In 2004, the partnership of Summit Development and Greenfield Partners was selected from among more than 100 potential buyers when Reader’s Digest decided to sell its long-time global headquarters. Summit’s experience in developing attractive, community-compatible residential and commercial real estate and Greenfield’s financial depth led to their successful acquisition of the property that was then re-named Chappaqua Crossing. The partnership has overseen the lengthy review and approval process for the re-imagination of the campus and owns the multi-tenant office space component.
Summit Development, LLC is a privately held diversified real estate investment, development and management company. Summit specializes in opportunistic and distressed real estate investments, with a focus on redevelopment and repositioning of existing undervalued assets. For over 30 years, Summit has leveraged its expertise and vision to create a diversified portfolio of commercial and residential properties providing sustained value for its investors, business partners and tenants. Working closely together as a team, Summit and its investors, tenants and business partners benefit from the strength of the company’s collective abilities to address the complex issues involved in owning a successful real estate portfolio. The company is based in Southport, CT.
Greenfield Partners was established by Eugene A. Gorab in 1997 and has since become one of the leading real estate investment managers in North America. The firm manages capital on behalf of its principals and limited partners and has since inception secured capital commitments in excess of $4.0 billion across a series of discretionary investment vehicles. The company’s Limited Partners include leading state and corporate pension plans, university endowments, private foundations and high net worth individuals. Greenfield is based in southwestern Connecticut, with additional offices in Chicago, IL and Reston, VA. The senior investment team averages 20 years of experience, and their capabilities also encompass the related disciplines of development, tax, and finance.
The Grossman Companies, Inc. led by Chairman Louis J. Grossman, and sons David and Jake, the fifth generation of the family in the business who are Co-Presidents, partnered with Summit to construct and own Chappaqua Crossing’s retail component. Grossman’s diverse portfolio includes some 2.5 million square feet of retail, office, industrial, self-storage and residential properties throughout Southern New England. The company makes private loans to builders, developers and real estate investors through its affiliate, First Boston Capital Partners.
Grossman typically invests in middle-market range companies with total capitalization between $2 million and $25 million. Their investment period can be short-or long-term depending on the opportunity. The works to create near-term value, but also invests in properties where the value can be unlocked in the more distant future. In addition, the frequently partners with third-party real estate operators and investors.
Wilder-Balter Partners, a developer of both affordable and luxury housing, signed a long-term lease in 2016 for the original 1939 headquarters building constructed by Reader’s Digest. The company has converted the former office space into 64 affordable, workforce and market rate 1, 2 and 3-bedroom rental apartments which were fully leased in in a matter of a few months. The company has full management responsibility for the apartments at Chappaqua Crossing.