NVR Settles on Hyde Field
Clinton Property was in Bankruptcy
NVR Inc. is now the owner of Hyde Field, the Clinton small-plane airport coveted for its development potential.
The homebuilder paid $7.5 million in mid-December for the 423-acre property, answering the question of how the tract would emerge from bankruptcy. A bankruptcy trustee handled the sale, after a judge had determined that the sale to NVR was the best option to repay creditors.
NVR’s ultimate yield is still something of an unknown, as the property traded without entitlements. Court documents suggested the tract will yield at least 500 but more likely over 1,000 units, and probably some as yet-undefined commercial component.
Located on Steed Road, Hyde has tempted developers for years, including efforts by Palisades Development and before that, Faison, to bring a mix of homes and retail to the Clinton tract.
In bankruptcy, the owner twice sought to create a ‘stalking horse’ auction, in which bids would be measured against a contract on the property. But ultimately, the Court went with an outright auction, at which NVR’s $7.5 million, all-cash bid was approved.
Rich Samit and Mike Parsels at Fraser Forbes Real Estate brokered the sale.