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Toll Brothers Close On Gatto Lane Planned Adult Community In Pearl River For $3.24 Million
A 10-acre parcel that was originally part of American Cyanamid/Wyeth Pharma holdings was purchased by Toll Northeast V Corporation, an entity affiliated with Toll Brothers, Inc., a national luxury home builder. The seller was Gatto Lane, LLC.
The property at 80 Gatto Lane in Pearl River sold for $3.24 million.
Toll Brothers is a Fortune 500 company that has constructed over 3,000 single-family homes, townhouses, and condominiums in the New York market.
The project, which originally called for 40 semi-attached luxury townhomes, secured zoning changes and variances from the Town of Orangetown, and is structured as a “Planned Adult Community.” The original zoning on the site was R-40 (single family homes on one acre) and was changed to R-15 with an adult community overlay that enabled greater density.
A subsequent amendment to the plan reduced the density down to 36 units. Plans include a walking trail, community gathering space, and private patios.
Key Bank Building In Nyack Sells For $2.4 Million; Bank To Stay On As Tenant
The Key Bank and the attached office building at 17 South Broadway in Nyack sold to a New Jersey-based investor/developer for $2.4 million.
The Seller was KeyBank, North America. The buyer is Broadway Remsen, a New York LLC, based in Jersey City, New Jersey. The bank will remain as a tenant in its existing space. The attached office building, built in the 1960s and designed by Turley, Stievater, Walker and Mauri Architects, was sold with the bank building. The office annex is largely vacant. Plans include an significant upgrade to the facility to attract new tenants to the office space.
Financing was provided in the amount of $1.875 million was provided by Woodmere, NY-based 17 S Broadway Funding, LP.
The multi-tenant office building is about 21,000 square feet on .96 acres, with a 151 linear feet of frontage on South Broadway in Nyack.
Spring Valley Office/Industrial Sells For $4.25 Million
Rock3 Properties Inc. sold a building at 24 West Street in Spring Valley. The buyer is Monsey-based 24 West St LLC. The purchase price was $4.25 million.
Mortgage financing was provided by Rhode Island-based Citizens Bank in the amount of $3.7 million.
24 West St LLC members include Aron Berger and Moishe Koth.
The 8,500 square foot, multi-tenanted office/industrial building at 24 West Street sits on .83 acres has 15 parking spaces, a ceiling height of 21 feet, and was constructed in 1970.
New City Mixed-Use Commercial Property Sells For $850,000
A mixed-use commercial property at 80 South Main Street in New City sold for $850,000, about $180 per square foot.
The seller was First & Main Corp. The buyer is Maria Pizzano.
The property was originally listed for $975,000.
According to its listing, the multi-use commercial/residential building is 4,736 square feet divided into four leasable spaces.
Current occupancy includes a pizzeria/restaurant, a second-floor apartment, a consignment shop, and a landscaping company.
