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Brokerage
Posted: February 22, 2022
Ciminelli Real Estate sells 42-acre parcel: $8.5 million
Amherst, NY Ciminelli Real Estate Corp. closed on the sale of a land parcel, totaling 42 acres, and currently part of the larger Muir Woods development footprint in Amherst, New York. The parcel was acquired by Aspen Heights Partners for $8.5 million. The sale is an important step in the further development and eventual realization of the overall project strategy to engage the Muir Woods property with the community.
Ciminelli’s development plans for the 110-acre Muir Woods site have, in recent years, been modified to meet market demand for single-family homes, student, and multifamily housing.
The purchaser, Aspen Heights Partners, plans to construct student-housing units totaling 1,800 beds with an expected completion date of summer 2023. Ed McGinn, director of brokerage for Newmark Ciminelli, and Adam Faeth, director of legal affairs for Ciminelli, coordinated the transaction for the owner.
Paul Ciminelli, president & CEO of Ciminelli, said, “The Muir Woods project is taking shape. Through the wetland mitigation, break in access, and zoning processes, Aspen Heights Partners, our development team, and supporters including the Town of Amherst, Amherst IDA, and NYS Senator Timothy Kennedy’s office have remained focused on delivering an exciting product, and a valuable asset to the Amherst community.”
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