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Former Par Pharma Building In Chestnut Ridge Sells For $34.25 Million
The vacant industrial building at 6 Ram Ridge Road in Chestnut Ridge (63.17-1-8) was sold last week for $34.25 million.
The seller was LG Ram Road, LLC, a Delaware LLC based in Brooklyn, NY. The buyer was Schreiner Real Estate Inc., an arm of the Blauvelt-based Shreiner Group, LP.
The building was the former home of PAR Pharmaceuticals. Par sold the building to LG Ram Road LLC for $19 million in December of 2022.
The Schreiner Group LP is a German family-owned company that manufactures high-tech label parts for healthcare, mobility, general industry and government security. It operates out of 300 Corporate Drive in Blauvelt, and will continue operations there while it builds out the new facility.
Schreiner is working with the Rockland County Industrial Development Agency on a raft of financial benefits, including $335,000 in sales tax exemptions on $4 million of anticipated taxable purchases. It also is working with the IDA to secure long-term PILOT (payment in lieu of taxes) Agreements.
As part of its application, Schreiner stated the 5.2 acre property in Chestnut Ridge will provide more than 100,000 square feet of manufacturing space, with room for expansion, if needed.
The overall project cost of $48.5 million includes $34.5 million for the building acquisition, with $6.1 million in planned building improvements. Schreiner will also invest more than $8 million in manufacturing equipment, with the balance relocated from the Blauvelt facility. The company received an Excelsior Tax Credit of $1.5 million and is seeking an Empire State Development grant for an additional $1.5 million.
Construction is due to begin this year, with completion of the building anticipated in 2025, and the equipping of the facility by 2026. Schreiner has secured a short-term lease extension of its Blauvelt facility during the buildout of the Chestnut Ridge property.
Schreiner has 82 employees and plans to create at least 52 new jobs over the next five years to accommodate its expansion plans.
Haverstraw’s Green Hills Estates Sells To W Group Affiliate
Green Hills Estates For Adults, an assisted living facility at 1 South Route 9W in Haverstraw (27.61-1-3.1), has sold for $12.25 million, along with the assumption of the existing mortgage debt on the property.
The seller was Eagle Crest Realty, LLC. The buyer is Haverstraw PropCo LLC, an arm of Brooklyn, NY-based The W. Group. The W Group owns and manages adult homes and assisted living facilities in New York, partners with a Place For Mom, and has more than 20 facilities in New York State.
The building is approximately 35,000 square feet on 2.56 acres. The facility has a capacity of 164 residents.
Financing of $20.4 million was provided by Bankwell Bank of New Canaan, CT. Financing included a gap mortgage in the amount of $14.34 million, plus assumption and assignment of the existing $6 million mortgage.
Pearl River Office Building Sells For $1.3 Million
An office building at 1 Old Middletown Road in Pearl River (69.17-1-10) sold for $1.3 million.
The seller was Brooklyn-based 10M Suites LLC. The buyer is Airmont-based 1 Old Middletown Road LLC. Financing in the amount of $2.517 million was provided by Utah-based FinWise Bank. The mortgage was executed by Zvi Prushinovsky and Aharon Proshinovsky.
10M Suites acquired the building in June of 2022 for $850,000.
The 6,300 square foot, two-story office building sits on .32 acres and has 22 parking spaces, according to its listing. Joel Gruber from Rand Commercial represented both sides of the transaction.
