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$12m sale a 'landmark' for buoyant Yonkers market.

Marcus & Millichap Real Estate Investment Brokerage Company has announced the sale of Nepperhan Business Center and Nepperhan Plaza in Yonkers, N.Y., for $12,188,889.

Ben Sgambati, a senior agent in the firm's New Jersey office, and James Dickerson, an agent in the firm's Manhattan office, represented the seller in the transaction, Allan Eisenkraft, president of Yonkers Industrial Development Corp.

The buyers were brothers, Tony and George Huang, principals of Heights Real Estate in Manhattan.

"These properties have an incredible variety of tenants, ranging from artists to a boxing gym and including industrial, apparel, lighting and framing businesses," comments Sgambati.

"The seller did a lot of work to revitalize these buildings and the surrounding area, and the buyers plan significant investments to take the properties to the next level."

"This is a landmark deal in Yonkers and just another indication that the Westchester market remains extremely strong," comments Dickerson.

Nepperhan Business Center, at 540-578 Nepperhan Ave., has 150,000 s/f of retrofitted light industrial, warehouse and mixed-use space in the former historic Alexander Smith Carpet Mills. Nepperhan Plaza, at 523-533 Nepperhan Ave., contains 15,000 s/ f of retail and office space. Less than 5,000 square feet is currently available for rent.

The two buildings comprising Nepperhan Business Center date to the mid-1800s.

In 1983, Nepperhan Business Center was given national historic landmark status by the U.S. Department of the Interior. Nepperhan Plaza was constructed in 1989.

Both properties are within the boundaries of the New York State Yonkers Economic Development Zone.

As a result, new and expanding businesses are eligible for wage tax credits, job training reimbursement, property tax abatement, sales tax exemptions, special loan programs, special utility rates and other benefits.
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Title Annotation:Marcus & Millichap Real Estate Investment Brokerage Co. sell a business center to Heights Real Estate' Tony and George Huang
Publication:Real Estate Weekly
Article Type:Brief Article
Geographic Code:1USA
Date:Jun 29, 2005
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