February 3, 2019
YONKERS – An 11-unit rental apartment building on Lawrence Street has been sold for $2.2 million.
The seller was Lawrence St Yonkers LLC, and the buyer was 11 Lawrence Street LLC.
The new owner plans to make improvements to increase the value of the property, said Michael Nukho, principal real estate broker with NuRealty Advisors Inc., a real estate firm that brokered the deal.
The property is about a mile away from Metro-North’s Ludlow Station, which is the anchor for the City of Yonkers’ ongoing revitalization effort in the Ludlow Park neighborhood.
A major redevelopment initiative, which is said to bring more than $391 million in private investment, is underway. A total of 996 apartments are planned in three separate projects, including Ludlow Point, a 520-unit apartment complex proposed by Ginsburg Development Cos. for the 2.26-acre, city-owned property at 150 Downing St.
The Yonkers Industrial Development Agency has recently approved $13.5 million in tax abatements for the three projects.