Seven-time leading owner at Saratoga Race Course Michael Dubb and his Long Island home building company are making a big bet on an upscale subdivision in Saratoga Springs.
Dubb, founder and chief executive of The Beechwood Organization in Jericho, is under contract to buy 48 lots in the Oak Ridge neighborhood less than three miles east of the Saratoga Race Course.
Dubb, 64, and his company have constructed more than 7,500 homes in New York City and Long Island since 1985. The company signed a contract with Jeffrey Snyder and Oak Ridge Development. Terms of the deal have not been disclosed beyond the $318,000 deposit that Dubb made to purchase a portion of the multiphase, 100-plus lot, 134-acre subdivision.
Snyder and his brother spent several years developing a portion of Oak Ridge with million-dollar-plus homes with large porches, crown molding, hardwood floors and stainless steel appliances.
Oak Ridge is located off Meadowbrook and Dyer Switch roads in a neighborhood with carriage lanes and a fountain, 2.6 miles east of the main entrance to the track. The land management plan for the development was created by The LA Group Landscape Architecture & Engineering of Saratoga Springs.
Dubb has been heavily involved with Saratoga racing for decades, and is a member of the board of the New York Racing Association, the nonprofit that manages the track. Dubb also is a seven-time leading trainer at the Saratoga thoroughbred track with his most recent title coming in 2018. Last year, Dubb ranked second for the season.
A representative for Beechwood said Dubb is not yet ready to discuss its plans for the Oak Ridge Development property.