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Brokerage
Posted: December 29, 2008
Agha of Largo finances two Buffalo office buildings totaling $975,000
Farah Agha, account executive for the Largo Group of Cos., arranged a permanent first mortgage in the amount of $975,000 to refinance the existing debt on two adjacent office buildings totaling 22,980 s/f. The buildings were constructed in two phases in 1985 and 1992 and are connected via an elevated enclosed hallway. Currently, 49% of the total space is occupied by Hart Hotels, Inc., with the remaining tenants occupying space ranging from 400 to 6,000 s/f. The mortgage was structured on a five-year term with a 25-year amortization schedule and allows the borrowers the flexibility of expanding the loan upon new tenancy throughout their loan term.
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Quick Hits
Columns and Thought Leadership
Behind the post: Why reels, stories, and shorts work for CRE (and how to use them) - by Kimberly Zar Bloorian
Let’s be real: if you’re still only posting photos of properties, you’re missing out. Reels, Stories, and Shorts are where attention lives, and in commercial real estate, attention is currency.
Lasting effects of eminent domain on commercial development - by Sebastian Jablonski
The state has the authority to seize all or part of privately owned commercial real estate for public use by the power of eminent domain. Although the state is constitutionally required to provide just compensation to the property owner, it frequently fails to account
Lower interest rates and more loan restructuring can help negate any negative trending of NOI on some CRE projects - by Michael Zysman
Lower interest rates and an increased number of loan restructurings will be well received by the commercial real estate industry. Over the past 12 months there has been a negative trend for NOI for many properties across the country.
Strategic pause - by Shallini Mehra and Chirag Doshi
Many investors are in a period of strategic pause as New York City’s mayoral race approaches. A major inflection point came with the Democratic primary victory of Zohran Mamdani, a staunch tenant advocate, with a progressive housing platform which supports rent freezes for rent
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