News: Long Island

Britvan of Commercial Realty Services reps FOA in 11,000 s/f lease; Lee of Newmark acts for Citi Bank

Jack Britvan SIOR, president of Commercial Realty Services has exclusively represented FOA and Sons since 1986. For the last 15 years, FOA was a tenant at the Omni office building in Mitchell Field. Needing additional space Britvan worked with Jason Forte of RXR to satisfy FOA's space needs. Unfortunately even in this market of excess office space, RXR was not able to create a large piece of space that FOA liked. Since there would probably be a relocation, Britvan suggested that FOA prepare a zip code analysis to evaluate where FOA employers now live. Surprisingly after 15 years at the Omni Building and 12 additional years in the same office hub, FOA discovered that if they were to move it would be east towards Melville. After touring over 20 buildings FOA decided that another RXR building satisfied all their needs.The only suitable space at 68 South Service Rd. proved to be a sublease from Citi Bank. Britvan explained FOA's needs to Brian Lee, principal at Newmark who represented Citi Bank and Lee expressed Citi Bank's needs. Both brokers worked closely together to bring about a sublease that was advantageous to both parties. FOA leased over 11,000 s/f for 11 years with space to expand and Citi Bank subleased their last unit of space at 68 South Service Rd. Britvan stated that the Newmark team was very professional and made themselves available at all times which was a great help in consummating this deal.
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Columns and Thought Leadership
The evolving relationship of environmental  consultants and the lending community - by Chuck Merritt

The evolving relationship of environmental consultants and the lending community - by Chuck Merritt

When Environmental Site Assessments (ESA) were first part of commercial real estate risk management, it was the lenders driving this requirement. When a borrower wanted a loan on a property, banks would utilize a list of “Approved Consultants” to order the report on both refinances and purchases.