News: Brokerage

Fishman of RKF arranges $60 million sale of 322,390 s/f industrial property; Reps seller: a pair of TIC entities managed by BLDG Associates, Inc.

RKF arranged the $60 million sale of a 322,390 s/f industrial property located at 47-25 34th St. in Long Island City. RKF previously represented the current owner of this building just thirteen months ago when they acquired the property for $40.7 million. In this latest transaction, RKF investment sales & advisory services president Jeff Fishman represented the seller of the building, a pair of TIC (Tenants in Common) entities managed by BLDG Associates, Inc. The buyer, Brickman 34th St LIC LLC, was represented by Empire Leasing and Development, Inc. The three-story building at 47-25 34th St. is bounded by 47th and 48th Aves. and 34th and 35th Sts. located directly in between the Queens Blvd. and the Long Island Expressway. "What led the current seller to acquire this building last year was their belief that the supply of quality industrial product in Long Island City would continue to be diminished due to an accelerated pace of luxury residential and hotel conversions. I believe the value appreciation that we have witnessed with this transaction affirms both the desirability of this property and the Long Island City market," said Fishman.
READ ON THE GO
DIGITAL EDITIONS
Subscribe
Columns and Thought Leadership
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,

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
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
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.