New York City

How the limitation on Excess Business Losses affects real estate professionals - by Sandy Klein

The Tax Cuts and Jobs Act added Sec. 461(l) which limits the amount of losses from trades or businesses of non-corporate taxpayers that can be claimed on their tax returns.  Taxpayers’ who are “real estate professionals” can no longer deduct excess business losses against other non-business income in the current year without limitation as in the past.  

Burton, Shapiro, Carrozzo and Sutton of Cushman & Wakefield complete $10.825 million NoLita sale

Manhattan, NY Cushman & Wakefield has arranged the sale of 51 Spring St., an 8,076 s/f mixed-use building. The final closing price is $10.825 million equating to $1,340 per s/f.

Maddigan and Stanton of JLL broker $41 million sale

Brooklyn, NY JLL Capital Markets has sold 151 Kent Ave. in the Williamsburg neighborhood for the family of Norman Seidenfeld, Esq., and Zelda Mehl. 151 Kent Avenue Owner LLC acquired the 56,550 s/f residential loft building for $41 million.

Niblock of Friedman-Roth arranges $2.7 million sale

Queens, NY Friedman-Roth Realty Services has completed the sale of a commercial building located at 47-02 Queens Blvd. Located in the Sunnyside section, the free-standing property has frontage on three

Enterprise Community Partners launches Blue Sky portfolio; Bringing private equity model to nonprofit fundraising

New York, NY Enterprise Community Partners, Inc. have launched the Blue Sky Portfolio, a fundraising effort that will work strategically with donors to accelerate the incubation of deeply impactful programs at the earliest stages of development. Modeled after private equity investments that enable the most innovative early-stage companies to access funding

Adelaide and Trystan Polsinelli of Compass chosen
to market "The Royal Court" at 258 West 97th St.

New York, NY Adelaide Polsinelli, vice chair of Compass and the newly launched investment sales division, along with Trystan Polsinelli, have been hired to exclusively market "The Royal Court" at 258 West 97th St. The building is located right off the corner of Broadway and...

Someck and Myers of Lee & Associates NYC arrange
11,993 s/f lease to Payfone at 245 Fifth Avenue

New York, NY Dennis Someck, executive managing director/principal, and Justin Myers, senior managing director/principal, of Lee & Associates NYC have arranged a 10-year, 11,993 s/f lease for the entire twentieth floor at The Moinian Group's 245 Fifth Ave.

Kelly and Khukhashvili of Ariel Property Advisors
broker $11.74 million sale in Bushwick, Brooklyn

Brooklyn, NY Ariel Property Advisors has facilitated the sale of 124-134 Forrest Street, a leased industrial building and vacant lot in Bushwick. The properties sold for $11.4 million, or $441 per s/f. The 25,840 /f industrial building and 4,990 s/f vacant lot are located between...

Doshi and Mehra of Meridian Investment Sales represent
buyer and seller in $15 million sale in Brooklyn Heights

Brooklyn, NY Meridian Investment Sales, the commercial property sales division of Meridian Capital Group, sold 35 Pineapple St., an architecturally distinguished, free market, mixed-use corner elevator building in Brooklyn Heights for $15 million.

Klein, Findlay and Ferrer of HFF arrange $32 million refinance; Placed for Hidrock through Ladder Capital

Manhattan, NY Holliday Fenoglio Fowler, L.P. (HFF) and Hidrock Properties has closed on the $32 million refinancing for 35 West 36th St., a 12-story, 77,880 s/f office building in the Garment District. HFF placed the three-year, floating-rate loan