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BAXTER ESTATES CONDOMINIUM DEVELOPMENT SELLS FOR $11.7 MILLION
The 18 condominium units located at 1 Fred Hecht Drive in Spring Valley was sold by Baxter Property Holdings LLC to Fred Hecht Realty LLC for $11.7 million, or $650,000 per unit. The acquisition included the 18 units and the land under the condominium project.
Originally the land was subdivided in 2004 and Baxter recorded the condominium declaration in 2007. Each of the 18 3-bedroom, 2-bathroom units, spread over six buildings is 1,350 square feet. The project was originally developed by Gavriel Alexander before the 2008 market crash, and according to the original filed condominium declaration, each apartment home was intended to sell for $550,000.
According to a listing on LoopNet, the development was 100 percent occupied as apartment homes, with average rents of $2,950 per unit.
To facilitate the purchase, a mortgage in favor of Golden Bridge Funding of Kew Gardens, NY was provided in the amount of $7 million.
SPRING VALLEY REVITALIZATION PROJECT ON NORTH MYRTLE MOVES FORWARD
The site of several boarded-up cottage homes and a truck parking lot, the three properties at 22, 24 and 26 Myrtle Avenue in Spring Valley, have sold to Samuel Wettenstein’s wholly-owned 26 North Myrlte LLC. Chistopner Grecco sold Wettenstein 26 North Myrtle for $4 million. The seller of 22 and 24 North Myrtle was Hadas Estates, LLC.
The three lots combined total 76,465 square feet (1.76 acres) and are zoned for residential use. A Special Permit will allow the developer to construct multi-family housing on the site. Planned are three detached four-story buildings comprising 20 two-bedroom, 30 three-bedroom, and 30 four-bedroom apartments. No onsite amenities are planned.
The eastern-most building on the site will be about 48,500 square feet. The center building about 34,000 square feet, and the western structure about 37,000 square feet. 80 parking places are planned.
The project received support from the Rockland County Industrial Development Agency in the form of mortgage tax and sales tax exemptions. Estimated mortgage recording tax savings are $220,500. Estimated sales tax savings are about $921,250. The IDA also approved the project sponsor’s plans to secure a PILOT (Payment In Lieu Of Taxes) program with the various municipalities and school districts involved. The total project cost is about $23 million.
Spring Valley is the most populous village in Rockland County with more than 33,000 residents and according to the most recent census it has 26.2 percent of its population living in poverty. According to the developer, “The need for new diverse housing is acute.”
Anticipated completion of the project is March 2024.
Wettenstein has a similar project planned at 12, 14 and 16 North Myrtle Avenue.
MONSEY SINGLE FAMILY LOT CONVERSIONS BRING TOP DOLLAR
Monsey’s residential lots continue to bring top dollar per square foot. The single-family residence at 4 Crown Road, sitting on about 16,000 square feet sold earlier this year for $997,000, or about $62 per square foot. The seller was a family trust. The buyer, Spring Valley-based 4 Crown LLC.
Approvals were obtained and funding secured to build eight residential condominium units on the parcel, with easements given to the Town of Ramapo for both a “shade tree” corridor and a cross access easement between the approved two-lot subdivision. The property is zoned R15C which allows for two-family homes with accessory apartments. Numerous variances to the existing bulk requirements were also granted including lot area, lot width, rear setbacks for both the building and decks, street frontage, development coverage and floor area. The development would not have been possible without the area variances.
Funding for both the acquisition of the property ($661,200) and construction ($3,188,800) was provided by Northeast Community Bank.
Very few buildable parcels remain on Crown Road. What was once a street of single-family suburban homes is now largely dominated by multi-family units on small lots.
LONG VACANT HSBC BANK BUILDING IN TAPPAN SELLS FOR $1.25 Million
The long vacant HSBC Bank building at 16 Route 303 in Tappan sold for $1.25 million. The seller was EJL Tappan LLC. The buyer was Apollo Works Corporation of 808 Bloomfield Avenue in West Caldwell, NJ. Both the West Caldwell and Tappan locations house A Cleaner City Tailoring. Apollo has an additional A Cleaner location on Broadway in Westwood, NJ.
The two-story, 6,100 square-foot, free-standing building with a large parking lot was constructed in 1980 and consists of .49 acres. With frontage along Route 303, the building is zoned for “Community Shopping” and sits across from the about-to-be-constructed new LIDL Supermarket on Route 303.
The property sold for about $205 per square foot and has been on and off the market since 2018.