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Garnerville Self Storage Sells For $12.75 Million To Prime Group Holdings
Garnerville SS Associates sold the self-storage facility at 3 West Ramapo Road in Garnerville to Prime Storage Garnerville LLC. The sales price was $12.75 million.
The 108,000 square foot, two story facility on 2.4 acres was recently constructed after a zone change allowed self-storage as a permitted use.
Prime Storage Garnerville LLC is an affiliate of Prime Group Holdings, a Saratoga Springs, New York–based private equity real estate firm.
The purchase of the facility in Garnerville is the second acquisition by Prime Group Holdings. In August of 2023, Prime Storage Nanuet, LLC, acquired a self-storage facility in Bardonia that at one time was the home of the Westrock Tennis Center for $35 million.
Prime Group Holdings’ chief executive officer is Robert J. Moser. He is known for investing in self‑storage assets under the Prime Storage brand. In 2023 the firm closed its third flagship fund at $2.5 billion—reported at the time as the largest dedicated self‑storage fund on record—and by 2024 said it managed well over $10 billion for a global institutional base.
Prime Group Holdings owns and operates more than 300 self-storage facilities across 28 U.S. states, parts of Canada, and the Caribbean.
200 Brenner Drive In Congers Sells For $7.3 Million
The industrial property at 200 Brenner Drive in Congers was sold by the Bardonia Group LLC to Congers-based NEMA & JARP, LLC. The property sold for $7.3 million.
The 41,804 square foot commercial building sits on 3 acres.
NEMA & JARP, LLC is affiliated with Star Kay White, Inc., at 151 Wells Avenue in Congers.
Star Kay White is a leading supplier of food flavoring and ice cream ingredient solutions to North America’s largest frozen dessert companies.
It also occupies industrial buildings at 85 and 110 Brenner Drive in Congers.
Karniol’s Maplewood Cottage Condominium Project Secures $12 Million Building Loan
The parcels at 16 West Maple Avenue and 1 Maplewood Lane in Monsey sold for $8.5 million. The seller is local developer, investor, and property owner Berel Karniol. The buyer is Karniol’s related entity, Maplewood Cottages, Inc.
The parcels containing residential vacant land, total 1.07 acres in Ramapo’s R15-C zone. The lots will be combined.
New City-based Northeast Community Bank financed the transfer with a $3 million mortgage. Northeast also provided an interest-only building loan in the amount of $12 million, at prime plus one percent, for one-year.
The loan is for the construction of a four-story, 28 unit residential condominium.
To facilitate the project, the Ramapo Zoning Board granted variances for lot width, side setback, total side setback, rear yard, distance to the property line, and parking.
The Rockland County Planning Department originally disapproved of the application. The County said, “Permitting development that does not comply with the applicable bulk standards can set an undesirable land use precedent and result in the overutilization of individual sites.” The Ramapo Zoning Board of Appeals overrode their objections.
Valley Cottage Industrial/Flex Building Sells For $4 Million
The industrial/office property at 153-163 Route 303 in Valley Cottage sold for $4 million.
The seller was BVS Enterprises. The buyer is Monsey-based Country Ridge Realty, LLC.
The 25,400 SF industrial/flex building sits on approximately 2.6 acres and serves multiple tenants. Constructed in 1980, the building has 30 parking space and five exterior dock doors. Asking rents according to a publicly available database are between $12 and $16 psf.
