The new owner of the former Cresthaven Country Club site in Whitestone is hoping to break ground on a massive development project of 45-single family detached residents by the end of the summer.
Most of the homes on the six-acre site will have approximately 2,500 square feet of living space with four bedrooms and four full bathrooms, according to Tim O’Sullivan of Fulcrum Real Estate Advisors, which purchased the site in a foreclosure auction last month for $13.6 million.
Great Neck-based architect Frank Petruso is designing the project. The current plans could change, but the 45 homes in O’Sullivan’s plans would sit on 4,000- to 6,000-square foot lots, so each could have space for driveways and private yards. And based on the renderings, homes would have garages and basements. They could sell for $1.5 to $2 million each.
Although original plans were for 50 homes, they were shrunk to 45 so each home will have more space.
However, as smart investors do all the time, O’Sullivan is testing the real estate market to see the possible value for the site and has listed it with brokerage Cushman & Wakefield. He is taking offers for the site, but said a potential buyer would have to offer a price that “hit it out of the park” to get him to sell the site.