Like most states the term must be reasonable and such is based on a case-by-case basis--but with the sale of a business they are not to keen on breaking the bargain struck between the buyer/seller--as it is not like you were an executive or other occupations that generally received no consideration for the non compete.
That said, a NY atty will be able to give you more info.
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There are never any guarantees, but since you sold the good will at the same time that you sold your business, a court more likely than not would enforce the agreement. Ordinarily 5 year agreements are considered too long, but when you sell a business, you are covenanting not to solicit clients, and therefore courts are more apt to enforce figuring it is a negotiated term. The 50 mile radius would likely be found to be reasonable even if you did not sell the business.
If you'd like to discuss, please feel free to call. Jeff Gold Gold, Benes, LLP 1854 Bellmore Ave Bellmore, NY 11710 Telephone -516.512.6333 Email - Jgold@goldbenes.com
I would generally agree with Attorney Gold, but would question whether, considering the nature of your business, the 50 mile radius is to much. No real answer can be given though without reviewing the sales agreement and performing research of recent case law. You need to hire an attorney, in your geographic area, to assist you.