News:
Brokerage
Posted: January 5, 2021
Bortz and Sweetwood of Kislak broker $2.1m sale
Poughkeepsie, NY The Kislak Co., Inc. completed the sale of a fully-approved multifamily development site on over seven acres at 31-35 Violet Ave., in Dutchess County. The property traded for $2.1 million.
Kislak marketed the property on an exclusive basis on behalf of a long-time client with senior vice president Janet Bortz handling the assignment. Executive vice president Joni Sweetwood procured the purchaser, another longtime client.
“The Hudson Valley has lagged in available new construction for age-restricted rental housing,” said Bortz. “This property offered an excellent development opportunity in a wide-open market segment.”
Sweetwood said, “the purchaser obtained a PILOT program prior to closing, which enhanced the investment. He anticipates doing well in filling the market void.”
The development is fully approved for residents age 55 and over and includes 84 residential units, 9,600 s/f of retail and office space, and a 2,125 s/f clubhouse on over seven acres. The development is planned as a market-rate rental community in six buildings with on-site parking. Approximately 40% of the site will be designated as open space.
The property is close to walking trails including the Walkway over the Hudson River, parks, downtown, and New York City train service.
Tags:
Brokerage
MORE FROM Brokerage
AmTrustRE completes $211m acquisition of 260 Madison Ave.
Manhattan, NY AmTrustRE has completed the $211 million acquisition of 260 Madison Ave., a 22-story, 570,000 s/f office building. AmTrustRE was self-represented in the purchase. Darcy Stacom and William Herring
.jpg)
.gif)
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.
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
AI comes to public relations, but be cautious, experts say - by Harry Zlokower
Last month Bisnow scheduled the New York AI & Technology cocktail event on commercial real estate, moderated by Tal Kerret, president, Silverstein Properties, and including tech officers from Rudin Management, Silverstein Properties, structural engineering company Thornton Tomasetti and the founder of Overlay Capital Build,
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
.gif)