Buyers started to close this month on the first completed Residences at the Adelphi Hotel condos, with units selling from $775,000 for a 607-square-foot studio to $1.5 million for a 1,290-square-foot two-bedroom unit.

A handful of residents on the second, third and fourth floors of the new luxury condo building in Saratoga Springs took ownership in early June, with a few closings just in time for the Belmont Stakes at Saratoga racing weekend. Several units on sixth floor are expected to close this week.

Shannon McCarthy, whose team at eXp Realty is the exclusive listing agent for the property, said nearly 50% of the buildings 79 condo units are under contract. She said her team received the most inquires to date over the Belmont race weekend.

"The goal was to get to 50% by track season, now we’re three weeks away from track season and expecting a big push," McCarthy said. "We have high hopes for track season with everyone in town."

The buyers come from as far as California, Tennessee and Florida. They’re downsizers looking to move from a large house in Clifton Park or Loudonville to downtown Saratoga. And they’re racehorse owners, or people looking for their second, third or fourth home upstate.

Construction of the condominium project is part of a $90 million-plus expansion and renovation of the Adelphi Hotel into a 200,000-square-foot resort. Developers Mike Dubb and Larry Roth are behind the project.

Dubb is the founder of Beechwood Homes, a company that has constructed more than 10,000 houses on Long Island, as well as the Oak Ridge by Beechwood neighborhood near Fish Creek on Saratoga's east side. Roth is the former owner of Marchon Eyewear Inc., one of the world’s largest eye care companies. He also was part of a separate group that invested $28 million to renovate the Adelphi into a 32-room boutique hotel.

Bonacio Construction of Saratoga Springs is the contractor for the project and Gilbane Building Co. of Albany is the owner's representative.

The condos are a new concept for the region. The developers are modeling the property off private residences offered by luxury hoteliers like the Four Seasons. The condos will have the amenities of staying at the Adelphi Hotel — a doorman, concierge services, private underground parking, and room service — without needing to make a reservation.

There are 35 different floor plans for buyers to choose from, with prices at around $1,000 per square foot. Condos listed for sale start at around $800,000.

Construction to build the units, which are housed in a new six-story building connected to the historic hotel, is expected to finish by the end of 2024. Work on the new residence lobby on Washington Street is close to being completed, which will allow the sidewalks to be poured.

McCarthy said new model units, including junior one-bedroom and two-bedroom condos, will be introduced next week.

"We're entering a next phase," McCarthy said. "Nearly half of units are sold and we’re thinking of new ways to get the word out about the project to people who may not know about it."

DONNA ABBOTT-VLAHOS | ALBANY BUSINESS REVIEW

And they’re off . . . to the Belmont Stakes, but this year that means a trip off Long Island to Saratoga Springs. Eyes are not only on the competition on the track, but on luxury real estate in the city’s famed Broadway Historic District.

The third leg of the Triple Crown is being held at the famous Saratoga Race Course due to a $450 million construction project underway at what will be the new, reimagined Belmont Park. The crowds are headed for Toga, not only for the 156th Belmont Stakes on Saturday, June 8, but to plant some roots in this booming UpState New York city.

New condominiums are in high demand at The Residences at the Adelphi, a $75 million luxury condominium development adjoining the high-end hotel by the same name. Nearly half of the 79 condos have sold since sales began in the fall of 2023.

“We are averaging a new inquiry every day, and we expect inquiries to increase during the historic running of the Belmont Stakes and the start of the Saratoga Race Course’s summer meet,” said Shannon McCarthy of eXp Realty, the exclusive listing agent for The Residences at The Adelphi Hotel.

Long a hub for thoroughbred horse racing — and even the home to the National Museum of Racing and Hall of Fame — Saratoga traditionally hosts racing from mid-July through Labor Day on the New York Racing Association (NYRA) circuit. Celebrities who frequent the track include former New England Patriots Coach Bill Parcells, celebrity Chef Bobby Flay, and Barstool Sports founder David Portnoy, who both have homes overlooking the track.

But the impending arrival of the Belmont Stakes has only driven more interest in real estate. “We encourage prospective buyers to reach out to us soon, as we expect apartments to continue to sell quickly,” McCarthy said.

The development was led by co-owners Michael Dubb, founder and CEO of The Beechwood Organization, based on Long Island and one of the top residential builders in the state, and businessman Larry Roth. Both men are long-standing members of the thoroughbred racing and Saratoga Springs communities, who sought out to transform the property, while keeping its historic character.

Offering all the luxuries of living in a five-star hotel, the 79 condos include a spacious studio and one-, two- and three-bedroom apartments, as well as duplex penthouse apartments. With 28 different floorplans and many with outdoor living space, they range from 800 square feet to 2,500 square feet. Modern design details include European-style kitchens, Wolf and Bosch appliances, Kohler fixtures and large plank-wood floors.

The condos, which encompass what was formerly the Rip Van Dam Hotel, are priced from $800,000 to $4 million.

“As a homeowner in Saratoga Springs myself, I have always been drawn to the history of The Adelphi Hotel,” said Dubb of the newly expanded hotel that has been open to well-heeled vacationers since 1877 when Saratoga became a resort destination, known for its natural spas and springs.

“While people typically say it is difficult to fully envision a property before it is built, buyers from across the region and country are recognizing the unparalleled level of luxury we are creating for our residents. This project ensures a bright future for the property, and we eagerly await residents moving in,” Dubb added.

The first occupancy was scheduled in the weeks before the Belmont Stakes came to Saratoga.

The condo project included a redesign of the hotel, increasing the guest rooms from 32 to 65 and the ballroom capacity from 125 to 225 people, and an extended sushi bar at the restaurant, Morrissey’s, named for one of the Adelphi’s first guests, world heavyweight champion, congressman, state senator and founder of Saratoga’s thoroughbred racecourse, John Morrissey.

“This project embodies the vision I had when I first became involved in The Adelphi Hotel’s redevelopment,” said Roth. “I always knew there was a desire for upscale condominiums in downtown Saratoga Springs, and our sales thus far have proven that.”

Residents will have to entrances to their building, either through the main hotel lobby on Broadway, or through a private residents-only entry on Washington Street. Underground parking has been added just for residents.

Shared amenities include a fitness center, spa, salon, business center, game room and card room, as well as two restaurants, including Salt & Char.

The entire project is scheduled to be completed by late 2024

SARATOGA SPRINGS, N.Y. — In honor of the upcoming Belmont Stakes, The Saratogian asked Five Questions to Michael Dubb. Dubb is a partner of The Adelphi Hotel and Residences; a board member of New York Racing Association (NYRA); founder and CEO of The Beechwood Organization; and chairman of Belmont Child Care Association (BCCA).

1. What do you enjoy most about horse racing?

“There are two very enjoyable dimensions of this sport for me. One is the camaraderie between the owners, the trainers, the jockeys and most importantly, the people on the back stretch who care for the horses. Then of course, there is the star attraction. The horses are majestic, beautiful and powerful animals. They can also be gentle. I’ve been known to sneak some peppermints to the horses whenever I visit the stables.”

2. Tell us a little about the Belmont Childcare Association and Faith’s House. Why is this subject important to you?

“As a horseman, I became aware that the children of the backstretch didn’t have a place for adequate care when their parents were hard at work taking care of the horses. Many of these parents start as early as dawn and some kids were sleeping in cars. It moved me to want to do something. First came the idea of Anna House, which was established 25 years ago at Belmont Park.

“As a home builder, I donated labor and materials to build the full-scale childcare and early childhood education facility. It is a safe haven for children ages six months to five years old. They come in wearing diapers, graduate in cap and gown and in between, learn computer skills, writing, reading, arts and crafts and gardening. The kids leave with a strong foundation, ready to take on the world as they enter elementary school.

“To accommodate the needs of backstretch workers and their families in Saratoga Springs, I built Faith’s House near the Oklahoma Training Track. It opened in 2021 and offers similar services as Anna House. Children are now able to receive quality day care 365 days a year, no matter where the horses are running.”

3. What are you most looking forward to during the Belmont Festival in June?

“It could not be more exciting for our beloved race course and city to host the Belmont Stakes. The timing is especially exciting for me. As a developer, I have seen an increase in inquiries to tour The Residences at The Adelphi Hotel during the festival, which coincides with the first owners moving in. Welcoming the new owners into their luxury homes, at the same time as the once in a lifetime spectacle of the Belmont being at Saratoga, makes it a doubly special occasion.”

4. Belmont coming to Saratoga will give racing fans a rare opportunity to attend a Triple Crown race.  Do you have any advice for fans who are interested in going?

“With attendance capped at 50,000 people, the day itself should be no different than the Travers. Just wear comfortable clothing, leave a little extra time for parking and enjoy the day. I also recommend racing fans use this as an opportunity to take advantage of all Saratoga Springs has to offer, including its rich history, terrific restaurants and lively downtown. Even if you live in the area, it is an experience that further shows makes Saratoga so special.”

5. What sort of impact do you expect the Belmont Festival to have on NYRA’s operations?

“The Belmont Festival should have an overwhelmingly positive economic impact on the city of Saratoga, perhaps to the tune of tens of millions of dollars. I also believe the Belmont Stakes being in Saratoga will raise the profile of the third leg of the Triple Crown even higher than ever before.”

Since first opening in 1877, The Adelphi Hotel at 365 Broadway has epitomized the city’s cultural cornerstones of “health, history, and horses.” Once a getaway for distinguished visitors and horse racing enthusiasts, the iconic Adelphi now welcomes those who want to call it home with the launch of luxury condominium residences in the heart of downtown Saratoga.

The Residences at The Adelphi Hotel include 79 impeccably designed studio-, one-, two-, three- bedroom and duplex penthouse apartments priced from $800,000 to $4 million. Many of the apartments come with expansive outdoor living space and overlook an exquisitely designed courtyard garden or sweeping views of Broadway.

The homes range from 800 square feet to more than 2,500 square feet of interior living space, with fine design details including European-styled kitchens, Wolf and Miele appliances, Kohler fixtures, large plank-wood floors and more.

Residents may enter the building through the main hotel entrance on Broadway or through a private residents-only entrance on Washington Street, and have access to their own underground parking garage in the building. Shared amenities with the hotel include a spa, salon, gym, game room, card room, and business center along with two restaurants — Morrissey’s and Salt & Char.

The $75 million expansion and re-development of The Adelphi is spearheaded by developers and co-owners Michael Dubb, founder and CEO of Beechwood Organization, one of New York State’s top residential builders, and businessman Larry Roth. The duo, who are long-standing members of the thoroughbred racing and Saratoga Springs communities, have transformed the property while still staying true to its rich history.

 “We are creating a very high caliber of grandeur with The Residences at The Adelphi Hotel. Owners can expect all the luxuries of living in a five-star hotel while maintaining their own private residence within the property. We are opening a new chapter of this historic property and look forward to being part of its future,” said Dubb.

“Saratoga Springs is a highly sought out location. With this project, we have created the most luxurious five-star hotel residence in the region and have further cemented The Adelphi as a destination point for people coming from places such as New York City, Boston, Montreal or Buffalo,” said Roth.

The 79 condominium residences were carefully constructed to complement the architecture and character of the recently expanded Adelphi Hotel, which grew from 32 to 65 guest rooms and encompasses the adjoining property, the former Rip Van Dam Hotel, which are now connected as one.

Apartments will be ready for first occupancy in early spring with time to settle in before June’s Belmont Stakes at the Saratoga Race Course. The building is expected to be fully completed in late 2024.

“This property is unlike any I had the privilege to be part of and sets a standard of luxury never before seen in the region. Mike and Larry set out to design a luxury living experience for future residents. It can be felt the moment you walk inside any of the apartments. Coupled with 24- hour concierge service, the overall living experience is a truly elevated one,” said Shannon McCarthy, the exclusive listing agent for The Residences at The Adelphi Hotel.

SARATOGA SPRINGS — The Adelphi Hotel previewed its new luxury condominium residences last Wednesday, which are priced from $800,000 to $4 million. Some of the 79 units have already sold, and the hope is that new residents will be living at the Adelphi by the start of the Belmont Stakes Racing Festival on June 6.

The condos, which range from 800 to 2,500 square feet, feature European-style kitchens, Wolf and Miele appliances, Kohler fixtures, Silestone Quartz countertops, and plank-wood floors. Residents will have their own private entrance on Washington Street, and can enjoy the hotel’s various amenities, including in-room dining courtesy of Morrissey’s and Salt & Char.

According to AJ Bodden from the Shannon McCarthy Team at eXp Realty, buyers thus far “are from all over the place; plenty of local, snowbird types with second homes, but also a handful of primary residences.” Bodden said that everyone who has toured the condos have either stayed at the Adelphi or eaten at one of the hotel’s restaurants. Most of his prospective clients include Skidmore College parents, horse racing fans, frequent Saratoga visitors, and locals.

“Saratoga Springs is a highly sought out location,” said developer and co-owner Larry Roth in a statement. “With this project, we have created the most luxurious five-star hotel residence in the region and further cemented The Adelphi as a destination point for people coming from places such as New York City, Boston, Montreal, or Buffalo.”

Many of the Adelphi’s condos are still under construction. It’s estimated that work will be completed by the end of the year. Interested buyers can visit www.adelphiresidences.com.

Michael Dubb | Therapist

Michael Dubb’s near 50-year voyage at Saratoga Race Course has been unique and complete. In 1973, at the age of 17, he slept in a van because he couldn’t afford a room to attend the races the following day. In 2021, the 65-year-old multiple leading owner in New York, who watches the races from his box seat, saw the opening of his Faith’s House, a daycare center at Saratoga Race Course for the children of backstretch workers that he built and donated so those children had an option other that sleeping in their parents’ car or spending their summers apart from their parents. Faith’s House is named for his mother.

Twenty years earlier, Dubb donated the materials and built Anna House, a daycare center at Belmont Park named for the daughter of late owner, Eugene Melnyk, who contributed $1 million to start the program. Anna House was the first program of any kind offering daycare for children of backstretch workers. Dubb has contributed renovations for both facilities.

Michael Dubb’s legacy won’t be the races he won, but the lives he changed. “It means a lot to me, more than winning races,” he said. “In racing, you need a foundation to win races. These kids needed a foundation for their lives.”

His would be a good one to emulate.
The van he took to Saratoga was the same one he used for his fledgling landscaping business. “I bought my first landscaper when I was 16,” he said. “I slept in the van for a couple summers at Saratoga. I was in my van at Congress Park, and I got to listen to Richard Nixon resigning that August (1974).”

In 1985, Dubb began The Beechwood Organization, which has become the largest New York developer of family and multifamily attached housing. Beechwood has built more than 10,000 homes in 80 communities in New York City, Long Island, Saratoga Springs and North Carolina. Professional Builder magazine said Beechwood ranked 54th out of 240 housing giants and number 3 in New York in 2023. Dubb’s son Steven, is now a key player in Beechwood.

Dubb, a lifelong Long Islander, has spent much of his life giving back. He built homes for Long Islanders after Superstorm Sandy. The American Cancer Society, the American Jewish Committee, Family Service League, Mid Island YMCA/Jewish Community Center, Rockaway Development & Revitalization Corporation, Suffolk YMCA/Jewish Community Center, Tilles Center and Networking Magazine have honored Dubb for his philanthropy and community service.

While he has been a partner of top Thoroughbreds Monomoy Girl, British Idiom and Uni, he’s an astute horseman who has made a ton of claims—none more impressive than Therapist.

“He’s a pleasure,” Dubb said. “I competed against this horse for many years. I tried claiming him for $25,000, but I lost the shake. They put him in for $50,000. I got him. He’s just a hardhitting older New York-bred horse. I’m fortunate to own one.”

Exactly three weeks after Dubb lost his $25,000 claim on a shake, Dubb claimed the eight-year-old gelding for $50,000 on June 20 at Gulfstream Park when he finished third as the 2-1 favorite. Switched from Geoge Weaver to Mike Maker, Therapist won a starter allowance on synthetic by 4 ½ lengths and the Gr. 2 Pan American on turf at Gulfstream.

Sent to Churchill Downs, Therapist was a wide eighth in the Gr. 2 Louisville Stakes. At Ellis Park, he was second by a head in a $160,000 stakes.

In the $600,000 United Nations at Monmouth Park, July 22, Therapist won his first Gr. 1, scoring by a length and a half in the mile-and-three-eighths stakes under Javier Castellano. In his last start, Therapist finished eighth in the mile-and-a-half Kentucky Downs Turf Cup. Dubb can live with that. Therapist’s U.N. score earned $360,000—more than seven times what Dubb paid to claim him.

Of course, all his claims weren’t as successful.

At Anna House and Faith’s House, all the children are given the tools to be successful. “We give them confidence to compete,” Dubb said.

Dubb conceived the idea of Anna House after Hall of Fame jockey Jerry Bailey told him that backstretch workers’ kids were sleeping in cars. “It just wasn’t right,” Dubb said. “We recognized the need for daycare. I worked with NYRA to find a location. It took about 18 months. We got Anna House built in seven weeks.”

More than 1,000 kids have passed through Anna House, which offers 365-daycare from 5 a.m. to 6 p.m. There are programs for infants from 5 a.m. to 1 p.m. and a school-age program from 3 p.m. to 6 p.m. Parents of the families are asked to make a “very small donation,” Joanne Adams, the Belmont Child Care Association executive director, said. “We write grants to assist us, and corporations help us.”

Asked of Dubb’s ongoing contributions to both Anna House and Faith’s House, Adams said, “It’s hard to imagine any of this without Michael.” She continued, “He has a big heart. He cares about the people around him. He has shared his early life and what he did and how he worked hard to get where he is. He’s just a very caring person, exceedingly bright. He understands business, and he understands people. He’s happy when the people around him are happy.”

Dubb says of both daycare centers: “They’ve exceeded my wildest dreams, to see how incredibly happy the children are.”

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The Saratoga Race Course has long been a big draw, but it’s not the only one in this small, walkable city with a ‘phenomenal quality of life.’

The developer has brought on a real estate team to exclusively market properties in the neighborhood.

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Saratoga Springs Hotels

Saratoga's hotel scene may have waxed and waned over the years, but historic properties abound today. The luxe Adelphi Hotel is undoubtedly the town's grande dame, with a prime location on Broadway and four restaurants. In Saratoga Spa State Park, the Gideon Putnam upholds Saratoga's resort tradition — and is the site of the Roosevelt Baths & Spa. 

Then there's a seemingly endless number of inns and bed-and-breakfasts. The Batcheller Mansion Inn is, as its name suggests, housed in a Victorian-era mansion, while the Inn at Saratoga is the longest continuously operating lodging in town; it opened its doors in 1843. For an upscale boutique stay, there's the Saratoga Arms, a family-run property in downtown Saratoga built in 1870. Other popular B&Bs include Springwater Bed & Breakfast, Anne's Washington Inn, Saratoga Farmstead, Circular Manor, the Brunswick at Saratoga, and Union Gables Inn.

For something more modern, try Saratoga's two motels: the Bluebird Spa City Motor Lodge on Broadway and the Brentwood Hotel, just five minutes outside of town. And if you're a points chaser, don't worry — Saratoga has plenty of chain hotels, so it's easy to earn and redeem points here, too.

Read the original article here https://www.travelandleisure.com/how-to-visit-saratoga-springs-7495899

Developers Mike Dubb and Larry Roth have decided to build condominiums instead of apartments as they charge ahead with a $75 million-plus expansion and renovation of the Adelphi Hotel in downtown Saratoga Springs.

The strategy shift comes after the developers discovered during last year’s test marketing that there is a growing number of potential customers who are more interested in buying than renting a piece of the 200,000-square-foot Broadway resort.The vision for the project is to create a 5-star lodging and dining experience unlike anything else in the affluent city of 28,000. The resort will expand its number of hotel rooms from 32 to 65, while constructing an additional 79 condos that will be marketed for somewhere between $600,000 to $1.5 million apiece. The Adelphi also will offer customers access to a spa, concierge services, housekeeping, a ballroom and on-site restaurants serving sushi, raw oysters and $90 Delmonico steaks.

Development partners Dubb and Roth hinted they were thinking about a shift from apartments to condos last fall. Since then, they decided to seek approval for their condo offering plan from the New York State Office of the Attorney General.

The fellow thoroughbred owners and racing fans teamed up two years ago to map out a strategy for expanding the Adelphi.

Dubb is the founder of Beechwood Homes, a company that has constructed more than 10,000 houses on Long Island. Dubb also has had success developing large-scale luxury resorts. He developed The Vanderbilt with 197 apartments and hotel rooms in Westbury on Long Island four years ago. Demand was so strong, he constructed a similar project about a mile away, The Selby in Westbury, with 237 apartments and hotel rooms.

Roth is the former owner of Marchon Eyewear Inc., one of the world’s largest eye care companies. He also was part of a separate group that invested $28 million to renovate the Adelphi into a 32-room boutique hotel about five years ago, offering guests rooms with heated floors, heated toilet seats, bidets and fiber optic internet connections.

Now, Roth and Dubb are expanding the Adelphi by tying it into the former Rip Van Dam hotel next door.
Bonacio Construction of Saratoga Springs is the contractor for the project and Gilbane Building Co. of Albany is the owner’s representative.

Dubb said the Adelphi expansion remains on track to be completed by spring of 2024. Some of the new hotel rooms are expected to open next month. And the remainder of the hotel rooms will be ready in time for the 2023 thoroughbred racing season this summer.

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