And they’re off . . . to the Belmont Stakes, but this year that means a trip off Long Island to Saratoga Springs. Eyes are not only on the competition on the track, but on luxury real estate in the city’s famed Broadway Historic District.
The third leg of the Triple Crown is being held at the famous Saratoga Race Course due to a $450 million construction project underway at what will be the new, reimagined Belmont Park. The crowds are headed for Toga, not only for the 156th Belmont Stakes on Saturday, June 8, but to plant some roots in this booming UpState New York city.
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.
“We are averaging a new inquiry every day, and we expect inquiries to increase during the historic running of the Belmont Stakes and the start of the Saratoga Race Course’s summer meet,” said Shannon McCarthy of eXp Realty, the exclusive listing agent for The Residences at The Adelphi Hotel.
Long a hub for thoroughbred horse racing — and even the home to the National Museum of Racing and Hall of Fame — Saratoga traditionally hosts racing from mid-July through Labor Day on the New York Racing Association (NYRA) circuit. 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.
But the impending arrival of the Belmont Stakes has only driven more interest in real estate. “We encourage prospective buyers to reach out to us soon, as we expect apartments to continue to sell quickly,” McCarthy said.
The development was led by co-owners Michael Dubb, founder and CEO of The Beechwood Organization, based on 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.
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,” said 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.
“While people typically say it is difficult to fully envision a property before it is built, buyers from across the region and country are recognizing the unparalleled level of luxury we are creating for our residents. This project ensures a bright future for the property, and we eagerly await residents moving in,” Dubb added.
The first occupancy was scheduled in the weeks before the Belmont Stakes came to Saratoga.
Kohler fixtures and large plank wood floorsCourtesy of The Residences at The Adelphi Hotel | Beechwood Organization
The condo project included a redesign of the hotel, increasing the guest rooms from 32 to 65 and the ballroom capacity from 125 to 225 people, and an extended sushi bar at the restaurant, Morrissey’s, named for one of the Adelphi’s first guests, world heavyweight champion, congressman, state senator and founder of Saratoga’s thoroughbred racecourse, John Morrissey.
“This project embodies the vision I had when I first became involved in The Adelphi Hotel’s redevelopment,” said Roth. “I always knew there was a desire for upscale condominiums in downtown Saratoga Springs, and our sales thus far have proven that.”
Residents will have to entrances to their building, either through the main hotel lobby on Broadway, or through a private residents-only entry on Washington Street. Underground parking has been added just for residents.
Shared amenities include a fitness center, spa, salon, business center, game room and card room, as well as two restaurants, including Salt & Char.
The entire project is scheduled to be completed by late 2024
This article appeared in the June 2024 issue of Behind The Hedges Powered by the Long Island Press. Read the full digital edition here. For more on Greater Long Island real estate, click here.
