What's The Big Deal?

What’s The Big Deal? Approved New City Senior Housing Project Sells For $3.6 Million; Bella Gianna On Route 303 In Congers Sells For $1.4 Million; Financing Up To $138 Million Secured For Novartis Redevelopment

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Approved Senior Housing Project At 135 North Main Street Sells for $3.6 Million

135 North Main Street New CityAn approved senior housing project at 135 North Main Street in New City has sold for $3.6 million. The seller was Philip Griffin’s Piermont-based 135 North Main LLC. The buyer is Yakov Grunwald’s Airmont-based Green Development Realty LLC.

The project, originally proposed back in 2017, received zoning variances in 2021 and final planning board approvals in 2022.

The parcel is about 2.5 acres. The senior housing plan includes 47 rental units: 30 one-bedroom and 17 two-bedroom, one of which is a superintendent’s unit. 61 parking spaces are also approved.  The plan calls for two buildings, one with parking underneath, and the other with a small event room. The site also includes a walking path.

The project received its approvals prior to the site being rezoned into the new H3-New City Hamlet Zone.

The seller is a Piermont-based developer and owner of Piermont Landing on Piermont’s waterfront.

The buyer is the developer of Bluefield Extension Subdivision in Ramapo, and Kennelly Square Senior Housing on Route 9W in Congers.

Financing for the acquisition in the amount of $1.8 million was provided by White Plains-based Northeast Community Bank. Additional financing for construction of the project in the amount of $10,093,000 was also provided by Northeast Community Bank. The building loan has a term of 24 month, an interest rate of Prime, plus two, and an interest rate floor of 6%

Bella Gianna, 1-Acre Restaurant Parcel On Route 303 In Congers Sells For $1.4 Million

bella giannasBella Gianna, the long-troubled family-style Italian Restaurant at 77 South Route 303 in Congers, has sold after several years on the market. The seller was Frank Vasti of FJV Realty, LLC. The buyer is Kishan Patel of Colonia, NJ-based North Star Plaza, LLC. The purchase price was $1.4 million.

The building, constructed around 1980, is about 6,000 square feet and sits on .99 acres. It has two existing curb cuts onto State Road 303. A two-family house also sits on the southeast corner of the property.

The seller had several false starts with contracts to an exterminating company and a church but both fell through after the Town of Clarkstown, deliberated and decided against removing a restrictive covenant on the property.

Originally, the parcel surrounded by a mostly residential neighborhood to the east of Route 303, was zoned R-15. The property was re-zoned to CS (commercial shopping) to accommodate the restaurant, but the restrictive covenant limited the owners from expanding the use of the property to those otherwise permitted in the CS zone including churches, schools, offices, animal hospitals, auto parts stores, appliance stores and many other retail uses.

The restrictive covenant, which runs with the land, limits the site to restaurant use, and to a “floor area ratio” of .35. The restaurant, however, does have a right to have a drive-through because that kind of use is permitted on major roads such as Route 303.

Vasti purchased the restaurant and property in 2007 for $1.4 million.

The buyer is an owner/operator of several Dunkin Donuts franchises, including in West Haverstraw and Pomona. Although no plans or demolition permits have yet been filed with the Town of Clarkstown, the likely use is a franchise with a brand new building and drive-through.

Financing Up To $138 Million Secured For Novartis Redevelopment Project

novartisIV2 Rockland Logistics Center, a Delaware LLC and an arm of Brookfield Properties, arranged financing  of its redevelopment of the former Novartis Campus in Suffern and Montebello, along with a recently acquired parcel from the New York State Thruway Authority.

A Notice of Lending was filed with the Rockland County Court Clerk in the amount of $138 million. A mortgage in the amount of $58 million was also recorded.

The properties at 25 Old Mill Road in Suffern and 19 Hemion Road in Montebello were sold to IV2 Rockland Logistics Center LLC for $138 million in 2022.

IV2 Rockland Logistics Center LLC has demolished everything on the site and plans to build a campus with state-of-the-art warehousing/distribution facilities. The plan calls for construction of three Class “A” industrial warehouse/wholesale distribution facilities totaling 1,221,800 square feet with loading bays, trailer storage spaces and parking.  Building 1 will consist of 963,100 square feet, Building 2 will have 170,500 square feet, and building 3 is planned for 88,200 square feet.