Revitalization Project in Spring Valley Progresses

Rockland Daily Staff

Three Spring Valley properties located at 22, 24, and 26 Myrtle Avenue in Spring Valley, have sold to 26 North Myrlte LLC.  

Christopher Grecco sold 26 North Myrtle for $4 million. Hadas Estates, LLC sold 22 and 24 North Myrtle. Together, the three lots are 1.76 acres. 

All three properties are zoned for residential use with a Special Permit necessary to allow the planned multi-family housing. 26 North Myrlte LLC plans to build three detached four-story buildings with 20 two-bedroom, 30 three-bedroom, and 30 four-bedroom apartments. 

One building will take up 48,500 square feet, the middle building 34,000 square feet, and the last building 37,000 square feet. The three buildings will have eighty parking spaces altogether. 

The Rockland County Industrial Development Agency supported the purchase by providing mortgage tax and sales tax exemptions. The mortgage recording tax savings are estimated to be $220,500, and sales tax savings are calculated to be $921,250. A PILOT (Payment In Lieu Of Taxes) program with the various municipalities and school districts involved was also secured before the purchase was finalized, with a total project cost of $23 million.

With 33,000 residents, Spring Valley has the highest population of any Village in Rockland County. Given that 26.2 percent of the Spring Valley population lives in poverty, the need for diverse housing is great.

It is estimated that the apartments will be finished by March 2024.