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Key Development Site In Nanuet TOD Sells For $15.5 Million
Five lots on Prospect Avenue in Nanuet totaling just over 5.5 acres in the heart of Clarkstown’s Nanuet Transit Oriented Development sold for $15.5 million. The sellers were 18 & 29 Prospect NY LLC and Rimzco LLC. The buyer is The Nanuet Commons LLC.
No plans for the property have been formally presented to either Clarkstown’s Technical Advisory Board or to the Planning Board, but the property is zoned TOD-1 and TOD-2 which both allow multifamily residential development. According to a source, the plan for Nanuet Commons includes about 250 one- and two-bedroom apartments, a green space, and a small park that will be open to the public.
In June 2019, Clarkstown voted to rezone the heart of Nanuet’s business district into a cluster of dense residential housing and light commercial that is designed for walkability and train use. The 37-acre TOD, which is divided in three parts, caps housing units at 500. The original plan called for 750 housing units but was downsized to satisfy New York State Department of Transportation’s traffic concerns on state roads.
An earlier attempt to acquire the land for $20 million and develop the property by Sterling Development Group of Livingston, NJ with 252 units of multi-family housing was abruptly withdrawn in 2023.
The zoning in the Nanuet TOD limits both the number of units per acre and the size of the units. Construction of residential units in the TOD-1 limited to 3-story buildings and a mix of studio, one- and two-bedroom apartment units. Building height in the TOD-2 zone allows up to 4-story residential buildings. There has been no residential development in the Nanuet TOD since its creation in 2019.
Spring Valley Office Building Sells For $8.25 Million
The mixed-use office building at 286 North Main Street in Spring Valley sold for $8.25 million. The seller was Crown BG LLC. The buyer is 286 North Main LLC. Harry Schonfeld is a member of the buyer LLC.
Financing in the amount of $4.274 million was provided by California-based Momentus Direct Capital.
The office building, constructed in 1975 sits on .97 acres and is about 18,200 square feet.
A deed recorded the same day transferred the property from Hillcrest Service Center SV 1 LLC to Crown BG LLC before the transfer to 286 North Main Street LLC.
Land Leased To Quality Inn At 100 Spring Valley Marketplace Sells For $2.3 Million
The property at 100 Spring Valley Marketplace sold for $2.3 million. The seller was Exit 14 Association, LP. The buyer is MSK Building LLC. The seller is associated with Nanuet-based Rockland Realty.
Financing in the amount of $1.3 million was provided by Nanuet-based Ibis Capital Group, LLC.
Located on the 2.35 acre lot is the Quality Inn, a 4-story, 104-room motel, affiliated with Choice Hotels International.
The hotel property has a long-term ground lease and the transfer to MSK Building, LLC is subject to the land lease.
