Hochberg Buys Residential Development Company Back for $20M

VALHALLA, NY-After having sold his residential development firm seven years ago to Skanska AB, Mitchell Hochberg has purchased it back from its parent company for $20 million.

Hochberg announced he had completed the purchase transaction Thursday. He also reported that the Valhalla-based company’s name has been changed from Spectrum Skanska to Spectrum Communities. The sale was part of Skanska AB’s restructuring of its core businesses that was announced last year. Part of that restructuring effort included the sale of its residential businesses in the US.

Hochberg, who founded Spectrum in 1985 and was the driving force behind its transformation into a major player in the residential building sector in the Northeast, will serve as president and CEO of the newly-formed Spectrum Communities.

“After more than 20 years in the homebuilding industry, we have come full circle and returned to our roots as a regional luxury homebuilder,” Hochberg says.

He continues, “Our business is stronger than ever and our day-to-day business operations will not be altered in any way. Our active communities are selling very well. By the end of this year we plan to grand open five new communities in Westchester, Rockland, Suffolk and Dutchess counties in New York.”

Among the company’s residential communities under development include: Discovery Cove at Half Moon Bay in Croton-on-Hudson, NY; Mansion Ridge in Monroe, NY – a residential community that also features a Jack Nicklaus Championship golf course; The Legends at Half Hollow in Dix Hills, NY; Terra Nova at Westport in Westport, CT; Traditions at Historic Southbury in Southbury, CT; Encore Monroe, an active adult community in Monroe Township, NJ and Pinecrest Lake Golf & Country Club in the Pocono mountains in Pennsylvania.

Spectrum has recently completed a host of residential developments in New York including: BelleFair in Rye Brook; Valimar in White Plains; Legend Yacht & Beach Club in Glen Cove on Long Island and The Legends at Purchase in Westchester County.