RCBJ Audible (listen for free)
Multi-unit residential complexes hit top dollar in pent-up market
By Tina Traster
A local developer has purchased Mountainside Apartments in Garnerville, a community of 225 apartments with garden apartments, for $42.5 million.
Developer Gabe (Gavriel) Alexander has added the property to his portfolio through Mountainside Pomona LLC. Mountainside Apartments at 1-60 Forest Drive, were built in 1971. The complex’s units rent for between $1,600 and $2,000 per month, according to apartments.com
Alexander financed the property with a $36.5 million mortgage.
The sale points to an ongoing hunger in Rockland County and beyond for the purchase of multi-family complexes.
In December, the “Alister Nanuet,” a 504 unit complex at 100 Avalon Gardens Drive in Clarkstown, was sold to a consortium of New York-based LLCs for $226 million under the deed on file with the Rockland County Clerk. The property sold by Texas-based Mill Creek Residential Trust LLC was purchased in November 2019 for $180 million. The Texas REIT had renamed the complex “The Peaks of Nanuet”. This is the third time in five years that the property has flipped, with an appreciation of about 50 percent over the five-year period.
Last June, Harbor Group International paid $54 million for a 169-unit apartment complex in Rockland County amid continued strong suburban housing. Known as the Henry Apartments, the complex was built in 2001. It is located just east of Harriman State Park and just west of the Hudson River. Amenities at the Pomona complex include a swimming pool and sun deck, clubhouse, billiards room, fitness center and basketball courts. Rents start at $2,725, according to apartments.com.
In 2020, OT South Nyack LLC, a Monsey-based entity, acquired the 72-unit rental complex at 292-302 Piermont Avenue for $19 million, known as Eagle Rock Apartments. OT South Nyack LLC at 14 Aster Place is owned by Shimon Rieder and Nicole Friedman, according to the deed. Buyers consolidated the existing mortgage with a new $8.8 million loan.
In 2020, Eagle Rock Apartments, located on 3.3 acres, was sold by Eagle Rock Properties, a full-service real estate company that offers investment management, property management and construction management services for rental apartments in the Northeast and Mid-Atlantic regions. The company has more than 30 homes in New Jersey, Connecticut, Long Island and Maryland, as well as one home in Yonkers and Ossining. Eagle Rock Apartments was the company’s only property in Rockland County.
Alexander was under contract to purchase a 9-acre lot in New City that housed Camp Merockdim, an Orthodox Jewish day camp. He filed a memorandum of execution contract with the Registrar of Rockland to purchase the land from RW 175 Realty LLC in Pomona, but the developer has not yet closed the property and the registered execution contract has since expired.
To date, Alexander has not submitted plans to the City of Appeals or the Clarkstown City Planning Office.
Alexander was the developer for Pavion, a competitive rental housing complex in Nyack. Alexander Property Holdings also bought the Spring Valley Marketplace for $59.3 million. The mall has allocated nearly 100,000 square feet to Bingo Wholesale, a kosher superstore that is a joint venture between Brooklyn-based Marav USA and Osher Ad, a 20-store supermarket chain in Israel. Bed, Bath & Beyond recently closed its shop on the Markt.