What's The Big Deal?

What’s The Big Deal? Spring Valley Redevelopment Site Sells for $3 Million; Carlton Road Acreage Sold For $19.5 Million With Deed Restriction Limiting Residential Development; Chartwell Continues Expansion on Hemlock Drive

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Residential Redevelopment at 1-3 Funston in Spring Valley

Funston Redevelopment Site
Funston Redevelopment Site – Click To Enlarge

Two properties owned by Yosef Kohn at 1 and 3 East Funston Avenue (57.55-1-16,17) in Spring Valley were sold to Monsey-based developer 1-3 Funston Avenue LLC. The two lots, totaling .55 acres, sold for $3 million.

Mortgage financing in the amount of $1.3 million was provided by White Plains, NY-based Northeast Community Bank.

A construction loan in the amount of $3,3650,500 was also provided by Northeast Community Bank. The building loan is for a one-year term with a six-month extension option and carries a rate of prime plus 2% with an interest rate floor of 6%. Prime is 8.5% according to BankRate and the Wall Street Journal.

The redevelopment project includes a three-story twelve-unit condominium building on the site of two former single-family houses. The proposal to build at the site has been pending since 2021 when rezoning and numerous variances were first sought to allow the project to move forward. The Rockland County Planning Department rejected the proposal which was later approved by the Village of Spring Valley.

Carlton Road Acreage Sold With Deed Restriction Limiting Residential Development

Carlton Road
Carlton Road Acquisition – Click To Enlarge

Carlton Road Owner LLC, an arm of Extell Development, a large Manhattan-based real estate company, sold 24.5 acres at 82-86 Carlton Road (49.13-2-9.1) in the Town of Ramapo to 82 86 Carlton LLC for $19.5 million.

The property was sold with a deed restriction prohibiting residential development that exceeds one dwelling unit per 50,000 square feet for 10 years. The restriction precludes apartments, condominiums and other dwelling units – the only exception being dormitory housing for students K-12.

The land is currently vacant.

Financing in the amount of $13 million was provided by Jackson, New Jersey-based LEVON NY MXXIV LLC.

Chartwell Pharmaceuticals Acquires Nine Acres on Hemlock Drive In Congers

40 Hemlock – Click To Enlarge

Congers-based Chartwell Pharmaceuticals continues its expansion with the acquisition of vacant land at 40 Hemlock Drive (44.8-1-7) in Congers. The seller was Intercos America  Inc. The buyer was Chartwell Hemlock Land LLC. The purchase price for the 8.98 acre parcel was $4.5 million.

In July of 2023, Chartwell acquired 25 Hemlock Drive for $13.8 million. In September of 2023, Chartwell acquired 30 Hemlock Drive for $9.4 million. Chartwell sought and received a raft of benefits working with the Rockland County Industrial Development Agency on these two earlier acquisitions.

The property is zoned CO (Commercial Office) and sits just to the east of Route 303 in an industrial area.

Financing of $4.28 Million Secured For Construction Of West Nyack Spark Car Wash

spark car wash369 NY 59 RE OWNER LLC, the owner of the property at 369 Route 59 in West Nyack (across from the Palisades Center), has secured a building loan for the construction of a Spark Car Wash at the site that housed a former, but since demolished, car wash.

The building loan agreement in the amount of $4.28 million was provided by Florida-based LNNNAC1 S1B LLC.

Spark will be a tenant at the property and a subordination agreement with New Jersey-based Spark Car Wash was also signed protecting Spark’s interest in the lease. Spark is a chain of membership-based car washes. Car washes are allowed by special permit in the RS zone.

The 1.41-acre parcel of land was acquired by its owner for $2.5 million back in July of 2022.