White Plains, NY Royal Properties, Inc. handled the sale of 295 Central Ave. The sale price was not disclosed.
295 Central Ave. consists of a 10,351 s/f two-story building on 0.28 acres. The property provides dedicated parking, 100 ft. of frontage on Central Ave. and is within walking distance to the White Plains MTA Train Station.
“The purchaser, El Centro Hispano, Inc. plans to completely renovate and repurpose the vacant building. This will allow them to expand their services of educational programs and help with housing, employment and immigration referrals. I know they will continue to be a huge asset for the community,” said Craig Benson of Royal Properties, who represented the seller, The Wilhelm Group, LLC. Barry Synnott of Coldwell Banker represented the buyer, El Centro Hispano, Inc.
New York tri-state multifamily investors are increasingly reallocating capital to less-regulated markets across the U.S. as rent control and legislative risk erode returns at home. With over 60% of New York City’s rental housing stock classified as rent-stabilized, the traditional value-add model — buying under-performing buildings,