Category: Brokerage

Mt Sinai, NY According to Frederick Braun III, chairman of the town of Brookhaven Industrial Development Agency (IDA), the agency has closed on a package of economic incentives for two senior living projects that will soon be constructed. The incentive agreement will assist The Engel Burman Group to develop a 120-unit Bristal Assisted Living facility and a 225-unit rental complex, including a clubhouse, for people age 55 and over on 24 acres. 

Melville, NY A panel of real estate developers, all of whom recently made acquisitions or are launching new projects on Long Island, expressed optimism at a January 30th meeting of  the Commercial Industrial Brokers Society of Long Island (CIBS), one of the region’s largest commercial broker organizations.

Briarcliff Manor, NY The grand opening of the Welcome Center at The Club at Briarcliff Manor, a new senior living community featuring independent living apartments, best-in-class assisted living and award-winning memory care for those 55 and older, was held February 16th and 17th.

One of the hot-button political issues affecting New York City real estate is the proposal to eliminate landlords’ ability to raise rents on rent-regulated units in buildings that  have received major capital improvements (MCIs). The MCI program incentivizes landlords to improve major building components that enhance quality of life for tenants and recoup…

Brooklyn, NY Bestreich Realty Group has completed the following: 351 Grove St.: A three-story multifamily building located in the Bushwick section sold for $1.5 million. This 6-unit property is built 25 ft. x 65 ft. with a 5 ft. x 12 ft. extension, offering 4,905 s/f.

Bronx, NY According to Westbridge Realty Group, The Lightstone Group, a privately-held real estate investment company, has purchased a six-story elevator mixed-use building in the Concourse neighborhood for $23.8 million.

In a 1031 tax deferred exchange, the same tax owner that sells the relinquished property should  acquire the replacement property. This issue arises frequently in the Northeast as many times the taxpayer does not wish to have the same person or entity on the deed to the replacement property or is not sure who that person or entity should be…

Bronx, NY According to Venture Capital Properties, 957-959 Kelly St., a walk-up multifamily building in an opportunity zone (OZ) has sold for $7.8 million. Located between 163rd St. and Westchester Ave. in the Foxhurst neighborhood, the rent-stabilized property consists of 38,237 s/f and contains 42 units, of which 12 one-bedrooms and 30 two-bedrooms. 

Brooklyn, NY According to TriState Commercial, Avi Akiva and Sholomi Bagdadi, with Tamako Okamura have collaborated to close a  6,000 s/f lease. Asking rent was reported to be $26 per s/f. Akiva and Bagdadi acted on behalf of the landlord, 354 Grand Property LLC, while Okamura represented the tenant in the