alternative,” Stein stated. “Their tasks are modern and fulfill the wants of an evolving market. Their staff is extraordinarily skilled and proficient, and their popularity is impeccable as a result of they at all times fulfill their guarantees.”
In the meantime, as the corporate continues to develop on Lengthy Island, the tough growth surroundings right here poses a problem and Heatherwood could ultimately look to broaden in different areas.
“Our choice is to spend money on our house market,” Partrick stated. “We try to proceed to maintain our funding {dollars} on Lengthy Island even within the face of usually difficult entitlement hurdles, however we’re additionally conscious that there’s capital flight out of the area for a cause.”
DWINZELBERG@LIBN.COM
