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101 Gedney Street In Nyack Sells For $45 Million; $6 Million In Capital Improvements Planned
Hudson Shore Associates, LP sold 101 Gedney Street in Nyack to West Shore Borrower, LLC, a Delaware LLC which is part of Argo Real Estate. The 164-unit waterfront community sold for $45 million.
Ladder Capital Financing provided mortgage financing in the amount of $36.5 million along with a $6 million building loan.
Argo Real Estate is a privately-owned, full-service real estate firm with offices in Manhattan and Queens.
The property consists of three six-story residential towers totaling 203,546 square feet with direct Hudson River frontage and unobstructed water views. The diversified unit mix includes studio through four-bedroom apartments, with community amenities featuring a waterfront pool and sundeck.
“This acquisition represents exactly the type of irreplaceable yet historically-challenged asset that aligns with our value-creation strategy,” said Mark Moskowitz, President and CEO of Argo Real Estate. “West Shore Towers provides compelling entry into the fundamentally undersupplied Rockland County market while leveraging our proven expertise in operational improvement and long-term asset preservation.”
Argo believes there is significant potential for revenue growth supported by both market dynamics and targeted operational improvements.
Argo plans to implement a $6 million capital improvement program focused on addressing current operational inefficiencies and leasing existing vacancies. The property currently operates at 88% occupancy with 21 vacant units, creating immediate upside potential. The business plan targets a stabilized NOI of $3.9 million by Year 3 without relying on aggressive rent growth.
Founded in 1952, Argo Real Estate brings over 70 years of operating history and institutional expertise to multifamily ownership and management. The firm maintains a diversified portfolio of residential, hospitality, and mixed-use assets throughout New York City and the Northeast. The West Shore Towers purchase expands Argo’s portfolio to over 12,000 units across Manhattan, Queens, Brooklyn, the Bronx, New Jersey, and the Hudson Valley region.
Two Herrick Avenue Lots Sell For $2.9 Million; Development Plans Include 12 Residential Units
Two parcels at 66 and 68 Herrick Avenue in Spring Valley have sold and are slated for redevelopment. The seller was Shloma Friedman. The buyer is Maple Gardens Development LLC. The sales price for the two lots was $2.9 million.
Maples Gardens Development is managed by its member Mayer Weber.
Financing for the acquisition in the amount of $1,793,969 was provided by California-based Conventus LLC. Additional financing (and a building loan) in the amount of $4,473,535 was also provided by Conventus.
Plans for each parcel include construction of a three-family dwelling with three accessory apartments, for a total of 12 units. Variances are required for lot size, front yard, front setback, rear setback, development coverage and floor area ratio.
The existing structure will be demolished. The lots are located in an R-15C zone.
The Rockland County Planning Department disapproved of the application, saying, “Permitting development that does not comply with the applicable bulk standards has set an undesirable land use precedent resulting in the overutilization of individual sites.”
It also noted that the application proposes a three-family semi-attached dwelling with three accessory apartments on a site with 23% less than the minimum required lot area available, and that the proposal exceeds the maximum allowed development coverage and generous maximum allowed FAR of 0.90 by 35% and 33%, respectively.
“Granting multiple area variances that significantly deviate from the Town’s bulk regulations has established a trend resulting in other property owners seeking a similar level of relief. Oversized structures on undersized parcels have resulted in a neighborhood characterized by greater building mass and less green space. Furthermore, the ability of the existing infrastructure to accommodate increased residential density on undersized parcels is a countywide concern and must be evaluated. Such development is resulting in local roads becoming more congested, the sewer system and stormwater management system overburdened, and the public water supply taxed.”
Mayer Weber is also developing residences on a subdivision at 3 Mirror Lake Road in the Town of Ramapo.
ARRI Sells Its Blauvelt Facility For $5.25 Million
ARRI Americas Inc, sold its facility at 617 Route 303 in Blauvelt to Blauvelt Realty Holdings LLC, an entity affiliated with Jack Goldenberg. Goldenberg is a principal of Chartwell Pharmaceuticals in Congers. The selling price was $5.25 million.
The facility is comprised of two lots: 617 Route 303, and 618A Route 303 in Blauvelt.
The 32,320 square foot industrial building was constructed in 1981.
ARRI Americas, Inc. was previously located at 617 Route 303 and acted as a key distributor of motion picture cameras and lighting equipment. It closed that facility and moved to a new flagship facility in Long Island City, NY.
Metropolitan Realty Refinances Fashion Drive Property
Metropolitan Realty Associates LLC (MRA) has secured a $32.8 million refinancing for its retail property at 5101 Fashion Drive, known as RTL Nanuet in Nanuet, NY. The loan was provided by IDB Bank and replaces an existing $22.9 million loan on the asset.
MRA acquired the former Macy’s building in December 2018 for $11.2 million and has since completed a comprehensive repositioning of the 218,000-square-foot property, transforming the former single-tenant department store into a diversified, income-producing asset.
“This refinancing validates the value we’ve created since acquiring the property,” said Farkas. “By reconfiguring the asset into multiple revenue streams and attracting strong national tenants, we’ve repositioned the property to perform in today’s retail environment.”
Recent leasing activity has further strengthened the asset’s performance, highlighted by a newly executed 10-year, 35,500-square-foot lease with Best Buy. In addition, MRA developed a freestanding Popeyes Louisiana Kitchen on the property, further activating the site and enhancing its consumer draw.
The property also includes an 865-unit self-storage facility on the second floor, currently 90% occupied and currently undergoing a further expansion.
