News: Brokerage

Guarino of Friedman-Roth sells Korea Village SC for $26.5 million; reps seller, Emmut Properties and procures buyer, Pako Realty Corp.

Friedman-Roth Realty Services arranged the sale of Korea Village Shopping Center, located at 150-24 Northern Boulevard. The high-profile shopping center traded for $26.5 million to Pako Realty Corp. which is owned by the Los Angeles and Seoul based Korea Times newspaper publication. The seller, Emmut Properties, previously bought the 78,000 s/f shopping center at a foreclosure auction for $13.4 million in 2011. Richard Guarino of Friedman-Roth Realty Services represented the buyer and seller in this transaction. The property was listed twice in the past year, most recently in February when it was listed for $30 million with Guarino of Friedman Roth Realty Services. According to Guarino, the property drew significant interest largely from Korean investors. "The building was so ethnic it was definitely going to be sold back to the Koreans," said Guarino. "They wanted their building back." The property offers 95,000 buildable s/f and is fully leased with tenants, including the Cosmos Department Store, Wilshire State Bank and wedding venue Dae Dong Manor.
READ ON THE GO
DIGITAL EDITIONS
Subscribe
Columns and Thought Leadership
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.
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,