January 21, 2020
As national developers place their bets along Yonkers’ riverside and lure even more investors to the city, the eastern side of Yonkers tells a different story.
Mike Nukho of brokerage firm NuRealty Advisors, which brokered the sale of 14 units on Poplar Street in Yonkers, said the Nodine Hill neighborhood exemplifies the unevenness of the new investments happening in the city.
“Everybody is trying to hover around the water,” Nukho told The Journal News/lohud. “It’s only natural that things will spill over east. Hopefully, areas like Poplar and like Chicken Island, which are close by on paper, will start to benefit.”
Nukho and NuRealty brokered the sale of 14 units and a 10-car parking lot at 50, 52 and 54 Poplar Street in the city of Yonkers in mid-December. The brokerage firm represented the seller, a limited liability firm based in the Bronx, and the buyer, an LLC based in Brooklyn, and closed the transaction six months after the properties were first listed.
The three properties sold for $1.6 million four years after they were purchased for $1 million by the Bronx-based LLC.
Nukho told The Journal News/lohud the location of the properties and the passing of the rent reform laws in June played a factor in the six-month marketing period and led to a $200,000 discount from listing to closing. The original listing was for $1.8 million.
“A lot of investors and folks that come to Yonkers do purchase properties, or at least try to do an assessment, based on how close these properties are to the downtown Yonkers area,” he said. “This property is different than the others because it had its challenges: It was at the end of a cul-de-sac and it needed some improvements just to create and raise the value.
MAP: Nodine Hill sales, developments
“But, there isn’t a direct correlation from the downtown to this particular property. At least not yet.”
According to the U.S. Census, the median household income for Nodine Hill is $47,814, well below the city’s median household income of $62,399. The median household income for Westchester County is $89,968.
City of Hills
The buyer of 50, 52 and 54 Poplar Street joins developer and nonprofit Westhab Inc. at Nodine Hill. Westhab, a Yonkers-based developer, has made plans to develop mixed-income housing and a new community center at 227 Elm St. and 320 Walnut St., respectively.
Westhab secured financing from New York state Homes and Community Renewal, the JPMorgan Chase Foundation, Westchester County and the City of Yonkers back in October.
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