News:
Brokerage
Posted: March 14, 2023
Cushman & Wakefield arranges $12.1 million sale of The Whitestone Assemblage
Whitestone, NY Cushman & Wakefield has arranged the sale of The Whitestone Assemblage for $12.1 million. Whitestone Assemblage is located at 151-11 6th Rd., the site is an industrial outdoor storage (IOS) asset with a total lot footprint of 4.6 acres, including 1.5 acres of riparian water rights.
Cushman & Wakefield’s Daniel Abbondandolo, Robert Kuppersmith and Joegy Raju represented the seller in the transaction. Brian Sarath, also of Cushman & Wakefield, represented the buyer, Top Rock Holdings. Donna-Marie Korth, Esq, of Certilman Balin Adler & Hyman, LLP, acted as court appointed receiver.
Comprised of six individual tax lots, the site is zoned M1-1 permitting an industrial development opportunity of 121,882 buildable s/f. The property is leased to 12 separate tenants all on a short-term basis.
“This unique industrial outdoor storage asset offers tremendous upside with the ability to capitalize on the unprecedented growth of IOS assets throughout the New York City market,” said Abbondandolo. “The asset is strategically located around major transportation corridors, with the ability to also utilize New York City waterways for freight deliveries.”
The property’s strategic location offers easy access to JFK and LGA airports, expressways and bridges for truck routes and the East River by freightliner for seamless commuting to all five New York City boroughs and Long Island.
Tags:
Brokerage
MORE FROM Brokerage
REALM, DelShah Capital and A.M. Properties acquire 377,000 s/f CitySpire office condominium
Manhattan, NY REALM, in partnership with DelShah Capital and A.M. Properties, acquired CitySpire, a 377,000 s/f office condominium comprising 24 floors within the 70-story tower at 156 W 56th St. in Midtown. Adjacent to Central Park with transit access and amenities, CitySpire is a Class A office asset located in one of the city’s most sought-after office corridors.
Quick Hits
Columns and Thought Leadership
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
Tri-state capital migrates nationally amid regulation pressure - by Reese Weaver
New York tri-state multifamily investors are increasingly reallocating capital to less-regulated markets across the U.S. as rent control and legislative risk erode returns at home. With over 60% of New York City’s rental housing stock classified as rent-stabilized, the traditional value-add model — buying under-performing buildings,
A fresh start - by Shallini Mehra and Amit Doshi
For the past several years, the New York City multifamily housing market has been defined by disruption. The combined impact of the HSTPA rent laws and a sharply higher interest rate environment has fundamentally reduced
The anticipated effect of Basel III and ISO 20022 implementation on commercial real estate - by Michael Zysman
July 1, 2025 is the deadline for US banks to begin to adopt Basel III banking standards and July 14, 2025 is the deadline for U.S. banks to adopt ISO 20022 messaging standards. Both will have a significant effect on the banking and commercial real estate (CRE) finance sectors.