May 11, 2020
YONKERS, NY — May 11, 2020 — 117 Morris Street, Yonkers, NY 10705 screams “Location, Location, Location”. The mantra is the suggested valuation of property being developed and the logic and value of development for the developer and as well as for future residents. While value is an elusive concept the surrounding area is not a one off. A burgeoning consensus is validated and informed by other close by future developments in what is a very desirable and strategic location. Future development by the Ginsburg Development Companies (GDC), Ludlow Point, and 70 Pier Street, will offer a combined 550 rental apartments on the waterfront with views of the Palisades beyond the ebb and flow of the majestic Hudson River, and the convenience of Metro North commuting transport.
The transaction was procured and closed during the midst of the COVID-19 Pandemic. NuRealty dealt firsthand with the new complex changes of the financing environment and led this deal to a successful closing. The deal offers excellent returns and tremendous upside for the buyer.
Michael Nukho and Lukasz Przybylek respectively represented the seller, Allison Valeltin, and the buyer, GSB Morris LLC.