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Crossroads Buys West Nyack Shoprite Property For $17.25 Million
Oster Realty LLC has sold the ShopRite grocery store site at 243 Route 59 in West Nyack (across from the Palisades Center) for $17.25 million. The buyer is Mahwah, NJ-based XRC West Nyack, LLC.
The 62,500 square foot grocery store sits on 12.36 acres.
The buyer is affiliated with the Crossroads Companies. According to its website: “Crossroads Companies is a real estate Development and Construction company that represents many of the region’s largest grocery chains, as well as regional & national retailers in securing locations throughout the northeast corridor. Our expertise is in development, financing, ground-up & turn-key construction, leasing, acquisitions, and sale of properties.”
Crossroads has developed, acquired and/or managed approximately 1,000,000 square feet of supermarket-anchored shopping centers, representing over $175M of asset value. It has a development pipeline of over 300,000 square feet of new commercial properties and 600 luxury apartments, representing a total capitalization in excess of $330M.
Its portfolio also includes Crossroads Stony Point at 22 Holt Drive and 1 Filors Lane in Stony Point.
Nyack Multi-Family Sells To Rabbani Group For $10.7 Million
CNB Realty Corp. sold the multi-family apartment complex at 153-157 Francis Avenue in Nyack to a group led by Eric Rabbani for $10.7 million. The buyers, based in Bergenfield, NJ, acquired the parcel as tenants-in-common with Francis Equity LLC acquiring 50 percent interest, a 19.47 percent interest to Francis On The Hudson LLC and 153-157 Francis Avenue LLC, a 30.53 percent interest.
The property is also known as 12-20 Francis Avenue. The addresses at 153-157 face Sixth Avenue in Nyack. The property sits on 1.3 acres and last sold in 2002 to CNB Realty from Midland Associates.
Financing in the amount of $7.3 million was provided by Provident Bank of Woodbridge, New Jersey.
The 46-unit apartment complex was constructed in 1972, and was included by the Village of Nyack when it conducted a vacancy survey to determine whether a housing emergency existed for the purposes of the Emergency Tenant Protection Act (ETPA). After two attempts at surveying eligible buildings, the Village determined the vacancy rate too high to declare an emergency.
The ETPA allows municipal governments to subject apartment buildings constructed before 1974 with six or more units to rent regulation as determined by the Rockland County Rent Guidelines Board (RRGB), which has historically limited rent increases in eligible buildings. This year, for leases executed in rent regulated buildings, the RRGB has allowed rent increases of 5% for one-year renewals and 6% for two-year renewals after several years of 0% or minimal increases of less than 3% for the past seven years.
In 2022, Rabbani purchased a 19-unit market rate, multi-family apartment rental complex in Nyack at 26-28 Upper Depew Avenue for $4.1 million. That apartment complex would also be subject to rent regulation if Nyack were to declare a housing emergency.
Rockland Paramedic’s Chestnut Ridge Site Sells For $4.1 Million
Rockland Paramedic Services, Inc. sold its property at 540 Chestnut Ridge Road in Chestnut Ridge for $4.1 million. The buyer was Tomche Shabbos Of Rockland County, Inc. Both buyer and seller are non-profit entities and secured New York State Attorney General approval for the transaction.
The 17,800 square foot building sits on 2.75 acres along Chestnut Ridge Road. Gap financing was provided by M&T Bank in the amount of $1,945,000. The sale was brokered by Paul Adler from Rand Commercial.
Tomche Shabbos has also received New York State Attorney General approval to sell its buildings at 2 Spook Rock Road, Units 301, 303 and 305 in Suffern for $3.1 million with the sale proceeds dedicated to the purchase of the Rockland Paramedics site.
According to filings with the NYS AG’s office, the purchase of the property at 540 Chestnut Ridge Road will “allow for more Sabbath and festival free food distribution for the growing Jewish community along with the dissemination of religious literature.”
Similarly, Rockland Paramedic Services also received NYS AG approval for the sale of its Chestnut Ridge property to Tomche Shabbos. According to filings with the AG’s office, the fair market value of the Chestnut Ridge Road property was only $3.4 million, based on an independent appraisal.
The excess proceeds from the sale will be designated as reserves to enable Rockland Paramedic Services to provide paramedic services to persons in need in Rockland County; to offer comprehensive training to its staff; and to provide education and outreach to schools, community and civic groups, youth groups and senior citizens.
The Tomche Shabbos properties in Suffern are under contract to be purchased by Jacob Schlessinger’s 333, 335 and 337 Spook Rock LLC for $3.1 million.
