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20 South Broadway In Nyack Nets $5 Million In Bankruptcy Sale
The property at 20 South Broadway in Nyack was sold via a plan approved by the Bankruptcy Court for the Southern District of New York. The buyer is Monsey-based Broadway South LLC. The purchase price was $5 million.
The property was conveyed via a confirmed Chapter 11 liquidation plan from the bankruptcy estate of 20 S Broadway Owner LLC.
The current multi-use or commercial/residential building was constructed in 2008 and sits on a 0.20-acre lot in the Village of Nyack.
The ground floor is currently occupied by Tamarind, a modern Indian restaurant. It was previously occupied by the Brickhouse restaurant.
The upper two floors span approximately 10,000 square feet of total residential living area with 6 2-bedroom and 4 1-bedroom units.
The bankruptcy stemmed from the default of a $3.5 million mortgage and a lawsuit filed by its lenders in the Supreme Court of Rockland County. The other properties involved were 65 Main Street (now vacant) and 2 South Highland Avenue (also vacant).
Two Downtown Nyack Mixed-Use Buildings Sell For $2.775 Million
Nyack-based Cottnine LLC purchased two properties in Nyack at 66 South Broadway and 98 Main Street in Nyack. The seller was Connecticut-based Nyack1 Properties LLC and Nyack2 Properties LLC. Cottnine is affiliated with Dominick Pilla of DRPilla, a multi-disciplined engineering firm based in Nyack.
66 South Broadway sold for $1.375 million. 98 Main Street sold for $1.4 million.
Financing of $2.2 million was provided by M&T Bank.
According to its listing, 98 Main Street is a 9,456 square foot mixed-use building situated in Nyack’s downtown, consisting of 5-units; 4 residential, plus 1 ground floor retail tenant. The building sits on .08 acres and was constructed in 1900.
66 South Broadway is a mixed-use building with retail on the ground floor and residential unit above. It sits on .06 acres and was constructed in 1890.
New City Synagogue Sale For $2.180 Million Approved By Attorney General
Congregation of Nyack Sons Of Israel received approval from the New York State Attorney General to sell a synagogue property at 195 West Clarkstown Road in New City.
The approved buyer is Congregation Darkei Yeshaya, a New York religious corporation. The purchase price is $2,180,000.
The 7,140 square foot building on 1.3 acres had been marketed for “adaptive re-use” but the buyer will likely maintain its prior use as a religious facility. The building was constructed in 1979.
Nonprofits and religious entities generally have to seek approval from the Office of the Attorney General when divesting themselves of substantial assets.
