One of Monsey's Last, Large Undeveloped Pieces of Land Sells for $38 Million

By M. C. Millman

One of the last large, undeveloped parcels in Monsey was purchased for $38 million.   

The purchase was made by Regency Estates at Viola Hills, LLC, part of Berel (Barry) Farkas’ Brooklyn-based Lightstone Management group and managed by Menachem Silber. The acquisition was financed by two mortgages totaling $25.5 million from a Brooklyn-based entity formed to provide the financing, 260 Viola Lend I, LLC, and 260 Viola Lend M, LLC.

The 58-acre site on Viola Road is zoned R-25 (residential). No development plans have been filed yet with the Town of Ramapo, but the property is likely to be used for a large residential development.