According to Christopher Nicholson, managing member of Genesis Real Estate Advisors, Inc., the market has changed and there are new signs of activity with leases being signed, development projects being pursued and buildings being sold. Genesis has brokered three leases totaling 25,000 s/f.
The first two deals were 10,000 s/f each (20,000 s/f total) at 2180 Fifth Ave. for Oshea Properties. The first space was leased to a growing storefront company and the other to an electronic cigarette company. Both companies are in growth and hiring mode.
The third deal was a 5,000 s/f lease to Island Water Sports in Calverton at 4195 Middle Country Rd. The 200,000 s/f industrial building housing several tenants servicing the east end rents very quickly whenever a vacancy occurs.
Genesis has also been retained to consult for out-of-state landlords that are seeking some advice on the local market and helping them better understand market conditions, spending trends, traffic, rental rates, ground lease terms, etc. Tags: