News:
Brokerage
Posted: August 4, 2020
CBRE Long Island reps. RXR Rlty. in $32 million sale to The Feil Org.;
Sperry and Tylenda of CBRE-Albany broker $4.05 million deal
Melville and Albany, NY CBRE has completed two sales totaling $36.05 million.
The CBRE Team of Jeff Dunne, Jeremy Neuer, Steve Bardsley, David Gavin, Gene Pride and Travis Langer in collaboration with Philip Heilpern of CBRE’S Long Island Office completed the $32 million sale of the leasehold interest in 395 North Service Rd. in Melville. CBRE represented RXR Realty in the sale and also procured the purchaser, The Feil Organization.
395 North Service Rd. is a 202,225 s/f office building currently 87% leased to high credit tenants, which including TSYS and Emblem Health. Located in Western Suffolk County, one of Long Island’s submarkets with only 10% vacancy, 395 North Service Rd. is situated within the prestigious Rte. 110 corridor, adjacent to the Long Island Expressway and proximate to the Northern State Parkway. The property is within walking distance to a full-service Marriot Hotel and a short drive to the Melville Hilton while nearby restaurants and retail options are on Rte. 110.
“395 North Service Rd.’s superb location, strong submarket and enviable high-credit tenancy will provide stable cash flow for the new owner,” said Dunne of CBRE. “The superb, high credit rent roll was further evidenced by 100% rent collections since the start of the COVID-19 pandemic back in March.”
CBRE-Albany completed the sale of 93 Broadway in Albany. This is a 67,000 s/f fully leased, mixed-use building on 1.5 acres. Jeff Sperry and Laurie Tylenda of CBRE-Albany represented the seller, 93 Broadway, LLC, and James DeFalco, Inc. represented the buyer, Elman Investors, Inc. The property transferred for $4.05 million on June 30, 2020.
Tags:
Brokerage
MORE FROM Brokerage
NAI Long Island achieves 100% occupancy at two Suffolk County office assets
Hauppauge, NY NAI Long Island, an affiliate of NAI Global, has achieved 100% occupancy at two Suffolk County office properties, totaling 50,689 s/f. These exclusive landlord leasing assignments involved 207
Columns and Thought Leadership
Artificial intelligence in lending - by Lindsay Mesh Lotito
Artificial intelligence (AI) is beginning to help transform lending by enhancing decision-making, improving risk management and streamlining operations. With AI-powered tools that analyze vast amounts of data, lenders are able to assess borrower creditworthiness more accurately and efficiently. AI can evaluate a wide range of factors,
The death of the generic offering memorandum: What buyers expect in 2025 - by Kimberly Zar Bloorian
There was a time when an offering memorandum (OM) was pretty bare bones, some photos, a few bullet points on income, and a rent roll thrown in at the back. That used to get the job done. Not anymore. In 2025, buyers are sharper, faster, and more selective. They’re looking
New York’s streets are full again, and the retail numbers prove it - by Noam Aziz
Walk down any New York block this year and you can feel it. The sidewalks are crowded, the storefronts are lit, and the energy that defines this city is back at full volume.
Hunt commercial real estate question and answer: The total cost of relocation - by David Hunt
You have a right to be concerned. I am always surprised at the companies that will negotiate the price of their new facility down to the last dollar, without thoroughly analyzing their
.gif)
August Promotion
