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Two Nyack Commercial Properties Sell
73-77 NORTH HIGHLAND AVENUE
The vacant auto repair building formerly known as Moger’s Auto Repair has changed hands. The property was purchased for $1.5 million by Mostafa Azatullah, through his 48 SMITH CLOVE RD REALTY LLC, according to Hamid Moghadam of Ellis Realty Commercial. The seller was 75 N. Highland LLC.
The lot size is just shy of 28,000 square feet and sits in the RMU district.
A residential project there would be eligible for about 16 units with sustainability and affordable housing bonuses permissible under the Village of Nyack code.
41A NORTH BROADWAY
A building at 41A North Broadway in Nyack sold to Brick By Brick 41A, LLC. The seller was Karen Houghton. The sales price was $975,000.
Financing in the amount of $410,000 was provided by New Jersey-based Magyar Bank.
The Victorian Queen Anne three-story building on North Broadway has a retail store on the main level with access to a fenced yard. The second floor has a professional office and studio apartment. The third floor has a two-bedroom loft.
Pennington Lots Subdivision Secures Financing For Infrastructure And Model Homes
Nanuet-based Pennington Lots LLC has secured two rounds of financing for its 16 lot residential subdivision at 120-150 McNamara Road and 5 Pennington Way in Spring Valley. The first round at $4,625,500 will finance the infrastructure and site improvements at the subdivision. The second round at $3,402,000 will finance the construction of the first four homes, two of which will be model homes.
Pennington also mortgaged its interest in the property through a land loan for an additional $1,847,500, making the entire debt package worth $9,902,000.
The lender was White Plains, NY-based Northeast Community Bank.
Pennington Lots, LLC acquired the parcels on McNamara Road and Pennington Way in 2023 for $3.695 million.
To enable the development, the Village of New Hempstead approved an Optimized Single Family Cluster Zone, overriding issues raised by the Rockland County Department of Planning as part of the GML review.
The project was subject to more almost three years of review from its inception until it secured the financing to break ground.
Ultimately, the Village of New Hempstead found the impacts of the additional single-family homes were beneficial because the project would preserve 4.28 acres of open space; leave approximately 6.3 acres of the site undisturbed; preserve steep slopes and wetlands on the property; connect two neighborhoods by creating a pedestrian path; address a pre-existing flooding issue in the area, and otherwise preserve the single-family character of New Hempstead.
The County Planning Department sought to reduce the number of houses down to ten, and to require the developer to take active steps to preserve the wetlands on the site.
Union Road Property in Spring Valley Sells For $5.5 Million
Shazar Associates Ltd. sold 61 Union Road in Spring Valley to Spring Valley-based Union Hub LLC. The selling price was $5.5 million. Union Hub’s managing member is Joseph Spitzer.
Financing in the amount of $3.4 million was provided by Sunnyside Federal Savings & Loan of Irvington, NY.
The .42 acre commercial lot was formerly known as 55 Union Road. Shazar bought the property in a foreclosure auction in 1997.
Montefiore Nyack Hospital Buys Nyack Medical Center Condo For $2,504,000
The Nyack Medical Center, LLC sold a condominium unit at 111 North Highland Avenue in Nyack to Montefiore Nyack Hospital for $2,504,000. Unit #1 in the building known as Nyack Hospital Condominium is part of a medical complex that stretches to 160 North Midland Avenue. Along with the unit, Montefiore also acquired a 37.23% interest in the condominium common areas.
The seller, Nyack Medical Center, LLC is based in Mahway, New Jersey. The buyer, Montefiore is a New York nonprofit hospital. The building, which effectively sits on the hospital grounds, was originally sold by Nyack Hospital to Nyack Medical Center, LLC in 2000.
