A long-delayed 244-unit luxury condominium community in North Hills is set to take a symbolic step forward Monday, when builders hold a ceremonial groundbreaking.
More than half the homes in the $300 million Ritz-Carlton Residences at North Hills are expected to open in late 2015.
RXR Realty bought the 17-acre site in 2007, but the project stalled when the housing market crashed.
Now the timing is right, said Scott Rechler, chairman and chief executive of Uniondale-based RXR. The Long Island housing market appears to be on the upswing, and in the last month some 60 people have expressed interest in buying the condominiums, he said.
The demand for condominiums has risen. In the last three months of 2013, 959 condominiums were sold on Long Island, a year-over-year jump of 35 percent, according to a report by the appraisal firm Miller Samuel and the brokerage Douglas Elliman.
Long Island has a large population of people who are retiring and hoping to downsize, and there has been little new construction of high-end condominiums in the last decade, Rechler said.
The units are being marketed to retirees and affluent professionals seeking "a simpler way of life without having to give up any of the aspects of having a high-quality home," Rechler said.
Daniel Gale Sotheby's International Realty will handle sales.
The remaining 120 units in three buildings are expected to open within four years. The site is north of the Northern State Parkway, off New Hyde Park Road.
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