The Belmont Stakes, a June racing tradition on Long Island, moved up to Saratoga Springs this year due to a major construction project underway at the Belmont Park. The competition on the track hasn’t been the only focus in the booming UpState city, luxury real estate in the city’s famed Broadway Historic District has drawn attention too — and there’s a connection to Long Island to boot.
New condominiums are in high demand at The Residences at the Adelphi, a $75 million luxury condominium development adjoining the high-end hotel by the same name. Nearly half of the 79 condos have sold since sales began in the fall of 2023.
The development was led by co-owners Michael Dubb, founder and CEO of The Beechwood Organization, based in Jericho, Long Island, and one of the top residential builders in the state, and businessman Larry Roth. Both men are long-standing members of the thoroughbred racing and Saratoga Springs communities, who sought out to transform the property, while keeping its historic character.
“The reaction has been really wonderful,” Dubb tells Behind The Hedges following the 156th Belmont Stakes, which included a weekend of festivities in Toga.
What’s not to love? Offering all the luxuries of living in a five-star hotel, the 79 condos include a spacious studio and one-, two- and three-bedroom apartments, as well as duplex penthouse apartments. With 28 different floorplans and many with outdoor living space, they range from 800 square feet to 2,500 square feet. Modern design details include European-style kitchens, Wolf and Bosch appliances, Kohler fixtures and large plank-wood floors.
The condos, which encompass what was formerly the Rip Van Dam Hotel, are priced from $800,000 to $4 million.
“As a homeowner in Saratoga Springs myself, I have always been drawn to the history of The Adelphi Hotel,” says Dubb of the newly expanded hotel that has been open to well-heeled vacationers since 1877 when Saratoga became a resort destination, known for its natural spas and springs.
“The Belmont Festival was a showcase opportunity for the Adelphi Residences. People loved seeing this level of condominium living in Saratoga which never existed before. The early-June festival also coincided with the first owners moving in. We’ll have many more closings throughout the summer.”
The racing world has long come to the famous Saratoga Race Course from all of the country. — Saratoga is even the home to the National Museum of Racing and Hall of Fame.
“They came earlier this year because of the Belmont Stakes,” Dubb explains. “The track had a sellout crowd of 50,000 people which is typically the case for the Travers Stakes in August.”
The timing couldn’t have been better for The Residences at the Adelphi. “Many from out-of-town wanted to see what we’ve done at The Adelphi Hotel. We’re also getting interest from the local community. There’s great affluence from Albany to Lake George. There’s been a lot of excitement about we’ve created at The Adelphi.”
Washington Street for The Residences at The
Adelphi.Courtesy of The Residences at The Adelphi Hotel | Beechwood Organization
Celebrities who frequent the track include former New England Patriots Coach Bill Parcells, celebrity Chef Bobby Flay, and Barstool Sports founder David Portnoy, who both have homes overlooking the track.
Like Portnoy, who owns a home in Montauk, there is an overlap in those who frequent the East End and Saratoga.
“A large community of horse owners and enthusiasts spend time in both the Hamptons and Saratoga. For some of our buyers in Saratoga Springs, like in the Hamptons, they are buying their second, third or fourth home. Both are destination locations and increasingly popular year-round,” Dubb says.
“While the Hamptons offer some of the most beautiful beaches in the world, Upstate New York is a more rustic and rural environment for hiking and trails, for example at Saratoga Spa State Park and the Lake George Region,” he says.
Dubb’s firm is offering a bit of both. Long Island’s top residential developer, Beechwood has now built 129 homes in the Hamptons since 2013.
This summer, Beechwood welcomed the first owners to Country Pointe Estates, a new development in Westhampton Beach.
The community at 44 Depot Road is now 50% sold with several other deals in negotiation. “As the community here gets more complete, our vision is becoming a reality. We’re seeing more interest right now as the high Hamptons season brings more people east,” Dubb says.
Of the 22 sites available, 11 homes transacted at pre-construction prices of between $1.85 Million to $2.47 million. Today, the remaining available half-acre homesites for six buildable plans start at $2.27 million with options up to $3.47 million.
“It’s gratifying, both as a developer and as a Village of Westhampton Beach homeowner for nearly 30 years, to see some of the area’s finest homes in the enclave community of Country Pointe Estates taking shape,” he says.
In May, three of the 11 homes for sale came to market ready for quick move-ins.
Two homes are newly constructed and available designer furnished at 5 Happy Lane, a 3,523-square-foot home with five bedrooms and four baths listed for $3.2 million and 4 Margareta Court, a 3,987-square-foot home with five bedrooms and four baths listed for $3.67 million. A third home will be move-in ready this autumn at 50 Depot Road, a 2,666-square-foot home with four bedrooms and three baths listed for $2.37 million.
“Our buyers are full-time locals and seasonal residents, first- and second-home owners, couples and multi-generational families. What they share is wanting to live in a new construction home located in a prime Hamptons neighborhood,” adds Steven Dubb, principal and president, The Beechwood Organization, who led two of the most notable Hamptons developments, Bishops Pond and The Latch, in Southampton Village.
This article appeared in the Behind The Hedges Fourth of July issue in Dan’s Papers. Read the full digital edition here.
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Lane within the County Pointe EstatesPhotos courtesy of Beechwood Organization
