Nepperhan Plaza, at 523-533 Nepperhan Ave., contains 15,000 sf of retail and office space. Less than 5,000 sf is currently available for rent. The New York State Office of Children and Family Services district office occupies about 70% of the building.
. Ben Sgambati, a senior agent in the Marcus & Millichap's New Jersey office, and James Dickerson, an agent in the firm's Manhattan office, represented the seller. Eisenkraft' firm, Yonkers Industrial Development Corp., purchased the Nepperhan Business Center in 1978. Yonkers Industrial Development Corp. completed construction and opened the Nepperhan Plaza building in 1989.
"These properties have an incredible variety of tenants, ranging from artists to a boxing gym and including industrial, apparel, lighting and framing businesses," Sgambati says. "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." Dickerson adds that it's just "another indication that the Westchester market remains extremely strong."
Both properties are within the boundaries of the New York State Yonkers Economic Development Zone and therefore expanding businesses in the zone are eligible for wage tax credits, job training reimbursement, property tax abatement, sales tax exemptions, special loan programs, special utility rates and other benefits. Eisenkraft, who has been in the real estate business for 49 years, says that after the sale he will be in semi-retirement. He is maintaining some offices at the center where he will run a business geared to industrial real estate sales and leasing and mortgage financing.
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