New City Shopping Plaza Is Sold for $30 Million

Rockland Daily Staff

The four properties of the New City Shopping Center have been sold to a joint venture for $30 million. 

The 12-acre, 125,110-square-foot shopping center located along North Main Street is 96 percent leased. Upgrades and a comprehensive modernization plan are in the works.

Financing of $19.5 million of the purchase price came from the Metropolitan Commercial Bank of New York. 

The new purchasers are required to continue the property's Site Management Plan. The plan was instituted due to an environmental hazard requiring a cleanup resulting from contaminated soil and groundwater caused by dry-cleaning plants previously operating on the property. Although the environmental hazards, which came to light in 2005, have since been remediated, the property's environmental easement and restrictions are continuous.

The shopping center will be limited to commercial and industrial use.