Upstate New York

Lancaster Development and Tully Construction Co. begin Albany Airport connector at Exit 4 of Adirondack Northway

Colonie, NY According to governor Andrew Cuomo, the contract for the transformative $50 million Albany Airport Connector at Exit 4 of the Adirondack Northway (Interstate 87) in Albany County, has been awarded. Field and surveying work is currently underway and major construction is expected to begin this winter. The project will be completed by the spring of 2020.

Engl of Uniland Development honored with the Lifetime Achievement Award at BOMA Buffalo annual awards luncheon

Buffalo, NY The Building Owners & Managers Association (BOMA) of Buffalo celebrated its annual BOMA Awards during a recognition luncheon and annual business meeting at the Lexus Club in KeyBank Center. Douglas Engl, director of property management, Uniland Development Co., was honored with the Lifetime Achievement Award. Engl has played a critical role with Uniland and its contributions to the resurgence in Buffalo. 

Saperston of Saperston Real Estate negotiates $1.8 million warehouse sale

Williamsville, NY According to Saperston Real Estate, the former 46,000 s/f Tuxedo Junction warehouse located at 120 Earhart Dr. has been sold for $1.8 million. Mark Yin, president of Techfrys Corp., a Canadian computer refurbishing company purchased the property. Howard Saperston, Jr., SIOR of Saperston Real Estate negotiated the sale.

Jacobson Properties and Crisafulli Associates complete sale of 37,821 s/f medical office building

Niskayuna, NY Lisa Menin of Jacobson Properties and Michael Crisafulli of Crisafulli Associates have completed the sale of Albany Med at Niskayuna, a 37,821 s/f medical office building located at 1769 Union St. in Schenectady County. The building is fully leased by Albany Medical College.

A message from the president of Upstate NYSCAR - by Guy Blake

Call for Nominations NYSCAR Realtor of the Year. It is that time of year to solicit nominations for NYSCAR Realtor of the Year. The purpose is to recognize an outstanding active member of the New York State Commercial Association of Realtors (NYSCAR) for the year.

2018 Hudson Valley apartment market: Counties show favorable conditions for investment - by Brian Heine

As seen in the 12/04/2018 Upstate Spotlight, Ask the Experts: All the counties of the Hudson Valley show a favorable rental market for investment. The average 2017 HUD fair market rent for a two-bedroom apartment in the Hudson Valley, together the counties of Dutchess, Westchester, Rockland, Ulster, Putnam, and Orange, is $1,510 per month, up 4.4% from 2016. The 2017 Ulster County Rental Housing survey reports average two-bedroom rents of $1,143, up 5.9% over 2016, with an overall vacancy rate of 2.65% versus 2.36% for 2016. The 2016 Dutchess County Rental Housing Survey reported…

It’s not too early to prepare for your real estate tax protest: Here are some considerations - by Robert Wakeman and Michael Hrankiwskyj

As seen in the 12/04/2018 Upstate Spotlight, Ask the Experts: In most, but not all, upstate New York municipalities, the date to file a real estate protest is the fourth Tuesday in May. Nevertheless, it is never too early to review and determine whether a tax protest is sensible…

A 1031 trade-in program for the 21st Century investor: R. J. Gullo’s 1031 Trade-In Program - by Russell Gullo

As seen in the 12/04/2018 Upstate Spotlight, Ask the Experts: This program is structured using both Section 1031 of the Internal Revenue Code, which allows owners of income-producing or investment-held property the opportunity to pay no tax when disposing of property…

Advice for landlords and owners to consider when leasing to tenants in the cannabis industry - by Randall Beach

As seen in the 12/04/2018 Upstate Spotlight, Ask the Experts: Recreational cannabis use is now legal in nine states, as well as the District of Columbia. Thirty-one states have legalized cannabis use for medical purposes. What does the state of cannabis regulation have to do with real estate? Quite a bit actually…

Brown and Funiciello of JF Real Estate collaborates with Sutton Real Estate for 1,761 s/f lease in Syracuse

Syracuse, NY According to JF Real Estate, Drive Research, a market research company with clients across upstate New York and the country, ha...