News: Brokerage

DiMarco Group breaks ground on Walmart Supercenter at BayTowne; To be completed by July 2016 - 186,000 s/f center

On August 7, the ribbon was cut, the first dirt shoveled and construction of the sitework associated with the Walmart Supercenter at BayTowne Plaza officially began. DiMarco Group, project developer and contractor, has pulled its equipment into place and earth is being moved for this anchor of the BayTowne re-development. Several tenants from BayTowne and many residents from Daniel's Creek Apartments attended the ribbon-cutting, including Margaret Cooley, the most senior and longest standing resident of Daniel's Creek. AJ Hetzke, chair of the town of Penfield planning board, also assisted DiMarco leadership in officially opening the site. The 186,000 s/f Walmart Supercenter will include grocery and general merchandise offerings, and will replace the existing 120,000 s/f Walmart at BayTowne, which is solely a general merchandise retailer. "Seeing the equipment on site and the development take shape is the culmination of years of planning," said president and COO John DiMarco II. "We are proud to be developing this site on behalf of Walmart, the DiMarco family and the residents of the town of Penfield. Many thanks to those who have supported the project through the years. Today is about thanking them for showing all the support." The Walmart Supercenter has an expected completion date of July 2016 and John DiMarco Sr. plans to escort Margaret Cooley as the first official customer of the new store.
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.
READ ON THE GO
DIGITAL EDITIONS
Subscribe
Columns and Thought Leadership
The anticipated effect of Basel III and ISO 20022 implementation on commercial real estate - by Michael Zysman

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.
A fresh start - by Shallini Mehra and Amit Doshi

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
Tri-state capital  migrates nationally amid  regulation pressure - by Reese Weaver

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,

The death of the generic offering memorandum: What buyers expect in 2025 - by Kimberly Zar Bloorian

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