March 11, 2021
SCARSDALE, NY and YONKERS, NY — March 6, 2021 — NuRealty Advisors Inc. has sold 390-404 Central Park Avenue, Scarsdale, NY 10583. This was a 6K SF Retail Strip with approximately 40 parking spots. NuRealty Advisors Inc. represented both sides of the transaction and closed this deal during the Covid pandemic. Challenging times to sell real estate in New York as many investors are worried about the New York Real Estate market following the decline in Multi-Family valuations due to the Rent Reform Law of June 2019 and challenges of Covid.
In addition to changing real estate landscape with many tenants in all types of businesses not paying rent while New York State continues its moratorium with respect to evictions.
When financing properties, Covid has imposed a myriad of challenges, evidenced as lenders require financial reserves to be held in reserve, meaning that borrowers need to come up with more equity to make a purchase. Lenders are also evaluating the rent collections which have been reduced dramatically. This may trigger a personal guaranty requirement for the borrower which many do not want to do as this could be catastrophic for them.
The property was sold for $2,200,000.00.