Mount Vernon, NY, August 17, 2010 -- Mamaroneck, New York based, Petro Real Estate Development Corporation, a leading residential and commercial real estate development firm, yesterday announced they will begin work on completing the project formerly known as The Vista at Fleetwood, a 70-unit luxury condominium in the Fleetwood section of Mt. Vernon, New York.
The group also confirmed that they have joined forces with Glenmark Partners LLC, a privately-owned real estate development and investment company focused on the production and acquisition of market-rate and affordable housing communities in the Metropolitan New York marketplace. Glenmark Partners principals have implemented more than $1.5 billion in development and investment properties represented in more than 76 multi-family communities and mixed-use projects.
The 11-story project has been at a standstill since 2008, when the previous developer had to abandon work on the building due to financial difficulty resulting from the economic downturn. Under the new leadership of Petro and Glenmark, both respected real estate development and investment companies, work is already underway at the 90,000 square-foot property, with members of the design and development team making daily visits to oversee the site preparation.
“The Fleetwood community deserves the focus, resources and commitment that our team is prepared to give this exceptional project,” said Michael Petrillo, President of Petro Real Estate Development Corp. “Our team has extensive experience with developing quality real estate projects and has long-standing ties to this neighborhood. We are ready to do whatever it takes to turn this building into one that is a welcome addition to the community and one that is met with great enthusiasm in the marketplace.”
When it is completed in the Summer of 2011, the upscale 70-unit condominium complex will offer buyers their choice of one or two-bedroom residences. The property will feature a wide-array of amenities, including a state-of-the-art fitness center, community space, rooftop sundeck, reserved indoor parking, concierge, beautifully landscaped grounds and magnificent views of surrounding Westchester. The project’s developers will also add a re-programmed lobby with upgraded interior finishes.
“Now is the time to introduce a ‘best-of-class’ development that is moderately priced in Westchester,” said Glen Vetromile, Principal of Glenmark Partners. “The property offers prospective buyers superior value in the current real estate marketplace. We expect that this property is going to put Mt. Vernon on buyers’ short lists, and it will highlight all this city has to offer like Westchester’s shortest commute to New York City.”
The property will have a significant economic impact on the community by generating new jobs, attracting residents who will patronize local businesses, and expanding the neighborhood’s tax base. More importantly, new buyers will bring new interest to the community and will cause other neighborhood improvements, with the eventual revitalization of the entire Macquesten Parkway corridor.
Renowned interiors architecture firm Fogarty Finger Architects will join the building’s main architect, Peter F. Gaito & Associates in completing the redesign of portions of the building.
The building is located at 550 Locust Street and is situated in one of the New York City metropolitan area's most desirable and convenient locations. The property is within walking distance to the Fleetwood Metro-North station and in close proximity to the Bronx River Parkway, Cross County Parkway, Interstate 87 and the Major Deegan Expressway.
About Petro Real Estate Development Corporation
Petro Real Estate Development Corporation is a privately owned real estate development company that focuses on the acquisition and development of commercial and residential real estate in the Northeast and Florida market. Petro currently owns and manages approximately one million square feet of property in its own portfolio, and continues to actively pursue the acquisition of additional investment properties throughout the United States
About Glenmark Partners, LLC
Glenmark Partners, LLC is a privately owned real estate development and investment company focused on the production and acquisition of market-rate and affordable housing communities in the Metropolitan New York marketplace. Glenmark’s principals have implemented more than $1.5 billion in development and investment properties represented in more than 76 multi-family communities and mixed-use projects.
