News: Brokerage

FirstLight Power Resources to begin construction of $700m power plant project

The NYS Public Service Commission approved the Article X pre-construction compliance filing for the Empire Generating project. This approval allows construction to begin on the $700 million project, a 635 net megawatt (MW) combined cycle natural gas fired power plant to be located at 75 Riverside Ave. The initial phases of construction will consist of site clearing and grading as well as the installation of test piles. This work began March 10th. Empire Generating Co., LLC, owner of the project, has retained its affiliate FirstLight Power Resources, Inc. to manage the construction and eventual operation of the project. "We are very pleased that the pre-construction compliance filing has been approved and construction can now officially begin," said FirstLight president and CEO Curt Morgan. "This project will be a great asset to the state and region by providing a variety of economic benefits including the creation of jobs, millions of dollars in local and state tax revenue, and clean, reliable electricity for N.Y. citizens and businesses." The benefits of the Empire Generating project are estimated to total $290 million over a 20-year period. FirstLight, headquartered in Hartford, Conn., owns or manages a combined fleet of 2,200 megawatts in N.Y., Conn., and Mass.
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SABRE coordinates sale of six properties totaling 199,845 s/f

Huntington, NY SABRE Real Estate Advisors has completed the sale of six commercial properties across Long Island and Northern New Jersey, further underscoring the firm’s strength as a trusted partner in complex real estate transactions. The deals were led by executive vice presidents Jimmy Aug and Stu Fagen, whose combined expertise continues to drive exceptional results for clients across the region.
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Lasting effects of eminent domain on commercial development - by Sebastian Jablonski

Lasting effects of eminent domain on commercial development - by Sebastian Jablonski

The state has the authority to seize all or part of privately owned commercial real estate for public use by the power of eminent domain. Although the state is constitutionally required to provide just compensation to the property owner, it frequently fails to account
Strategic pause - by Shallini Mehra and Chirag Doshi

Strategic pause - by Shallini Mehra and Chirag Doshi

Many investors are in a period of strategic pause as New York City’s mayoral race approaches. A major inflection point came with the Democratic primary victory of Zohran Mamdani, a staunch tenant advocate, with a progressive housing platform which supports rent freezes for rent
Lower interest rates and more loan restructuring can help negate any negative trending of NOI on some CRE projects - by Michael Zysman

Lower interest rates and more loan restructuring can help negate any negative trending of NOI on some CRE projects - by Michael Zysman

Lower interest rates and an increased number of loan restructurings will be well received by the commercial real estate industry. Over the past 12 months there has been a negative trend for NOI for many properties across the country.
Behind the post: Why reels, stories, and shorts work for CRE (and how to use them) - by Kimberly Zar Bloorian

Behind the post: Why reels, stories, and shorts work for CRE (and how to use them) - by Kimberly Zar Bloorian

Let’s be real: if you’re still only posting photos of properties, you’re missing out. Reels, Stories, and Shorts are where attention lives, and in commercial real estate, attention is currency.