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isum Development Group is listing three Collegetown properties: 126 College Ave (5‑unit, finished 2021), 238 Dryden Rd (“The Bronze,” 9‑unit, finished 2022), and 121 Lake St (“The Breeze,” 77‑unit under construction, due summer 2025). Together they offer about 155 student‑focused bedrooms. Newmark & Company Real Estate is handling the “Coming Soon” sale, which has circulated privately since September.
Visum’s long‑standing presence in Ithaca includes a $44.7 million sale of 201 College Ave and 112‑114 Summit Ave in 2021. Collegetown’s proximity to Cornell makes it high‑profit but tightly regulated—stringent zoning, high taxes, and a rigorous planning process. A pre‑approved property lets investors bypass much of that hurdle.
A caveat: 121 Lake St earned a tax abatement from the Tompkins County Industrial Development Authority; any sale would need TCIDA approval to transfer the benefit. Comparable deals suggest the trio would fetch over $25 million.
Nearby, Charlie O’Connor secured an $18.25 million loan for a 46‑unit project at 201 Oak Ave, and Nick Robertson plans “The Ivy” at 325 College Ave (2026) and “The Bear” at 215 College Ave (2027).
