8–12 Piermont Avenue, Nyack, NY
Case Study: A Mixed-Use Opportunity with a Surprising End
In spring 2025, I pursued a compelling mixed-use property at 8–12 Piermont Avenue, located just steps from the riverfront in downtown Nyack. The building had been on the market for over 80 days—long enough to suggest it might be overlooked, or that the price left room for negotiation.
The upstairs unit was a spacious 2-bedroom, 2-bath apartment with strong bones and solid natural light, but it needed updates. The ground floor, approximately 1,200 square feet, had been used as a commercial space but appeared underutilized. The potential to convert it into a residential unit made the property especially appealing.
The Strategy
With the listing sitting for nearly three months, we submitted a confident offer:
Offer: $720,000
Renovation Financing: An FHA 203(k) loan for $100,000 to:
Update the upstairs apartment
Convert the first-floor commercial space into a legal residential unit
The offer was accepted, with an inspection contingency for information only. We were comfortable with what we’d seen and ready to move quickly.
The Work Begins
Once under contract, we immediately got to work:
Inspection Ordered & Paid: A full property inspection was conducted and reviewed.
Architect Engaged: A trusted architect was brought in to assess the feasibility of the conversion and interior improvements. We paid a retainer to begin design work and layout planning.
The plan was to have the current commercial tenant remain in place for the remainder of their lease, then vacate in six months—giving us time to prepare permits and plans before beginning the conversion.
The Roadblock
Unfortunately, this is where the deal came undone. Once the seller learned that the tenant would be asked to leave at the end of their lease, he became uncomfortable. Despite the fact that the lease was ending and we planned a reasonable transition period, the seller chose not to proceed. His concern for the tenant’s comfort outweighed the transaction.
While I respect a landlord who cares about their tenant, this was a frustrating and costly turn. The tenant’s lease status should have been clearly communicated by both agents before the offer was accepted and we began spending money on professionals. In the end, the seller canceled the sale outright.
Key Project Facts
Address: 8–12 Piermont Avenue, Nyack, NY
Property Type: Mixed-use (residential over commercial)
Offer Price: $720,000
203(k) Renovation Budget: $100,000
Project Plans:
Renovate 2-bed/2-bath upper unit
Convert 1,200 sq ft first-floor commercial space into residential
Inspection: Completed and paid
Architect: Retainer paid, site review completed
Outcome: Sale canceled by seller due to tenant transition concerns
Financial Impact:
Loss of inspection fee
Architect retainer to be applied to future project
Takeaway:
This was a reminder that no matter how thorough your planning, surprises happen. Good communication up front—especially around tenant status—can prevent avoidable losses later. While we didn’t close on this one, the prep work sharpened our team and will carry forward to the next opportunity. And the architect? Already working with us on another project.