Townhouse complex at 1 Fred Hecht Drive sells for $11.7 million, Spring Valley redevelopment site closes; Monsey’s development continues unabated
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BAXTER ESTATES CONDOMINIUM DEVELOPMENT SELLS FOR $11.7M
The 18 condominium units located at 1 Fred Hecht Drive in Spring Valley were sold by Baxter Property Holdings LLC to Fred Hecht Realty LLC for $11.7 million, or $650,000 per unit. The acquisition included the 18 units and the land forming part of the condominium project.
The land was originally subdivided in 2004 and Baxter registered the declaration of co-ownership in 2007. Each of the 18 3-bedroom, 2-bathroom units, spread over six buildings, measures 1,350 square feet. The project was originally developed by Gavriel Alexander before the stock market crash of 2008, and according to the original declaration of co-ownership filed, each apartment was to be sold for $550,000.
According to a listing on LoopNet, the development was 100% apartment occupancy, with average rents of $2,950 per unit.
To facilitate the purchase, a mortgage in favor of Golden Bridge Funding of Kew Gardens, NY was provided in the amount of $7 million.
SPRING VALLEY REVITALIZATION PROJECT ON NORTH MYRTLE MOVE FORWARD
The site of several gated country homes and truck parking, the three properties at 22, 24 and 26 Myrtle Avenue in Spring Valley have been sold to 26 North Myrlte LLC, wholly owned by Samuel Wettenstein. Chistopner Grecco has sold Wettenstein 26 North Myrtle for $4 million. The seller of 22 and 24 North Myrtle was Hadas Estates, LLC.
The three lots combined total 76,465 square feet (1.76 acres) and are zoned for residential use. A special permit will allow the developer to build multi-family dwellings on the site. Three independent four-storey buildings are planned, comprising 20 two-bedroom apartments, 30 three-bedroom apartments and 30 four-bedroom apartments. No on-site development is planned.
The easternmost building on the site will be approximately 48,500 square feet. The central building approximately 34,000 square feet and the western structure approximately 37,000 square feet. 80 parking spaces are provided.
The project received support from the Rockland County Industrial Development Agency in the form of mortgage tax and sales tax exemptions. The estimated tax savings on mortgage registration is $220,500. Estimated sales tax savings are approximately $921,250. The IDA has also approved the project sponsor’s plans to obtain a PILOT (payment in lieu of taxes) program with the various municipalities and school districts involved. The total cost of the project is approximately $23 million.
Spring Valley is the most populous village in Rockland County with over 33,000 residents and according to the last census, 26.2% of its population lives in poverty. According to the promoter, “the need for new diversified housing is acute”.
The expected completion of the project is March 2024.
Wettenstein has a similar project planned at 12, 14 and 16 North Myrtle Avenue.
MONSEY’S SINGLE-FAMILY LAND CONVERSIONS BRING THE BEST DOLLAR
Monsey’s residential lots continue to fetch the best price per square foot. The single-family residence at 4 Crown Road, situated on approximately 16,000 square feet, sold earlier this year for $997,000, or about $62 per square foot. The seller was a family trust. The buyer, 4 Crown LLC, based in Spring Valley.
Approvals have been obtained and funding has been secured to construct eight condominium residential units on the parcel, with easements granted to the City of Ramapo for a “shade tree” corridor and a cross-access easement between the subdivision approved to two batches. The property is zoned R15C which allows two-family homes with accessory apartments. Numerous waivers to existing volume requirements were also granted, including lot area, lot width, rear setbacks for building and decks, street frontage, development coverage and floor area. The development would not have been possible without the differences in surface area.
Financing for property acquisition ($661,200) and construction ($3,188,800) was provided by the Northeast Community Bank.
There are very few buildable plots left on Crown Road. What was once a street of single-family suburban homes is now largely dominated by multi-family units on small lots.
LONG VACANT HSBC BANK BUILDING IN TAPPAN SELLS FOR $1.25M
The long vacant HSBC Bank building at 16 Route 303 in Tappan has sold for $1.25 million. The seller was EJL Tappan LLC. The buyer was Apollo Works Corporation of 808 Bloomfield Avenue in West Caldwell, NJ. The West Caldwell and Tappan locations are home to A Cleaner City Tailoring. Apollo has another A Cleaner location on Broadway in Westwood, NJ.
The free-standing, two-story, 6,100 square foot building with ample parking was built in 1980 and consists of 0.49 acres. With frontage along Route 303, the building is zoned for “Community Shopping” and sits across from the new LIDL supermarket to be built on Route 303.
The property sold for around $205 per square foot and has been on and off the market since 2018.