Ludlow Avenue Corp. LLC has acquired the 22,735-square-foot retail center at 778, 786 and 790 Yonkers Ave. in Yonkers as part of a $5.6 million transaction.
The deal was announced by Yonkers-based brokerage NuRealty Advisors, which did not provide additional details about the sale of the property; it was valued at $4.9 million. NuRealty said it marketed the property for two years before securing a buyer.
“This transaction was challenging as the retail market has been recently soft but our efforts to promote the future value given light of the recent sale of Empire Casino to MGM (in May 2018) was instrumental in our ability to market this property for sale,” NuRealty said.
Ludlow’s intent is to renew leases on a long-term basis – tenants include HSBC Bank, Mr. Kold Kuts and Paradise Lanes — although it is confident that new tenants can be found given the proximity of MGM, the realty added.