Michael Ferrara, managing principal of investment sales brokerage firm Brax Realty completed the sale of a 7,951 s/f mixed-use building in the Upper East Side. The property, 240 East 75th St. located between 2nd Ave. and 3rd Ave., sold for $6.9 million. New York, NY
A panel of New York’s leading real estate thinkers discussed the current New York City Charter review, which could turn out to be the most momentous change in city real estate decision-making since 1989.New York, NY
On Tuesday, March 12th, leadership from the New York City Economic Development Corporation (NYCEDC) spoke at the WX New York Women Executives in Real Estate’s monthly breakfast, highlighting the city’s strategy to bring good-paying jobs to city residents through inclusive innovation. Brooklyn, NY
Bestreich Realty Group (BRG) has completed the sale of 111 Java St. in the Greenpoint section for $1.8 million. This development site lot measures 25 ft. x 100 ft. and is zoned R6A. With a max FAR of 2, the lot offers 5,500 buildable s/f.
New York, NY
The Real Estate Board of New York (REBNY) has announced those in the running for 2018’s Most Ingenious Deal of the Year, the prestigious distinction honoring New York City’s most notable transactions executed by top commercial real estate brokers.
It’s hard to fathom, but on March 6th we mark the 10-year anniversary of the Great Recession’s stock market bottom and the subsequent plunge in New York City’s investment property prices and sales volume. This anniversary is a unique point in time to recognize where the market for New York City
In June on this year, the current rent laws will expire. Given the current political climate in the state senate, a complete overhaul of these regulations appears to be on the horizon. The passage of any combination of the proposals on the table will lead to greater difficulty in managing multifamily properties, to what degree remains to be seen.
Why have retail rents fallen, and why do they continue to decline? It can’t be because sales are off. Young people’s closets are still full of designer shirts, khakis, and sneakers—for which they’re still paying top dollar. However, the way they buy their merchandise has changed dramatically.
The tri-state investment sales group for Avison Young has brokered the $35.5 million sale of three residential buildings, located at 344, 346 and 348 East 62nd St. in the Lenox Hill neighborhood. The three properties total 40,612 gross s/f across 72 units, comprised of 70 apartments and two retail units. Manhattan, NY
According to Jack Resnick & Sons, three tenants have signed new leases and expansions totaling 285,000 s/f at One Seaport Plaza/199 Water St., its 35-story, 1.1 million s/f downtown property. In the largest transaction, WeWork signed a 15-year, 201,231 s/f lease covering five full floors. The space is located on the 30th through 35th floors.