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Nyack Self-Storage Facility Sells To Storage Post For $12.5 Million
GSI Nyack LLC, a Delaware limited liability company, sold the self-storage facility at 92 Route 59 in Nyack to Georgia-based Storage Post 92 Route 59 LLC. The property traded for $12.5 million.
GSI acquired the property from Nyack Mini Storage LLC in 2021 for $14 million.
The property, located at 92 New York 59 on 2.9 acres, was previously operated by Go Store It.
“The Nyack acquisition represents another step forward in our intentional growth across the New York metro region,” said Jack Giannola, Director of Acquisitions at Storage Post. “Rockland County continues to offer consistent demand, and this property enables us to serve residents and businesses better while strengthening our regional presence.”
The acquisition marks Storage Post’s second facility in Rockland County and supports the company’s continued growth across New York and New Jersey. Its other facility is in Suffern.
Storage Post has been actively acquiring self-storage properties in the New York metropolitan area.
Karniol To Build Residential Condos On Blauvelt Road in Kaser
The JM Klein Legacy Trust sold a .36 acres parcel at 231 Blauvelt Road in Kaser to 231 Blauvelt Road LLC for $3.6 million.
231 Blauvelt Road LLC’s managing member is Rachel Karniol.
A mortgage in the amount of $2.16 million was provided by New City-based Northeast Community Bank.
A building loan in the amount of $4.59 million was also provided by Northeast Community Bank. Under the terms of the building loan, financing is provided at the prime rate, plus 1% with a floor of 6%. The loan agreement calls for the construction of a building containing 12 residential condominium units.
Palisades Center Referee’s Deed For $197,300,000 Recorded
A referee’s deed to BD Palisades Center Holdings LLC was recorded on February 23, as per the earlier auction of the Palisades Center.
Black Diamond Capital Management, the new owner of The Palisades Center, says it plans to hold onto the mall for the long run and to make improvements according to a press release. The Stamford, Connecticut-based company said, “Palisades Center is an irreplaceable asset serving one of the most affluent and densely populated trade areas in the Tri-State region. We see significant value in this property and intend to reinvest in the center, enhance the tenant mix, and position Palisades for long term success.”
Black Diamond offered no specifics on its future strategy or investment but malls nationwide are being repurposed as mixed-used development that includes housing, entertainment, open space, wellness and religious purposes.
Black Diamond was the only and winning bidder at a foreclosure auction this month for Palisades Center, offering $175 million for the retail property. That was far less than the $463.4 million it had originally been listed for at auction. The mall has been in courrt-ordered receivership for several years with $418.5 million in debt through a commercial mortgage-backed securities loan. Black Diamond purchased the defaulted loan at a deep discount in October.
Syracuse, New York-based Spinoso Real Estate Group will continue as the mall’s exclusive operating partner, overseeing property management, leasing and related services as it has done since September 2024, according to Black Diamond. The mall has large vacant anchor spaces, including two previously occupied by Lord & Taylor and JC Penney.
Also Traded:
- Nanuet-based 300 AEP LLC purchased the property at 300-399 Airport Executive Park in Nanuet for $9.5 million. The sellers were a consortium of LLCs controlled by the Haber family, including MAH Realty Investments LLC, JAMBA Realty LLC, SMH Ventures LLC and HSH26 Realty LLC. The 3.09 acre, multi-tenant office property consists of 58,804 square feet and was constructed in 1982.
- NCG Realty LLC (Nyliene Greco) acquired two parcels at 25 and 27 Memorial Park Drive in Spring Valley from Pnini and Shaindy Parnes for 3.7 million. Financing in the amount of $2.3 million was provided by Nanuet-based H&B Partners, Inc.
- An office/warehouse commercial property at 39 Western Highway in West Nyack was sold to BACD II LLC for $1,225,000. The property, a 4,774 square foot warehouse with a drive-in door sits on a .40 acre lot adjacent to Route 59. The seller provided financing in the amount of $955,000.
- The strip center at 99 South Central Avenue in Spring Valley was sold by 99 Central Avenue LLC to 99 BH LLC for $2.95 million. The property consists of three retail stores totaling 6,909 square feet on 1.13 acres. 99 BH LLC is affiliated with Zev Gruenzweig. Financing was provided by Cedarhurst-based CS General Twenty One LLC in the amount of $2.1 million.
