Buyers started to close this month on the first completed Residences at the Adelphi Hotel condos, with units selling from $775,000 for a 607-square-foot studio to $1.5 million for a 1,290-square-foot two-bedroom unit.
A handful of residents on the second, third and fourth floors of the new luxury condo building in Saratoga Springs took ownership in early June, with a few closings just in time for the Belmont Stakes at Saratoga racing weekend. Several units on sixth floor are expected to close this week.
Shannon McCarthy, whose team at eXp Realty is the exclusive listing agent for the property, said nearly 50% of the buildings 79 condo units are under contract. She said her team received the most inquires to date over the Belmont race weekend.
“The goal was to get to 50% by track season, now we’re three weeks away from track season and expecting a big push,” McCarthy said. “We have high hopes for track season with everyone in town.”
The buyers come from as far as California, Tennessee and Florida. They’re downsizers looking to move from a large house in Clifton Park or Loudonville to downtown Saratoga. And they’re racehorse owners, or people looking for their second, third or fourth home upstate.
Construction of the condominium project is part of a $90 million-plus expansion and renovation of the Adelphi Hotel into a 200,000-square-foot resort. Developers Mike Dubb and Larry Roth are behind the project.
Dubb is the founder of Beechwood Homes, a company that has constructed more than 10,000 houses on Long Island, as well as the Oak Ridge by Beechwood neighborhood near Fish Creek on Saratoga’s east side. Roth is the former owner of Marchon Eyewear Inc., one of the world’s largest eye care companies. He also was part of a separate group that invested $28 million to renovate the Adelphi into a 32-room boutique hotel.
Bonacio Construction of Saratoga Springs is the contractor for the project and Gilbane Building Co. of Albany is the owner’s representative.
The condos are a new concept for the region. The developers are modeling the property off private residences offered by luxury hoteliers like the Four Seasons. The condos will have the amenities of staying at the Adelphi Hotel — a doorman, concierge services, private underground parking, and room service — without needing to make a reservation.
There are 35 different floor plans for buyers to choose from, with prices at around $1,000 per square foot. Condos listed for sale start at around $800,000.
Construction to build the units, which are housed in a new six-story building connected to the historic hotel, is expected to finish by the end of 2024. Work on the new residence lobby on Washington Street is close to being completed, which will allow the sidewalks to be poured.
McCarthy said new model units, including junior one-bedroom and two-bedroom condos, will be introduced next week.
“We’re entering a next phase,” McCarthy said. “Nearly half of units are sold and we’re thinking of new ways to get the word out about the project to people who may not know about it.”
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