Ramapo, NY Gebroe-Hammer Associates has exclusively represented the seller, Ramapo Knolls Inc., and procured the buyer, Suburban Manor LLC, in the $6.35 million sale of Suburban Manor, a garden-style apartment complex located at 214–226 Old Nyack Tpke.
The brokerage team of managing director David Oropeza and senior vice president Debbie Pomerantz arranged the transaction, which includes a four-acre development site.
Comprised of 53 units, Suburban Manor has a mix of studio and one- and two-bedroom layouts. The four-building complex is close to schools, shopping and transportation.
“Considered a densely urban area – based on population – despite the suburban surroundings of Rockland County, multi-family properties dominate the residential landscape with small apartment buildings and mid-sized complexes throughout the town.” said Pomerantz, “the buyer was drawn to the property’s long-term appreciation potential associated with such a strong tenant base and a new development opportunity.”
In terms of transit, the region is served by Transport of Rockland’s local bus routes throughout Ramapo and the Greater Rockland County metro. Together, NJ Transit and Metro-North Railroad operate the Port Jervis Line and the Pascack Valley Line, with a stop in Spring Valley. Connections are available to Penn Station in Midtown Manhattan, while the southern terminus of both lines is Hoboken with connections to several NJ Transit bus lines, ferries and PATH trains to New York City.
At 61.9 square miles in geographical size, Ramapo shares its southern border with New Jersey and western border with Orange County.
“All roads offer ease of movement to employment, recreation, culture, dining and retail,” said Oropeza.