Equestrian Estates in Chestnut Ridge Sells for $21 Million

by Rockland Daily Staff 

Developer Joel Weber sold his interest in the Chestnut Ridge underdeveloped Equestrian Estates for $21 million.

Weber transferred his ownership of six separate parcels through Pascack Group LLC and Pascack WL Holdings to Stalwart Equities LLC of Brooklyn, NY.

The 39.6-acre property, located less than one-half mile south of the Garden State Parkway, is currently zoned for Laboratory/Office and residential homes on large lots. The proposed Equestrian Estates project was previously going to be used for a mixed-use, residential/commercial community. Plans included rental apartments located over approximately 38,000 square feet of first-floor retail/ commercial space and a single-story building of up to 7,500 square feet.

Additionally, the proposed amenities for the community included a 1.8-acre nature center and green space, a clubhouse, pool, tennis and basketball courts, and walking trails.

A $12 million mortgage was granted in favor of Red House Funding LP of Woodmere, New York, with the new plan to have the property used for industrial purposes only

Photo: rcbizjournal