SOLD!
Suffern's transit-oriented revival attracts investors
The recent $11 million sale of a 48-unit apartment complex on Chestnut Street shows investors' optimism about Suffern's future, said Paul Adler, chief strategy officer of the Rand Commercial real estate firm.
"We've got an unprecedented price in Rockland County," said Adler, as he spoke about the deal during the 2018 annual commercial real estate forum. "Suffern is in the vanguard of making TOD happen."
The sale was one of the most expensive real estate transactions in Rockland in 2017; the top was the $30 million sale of the former Novartis campus, also in Suffern.
In 2013, the three-story complex, then called Suffern Commons, was sold for $9.2 million to Watchtower Bible and Tract Society of New York, a religious organization that supports members of Jehovah's Witness. Watchtower used the complex as temporary housing for members while building a new headquarters in nearby Warwick in Orange County.
The massive headquarters project has been completed, and the religious organization put the apartment complex up for sale last year. Ethel 1 Suffern LLC, whose address is in care of Moses & Singer, a Manhattan law firm, scooped up the property for $11 million in an auction-style bidding process.
The new owner spruced up the property and started leasing in December. The complex includes three styles of two-bedroom apartments, currently offering one month of free rent. Rent starts at $2,100 a month.
Rick Weisman, a Rand Commercial real estate agent who manages the apartment complex, now called Chestnut Manor, declined to reveal who's behind Ethel 1 Suffern LLC. But he said the owner is an investor who has multiple investment properties.