Forestburgh, NY Josh Goldflam, co-founder & principal of Manhattan based commercial real estate firm Highcap Group, has arranged the sale a sub-division development site at 974 Cold Spring Rd., in an area known as Lost Lake. The property– which reportedly was first put on the market in the middle of 2019–sold for $13.3 million. The seller was Texas-based Double Diamond Cos., and the buyer was a small group of private local investors.
The property known as Lost Lake Resort is located in Sullivan County, and has approved plans for one of the largest sub-divisions in the state’s history. The property spans 2,079 acres in the Catskill Mountains, and is fully approved for 2,577 homes, 30 cottages, 40 multifamily buildings, and a 32-room inn.
Amenities at the planned gated community also include a golf course, boat dock, an 8,000 s/f conference center, spa and fitness center with pool, tennis, and bath house, a club house with restaurant & bar, along with a sales office.
The property which includes a lake, private rivers and streams, and 1,000 acre wildlife preserve is a five-minute drive from the new Resorts World Casino & Hotel in Monticello, and near the Monticello Raceway & Motor Club.
The project was first pitched in late 2007 by upscale resort builder and golf course development firm Double Diamond Cos., which is selling the property. Double Diamond, based in Dallas, Texas, has built gated subdivision resorts in Pennsylvania and Texas.
Goldflam said, “This property went through many hurdles in order to get closed, and took well over a year to work its way through the process with a multitude of buyers. This is not uncommon of development sites of this nature, but of course the COVID virus played its part and helped delay us getting to the finish line with the highest bidder. Ultimately, this virus will prove the development to be an early success with the exodus of city dwellers moving into the Catskills region looking for a better quality of life. Furthermore, people are being priced out of the Hamptons and are looking for alternatives. This property provides an excellent all around experience from the Country Club user to the fly fisherman to the blackjack player looking to unwind at the Casino.”
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