$115m new home community completed.Wharton Equity Partners has completed the development of The Preserve at Somers, a 188 single family home project located in the Westchester community of Somers, New York Somers is a town located in Westchester County, New York, United States. As of the 2000 census, the town had a total population of 18,346. The Town of Somers is in the northeast part of the county, in the New York City metro area. . Wharton Equity, in partnership with the Blitman Building Corporation of Mount Kisco, New York Mount Kisco (often spelled Mt. Kisco) is both a village and a town in Westchester County, New York, United States. The population was 9,983 at the 2000 census. History The Village of Mount Kisco , acquired the over 300 acre site, secured approvals and acted as the construction manager for the development. In addition, Wharton Equity oversaw the marketing of the community. Besides construction of the homes and on-site infrastructure, the project required the installation of a three mile off site sanitary sewer line, as well as a new water tower. Peter C. Lewis, president of Wharton Equity, noted that the strong market significantly aided in the rapid sell-out of The Preserve at Somers, where prices rose initially from approximately $400,000 to well over $800,000, and sales reached $115 million. Wharton Equity and Blitman Building previously collaborated on The Preserve at Rye, a $50 million project in Rye, New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , as well as Montville Chase, a 317-unit community located in Montville, New Jersey Montville is a township in Morris County, New Jersey, United States. As of the United States 2000 Census, the township population was 20,839. Montville was incorporated as a township by an Act of the New Jersey Legislature on April 11, 1867, from portions of Pequannock . Wharton Equity Partners, founded in 1987, is a diversified investment firm located in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. . Its real estate activities include the acquisition and development of retail, office, residential, self storage and industrial properties in the New York Metropolitan area New York–Northern New Jersey–Long Island is the most populous metropolitan area in the United States and the third most populous in the world, after Tokyo and Mexico City. , as well as the Southeast United States. Among its recent transactions, the firm sold a 6,500 unit self storage portfolio located in and around New York City to an affiliate of the Northwestern Mutual Life Insurance Company, and sold a 300-acre parcel of land in Myrtle Beach, zoned for a 2 million square foot mixed use project. Besides its real estate activities, Wharton Equity engages in private equity transactions where it invests in a broad range of businesses. |
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