What's The Big Deal?

What’s The Big Deal? Another West Clarkstown Road Parcel Sold For Redevelopment; 5 Francis Place To Become Six Condo Units; Recent Sales

Development Features Real Estate What's The Big Deal
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7.2 Acre Parcel At 149 West Clarkstown Road In New City Sells For $4 Million

Another property on West Clarkstown Road in New City has sold. The former colony at 149 West Clarkstown Road in New City was purchased by Midco Land, LLC, owned and controlled by local developer/investor Yisroel Berger of Spring Valley. The seller was the Estate of Harvey Waxman.

149 West Clarkstown RoadThe 7.2 acre property, just east of Addison Boyce Drive (location of the former Girl Scouts headquarters slated to become a house of worship), is home to 22 bungalow-style residences. Berger paid $4 million dollars for the property, according to the deed filed with the Rockland County Clerk’s Office.

Because of the way Clarkstown’s zoning code is written, West Clarkstown Road, a County Road, is a target for developers who cannot build on the town’s secondary and collector roads. The two-lane road already has a number of developments either completed or pending, including L’Dor, proposals at Camp Merockdim/Champion, and a girls Yeshiva at 31-41 West Clarkstown Road.

Berger secured a construction loan in the amount of $3.6 million from NJ-based Capital Stack Fund II, LLC. According to the loan documents, the funds were lent to enable Berger to “renovate and erect multiple multi-family structures.” No specific plans have yet been presented to the Clarkstown Planning Board.

The property is in a residential R-40 zone, so there are various special permit options available to the developer, including senior housing. A cluster development is also possible on the 7.2 acre parcel.

Berger is the developer of twelve condominium units on a .52 acre property located at 18 Jackson Avenue in New Square via a special permit issued by the New Square Planning Board.

Single Family Home Of Francis Place In Monsey To Become Six-Unit Condominium

5 Francis PlaceAnother single family home on Francis Place in Monsey will yield to a multi-family condominium project. The .31 acre lot at 5 Francis Place sold for $2,110,000 to Airmont-based 5 Francis LLC, owned by Moses Friedman. The seller was the Kops Family Trust. The house was a 3-bedroom, 2-bathroom ranch-style home with a backyard.

Financing was secured from White Plains based Northeast Community Bank in the amount of $3,104,110 for a two-year, interest only construction loan, at prime plus 1.25%, with an interest rate floor of 6%.  According to the Building Loan Agreement, the financing is for the construction of a six-unit condominium on the .31 acre lot.

Other parcels on Francis Place have met a similar fate — with single family lots converted to multi-family apartment and condominiums. Units along Francis Place often range from four to seven bedrooms and have sold for prices in excess of $1.3 million.

An application is pending with the Town of Ramapo Zoning Board of Appeals for variances permitting construction of a three family dwelling with three accessory apartments at the site. Variances sought include front setback, front yard, total side setback, rear setback, rear setback to deck,  floor area ratio, and greater than permitted development coverage. The property is in Ramapo’s R-15C zone.

Recent Commercial Sales

15 West Funston, Spring Valley, NY

Valley View Associates NY, LLC of East Rutherford, NJ sold 15 West Funston Avenue in Spring Valley for $3.4 million. The buyer is Samuel Fisch’s Monsey-based West Funston Holdings, LLC.  Financing was provided by New York-based TD Bank in the amount of $2.6 million. The 3-story, 33 unit apartment building on .75 acres was built around 1962. The property sold for about $100,000 per unit.

The office building at 501 Chestnut Ridge Road in Spring Valley was purchased by Hamaspik of Rockland County for $5.5 million. The seller was 501 CR Associates, LLC. The three-story, 13,800 square-foot commercial building sits on 1.25 acres and was built in 1980. The property sold for about $400 per square foot.

Two buildings at 50 & 52 Broadway in Haverstraw were sold by AMEC Broadway, Inc. to Brooklyn-based EFB 5 21 Trust for $1,050,000. The mixed-use buildings have retail below, residential units above.  50 Broadway has 2,280 square feet, 52 Broadway has 4,484 square feet. The properties sold for about $155 per square foot.