What's The Big Deal?

What’s The Big Deal? Brooklyn Developer Buys Montebello Parcels; County Buys Davies Farm-Owned Property For $4 Million; Spring Valley Commercial Property Sells For $4 Million

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Brooklyn Developer Acquires More Commercial Lots in Montebello

Montebello LotsYitzi Hager, through GP 33 N. Airmont Rd, LLC has purchased two lots on the border of the Village of Montebello and the Town of Ramapo just off 33 North Airmont Road. The purchase price for the two lots was $2,216,667. The seller was Solomon Menche. The two parcels total 2.38 acres and consist of vacant non-residential land according to the Real Property Transfer Report.

In December, Hager closed on two other adjacent lots in the same subdivision. Those lots total 2.26 acres. Hager paid $2,216,667 for those lots.

The land is zoned LO-C (Laboratory Office-Campus District).

Hager is based in Brooklyn, NY. His company Cornell Realty Management is a broad-based real estate development company. Hager established his firm by partnering with larger players – such as Hudson Realty Capital, Madison Realty Capital and L&L Capital Partners. He has been involved in several controversial projects in Brooklyn, and in recent times has been the subject of claims of fraudulently transferring millions of dollars from an entity affiliated with a bankrupt Williamsburg hotel project to shield the money from the property’s creditors, according to a trustee for the creditors.

Hager also lost his stakes in two high-profile properties to bankruptcy sales, according to the Real Deal.

Rockland County Buys 11.83 Acres From Davies Farm, Inc. For $4 Million

Rockland County closed on 11.83 acres at 20 New Valley Road in New City, paying $4 million for the vacant residential land.

The seller was Davies Farm, Inc. The largely wooded property with a small pond on it is located to the west of Little Tor Road between a mixed-use commercial project ( to the east) and Link Elementary School to the west. To the north is the Red Hill Garden and Nursery. Access to the property is along New Valley Road.

In the recent State of the County address, County Executive Ed Day referred to upcoming Open Space purchases by the County. Although the County has not yet responded to inquiries about this acquisition, it is likely part of the County’s plans to acquire additional Open Spaces.

Davies Farm has been selling off residential parcels along New Valley Road in New City since the 1930s. Davies Farm Inc. has not connection with or relationship with Dr. Davies Farm.

Spring Valley Commercial Properties Trade For $4 Million

301-309 RooseveltParcels at 301-309 Roosevelt Avenue, along with two parcels at 10 and 12 Elias Street in Spring Valley, have sold. The seller was C&C Jobber Services, Inc, a New York Corporation, based in Old Bridge, New Jersey. The buyer is Meir Ettlinger, through 301 Roosevelt LLC. Ettlinger is based in Montebello, NY.

The two parcels on Elias Street are located to the north of the Roosevelt Avenue commercial building and are contiguous with that parcel. The two structures on Elias are also used for commercial businesses.

The purchase price for the parcels, totaling .79 acres was $4 million. Financing in the amount of $3.2 million was provided by the seller at 7 percent. The payments amortize over 25 years with a balloon on the balance after 15 years.

The property is made up of several commercial parcels, totaling 33,320 square feet, and the multi-tenant parcel on Roosevelt Avenue was constructed in 1960.