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Retail Properties at 300 East Route 59 and 61 Smith Street In Nanuet Sell For $7.6 Million
Two properties at 300 East Route 59 and 61 Smith Street in Nanuet have sold. The sellers, Tara Bay Holding Corporation and Early Bird Realty LLC, affiliated companies based in Boca Raton, Florida, sold to affiliated entities, Nanuet-based Anthos 300 Route LLC and Anthos 61 Smith LLC.
The property at 300 East Route 59 is a retail building leased to The Tile Shop. The 30,000 square foot building, constructed in 1975 on 1.0 acre sold for $5.3 million. It sits in Clarkstown’s RS (Regional Shopping) zone and has 110 parking spaces and frontage on Route 59. The property was renovated in 2016 and was the former home of Ethan Allen Furniture.
The property at 61 Smith Street is a retail bank building occupied by Chase Bank. The 2,600 square foot building, also constructed in 1975 on .47 acres sold for $2.3 million, with the seller, Early Bird, providing financing in the amount of $1.2 million. The loan is for 8 years and carries an interest rate of 7%.
The properties were brokered by Donny Moskovic of Katz & Associates, Retail Real Estate Advisors.
Former State Superfund Site In Stony Point Sells For $3.75 Million
Stony Point Estates, LLC has sold the industrial property at 125 South Liberty Drive in Stony Point to 125 SLD LLC for 3.75 million. 125 SLD LLC is owned by Jacob Sobel who operates a steel fabrication firm on the site.
The nearly three-acre property has a 15,0000 square foot industrial building on site, built in 1960 with 22 foot ceilings.
Two mortgages are recorded against the property in favor of Missouri-based First Bank of the Lake in the amounts of $1,948,000 and $1,558,400.
The property is the former home of Gabriel Manufacturing, that produced metal and plastic accessories for office furniture. In 1988 a production well at the site was sampled and volatile organic compounds, primarily chlorofluorocarbons (CFCs), were detected in groundwater. The CFCs were supplied by E.I. du Pont de Nemours and Company, Honeywell International Inc., and Union Carbide Corporation, according to records from the NYS DEC.
The site was designated as a Class 2 Superfund site. A Class 2 site represents a significant threat to public health or the environment requiring remedial action. The site cleanup was supervised by the DEC and the New York State Department of Health and in 2021, a consent order was entered through the DECs State Superfund Program, allowing the site to be sold and reimbursing the DEC for $450,000 in clean-up costs.
The property was sold to Stony Point Estates for $2.35 million in February of 2022.
Montebello Professional/Medical Building Sells For $3.65 Million
Airmont Partners LLC, based in Armonk, NY sold the property at 29 North Airmont Road in Montebello to Brooklyn-based Jacob Schwarts LLC.
The two-story, 17,000 square foot professional/medical office building, constructed in 1980 sold for $3.65 million, $214.70 per square foot.
The 1.16 acre property has 61 parking spaces.
Financing was provided by Rhode Island-based Citizens Bank in the amount of $2,656,000 through a consolidation with an existing loan and new financing.
Building Loan Secured For 12-Unit Condominium in Monsey
Good Step 6 LLC has secured a $6.493 million building loan to construct a 12-unit condominium building at 50 Park Lane in Monsey. Good Step 6 acquired the property in 2022 from Bnai Jeshurun Synagogue for $2 million.
Approvals for a two-lot subdivision on the .54 acre site was granted by the Town of Ramapo for a three-family dwelling, plus three accessory apartments on each lot.
Mortgage financing and the construction loan for the project were provide by White Plains-based Northeast Community Bank in the amounts of $1 million and $6.493 million, respectively.
