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The Henry In Pomona Sells For $63.7 Million; Improvements Planned to Increase Unit Rent
The Henry, at 1 Crystal Hill Drive in Pomona, sold for $63.7 million. The sellers were a consortium of a limited partnership and various LLC. The buyers are also a consortium of a limited partnership and various LLCs, with their address at 2850 Quarry Lake Drive in Baltimore, MD. The buyer is affiliated with real estate investor Jonah Jay Lobel. Lobel has residential and commercial real estate investments in New York, Maryland and Florida.
The selling price for the 169-unit luxury townhouse development was $63.7 million. Financing in the amount of $50.835 million was provided by Loancore Capital Credit REIT LLC.
A building loan was also made in the amount of $6.848 million for improvements to the existing units and facilities, with the loan intended to increase the rents on the property post-improvement.
The Henry consists of oversized, townhouse-style apartments with private entrances and direct access garages, as well as three mid-rise elevator buildings with common hallways. The property contains an expansive amenity package with resident clubhouse, outdoor pool with sundeck, billiards room, fitness center and two basketball courts.
The seller, an affiliate of Harbor Group International (HGI) had purchased a 169-unit luxury apartment community in Pomona for $54 million in 2021.
Residential Developer Buys Strip Center in Monsey For $4.2 Million
A strip shopping center at 95-99 Route 59 in Monsey sold for $4.2 million. The seller was 95 99 Route 59 LLC. The buyer was Israel Taubenfeld’s 95 99 RT 59 Estates LLC.
The .46 acre commercial site, built in 2007, contains about 5,400 square feet of retail space.
It last sold in 2021 for $3.5 million.
Taubenfeld has an application pending for at 32 Gerow Drive in Spring Valley where he is proposing to subdivide a 0.37-acres into three-lots and construct a new single-family dwelling on each lot. The existing single-family dwelling will be demolished.
Last August, the Ramapo Planning Board classified the proposed action as a Type 1 SEQRA Action, determined that preparation of an environmental impact statement was not required, and that a SEQRA negative declaration would be issued.
Taubenfeld is also the developer of a subdivision at 46-48 W Hickory Street for a project entitled Hickory Estates. The plan was to subdivide the 1-acre site into five lots with a single-family dwelling on each new lot.
Taubenfeld also recently sought and received variances for a project at 53 South Main Street in Spring Valley to build a 16-unit multi-family building on a .56 acre lot in the Village’s Planned Residential Development Overlay District (see below).
53 South Main Street In Spring Valley Sells for $4.5 Million; Financing Secured For 16 Residential Units
A parcel at 53 South Main Street in Spring Valley sold for $4.5 million. The seller was 53 S Main Estates LLC. The buyer is 53 S Main St LLC. The Buyer is affiliated with real estate investor and developer Israel Taubenfeld.
Mortgage financing in the amount of $2.7 million was provided by White Plains-based Northeast Community Bank.
The .56 acre parcel sought variances for construction of 16-unit multi-family building in the Village’s Planned Residential Development Overlay District.
In its GML review, the Rockland County Department of Planning disapproved the project saying the proposal was inconsistent with the Village code, raised traffic concerns related to the Route 45 and Route 59 corridors, the parking presented potential for unsafe conditions, and the site was being overutilized.
Despite objections from the County the Village of Spring Valley granted variances that allowed the project to be built.
A building loan in the amount of $5,643,000 for the construction of 16 residential units was also provided by Northeast Community Bank.
