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400-500 Corporate Court in Valley Cottage Sells For $11.8 Million
RTB Properties, LLC of New City sold 400-500 Corporate Court (52.19-1-1) in Valley Cottage to RLF IV East 2 LLC of Annapolis, Maryland. The selling price was $11.8 million.
The property is located on 16.42 acres of CO-zoned land at the end of Corporate Way in Valley Cottage Executive Park in Valley Cottage. The building is 37,560 square feet.
Samuel Adler & Paul Adler, Esq. SIOR of Rand Commercial represented both buyer and seller on the sale.
The property was acquired by RTB in 2008 as vacant land from Brega Company for $750,000 and was subsequently developed for commercial and industrial use.
RLF IV East 2 LLC is appearing before Clarkstown’s Technical Advisory Committee this week in anticipation of petitioning the Planning Board for a Special Permit to allow retail use on the site for the sale, rental, storage, warehousing, maintenance and repair of general construction equipment and contractor supplies.
The buyer is affiliated with Realterm. According to its website, Realterm invests in transportation-advantaged assets located within the top global distribution and logistics markets. Its investments are critical to national, regional and local trucking and logistics users alike, including retailers and wholesalers, bulk and regional warehouse operators, manufacturers and e-commerce fulfillment providers.
“The New York Metropolitan region continues to experience a supply/demand imbalance for functional, high-flow-through real estate,” said Ed Brickley, Managing Director and Fund Manager at Realterm. “The Subject’s location and differentiated physical features position it to meet the current needs of logistics customers.”
RLF recently purchased the property at 80 West Nyack Road in Nanuet. The five-acre commercial property with 32-truck doors sold for $6.75 million.
Realterm focuses on the transportation industry and manages over $11 billion in assets.
St. Zita’s Villa in Monsey Sells For $12 Million
St. Zita’s Villa, a 13.95 acre property located at 50 North Saddle River Road in Monsey, has sold to a Suffern-based developer for $12 million. The buyer is Zalman Silber’s Developer GLP, LLC.
The Developer GLP, LLC immediately sold .76 acres from the acquisition to Congregation Bobov Community of Rockland County for $2 million and transferred its interest in the remainder of the parcel to RD Saddle River LLC for $11.5 million who in turn entered into a ground lease with Developer GLP, LLC with an option to purchase the property. RD Saddle River LLC is based in Lakewood, NJ.
The St. Zita’s property includes a 30,000-square-foot building on nearly 14 acres. The parcel is zoned R15-A, which permits residential development on 15,000-square-foot lots, with accessory apartments allowed, according to the Ramapo town code. St. Zita’s Villa operated as an assisted living facility. The property is largely surrounded by residential lots.
The Sisters of Reparation of the Congregation of Mary was established in 1903 by Ellen O’Keefe, a nurse from Ireland whose life’s work was dedicated to caring for women. She was named Superioress of the Congregation under her religious name, Mother Zita, and offered a home for women who needed shelter and employment. After her death, Zita’s Villa was established in Monsey, NY in 1938 in her memory. St. Zita’s Villa served as a residence for the sisters and supported women in need throughout Rockland County.
162 South Main Street In New City Sells For $1.15 Million
The retail building at 162 South Main Street (51.7-1-1) in New City sold for $1.15 million.
The seller was 162 New City, LLC. The buyer is Long Valley, NJ-based 162 New City Associates, LLC. The 3,000 square foot, two-story building was constructed in 1970. It sits on a .25 acre corner lot with 15 parking space and over 100 feet of frontage on South Main Street.
The property is zoned for a broad array of retail uses, including banks and restaurants. The property sits in the newly created New City Hamlet Zone H-4 which allows enhanced development opportunities under specified conditions, but given the size of the parcel, the owner will be unlikely to take advantage of the new zoning options.
Financing was provided by Clinton, NJ-based Unity Bank in the amount of $862,500. 162 New City Associates, LLC is owned by Samuel Faraci.
Spring Valley Commercial Center On South Main Sells For $3.6 Million
A mixed-use retail/office complex at 19-25 South Main Street in Spring Valley sold for $3.6 Million. The seller was Spring Valley Commercial Center LLC. The buyer is 25 Main St Holdings LLC.
The 9,800 square foot, two-story commercial property sits on .47 acres.
Financing for the acquisition was provided by CS General Sixth of Cedarhurst, NY in the amount of $3,000,000. Financed with the shopping center was 4 South Madison Avenue in Spring Valley, a residential property located behind the shopping center. The mortgage instruments were signed by Yosef Kohn of Spring Valley.
Earlier this year, Kohn sold two properties at 1 and 3 East Funston Avenue in Spring Valley to Monsey-based developer 1-3 Funston Avenue LLC. The two lots, totaling .55 acres, sold for $3 million.
