News: Long Island

Commercial Realty Hub closes two sales: $4.025 million

Garden City Park, NY According to Mahmud "Wazi" Wazihullah, managing partner at Commercial Realty Hub, the firm has recently closed two sales totaling $4.025 million. Wazihullah acted on behalf of the seller, Litco Enterprises LLC, for the recent sale of 120 Broadway. The subject property consists of 25,000 s/f and sold for $2.9 million. Lou Diament of BHS Commercial Services of Long Island acted for the buyer, Color Optics. In a second transaction, Wazihullah acted for the seller, Color Optics, in the $1.125 million sale of 7,500 s/f at 4550 Merrick Rd., Massapequa. The 7,500 s/f property was purchased by St. Peter's and St. Paul's Syrian Orthodox Church. Kal Varughese of VS Realty acted on behalf of the purchaser.
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Suffolk County IDA supports expansion of A&Z Pharmaceuticals

Hauppauge, NY The Suffolk County Industrial Development Agency (IDA) has granted preliminary approval of a financial incentive package that will assist a manufacturer in expanding its business by manufacturing more prescription (Rx) pharmaceuticals in addition to its existing over-the-counter
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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.