Category: Brokerage

After a robust first half of 2018, there was an expected slide in the velocity of office condominium sales in the second half of the year. The total s/f sold in the second half of 2018 was 54% less than the first half of the year, and the total dollar value of sales was 56% less…

Greece, NY Empire Commercial Construction, a retail-specific division of regional general contractor Taylor-The Builders, was awarded the construction contract for a local ALDI store.  Empire is teaming with APD Engineering and Architecture out of Rochester for design of the new addition, interior/exterior remodel and site improvements to the existing 17,000 s/f space located at 714 Long Pond Rd. Project completion is anticipated for April, 2019.

The Treasury hearing on the OZ Regulations, originally scheduled for January 10 but postponed due to the government shutdown, re-convened on Valentine’s Day, attended by an overflow crowd, and proceeded for five hours (with a lunch break) of presentations with occasionally interesting questions and commentary by the six presiding IRS and Treasury officials. 

Brooklyn, NY Karen Cohen Realty & Associates completed the signing of a lease with Jetson Electric Bikes LLC for 12,323 s/f of office space in Industry City. Located at 220 36th St., Industry City is located…

New York, NY  According to POLSINELLI, an Am Law 100 firm, Gabriel Dabiri has joined the firm in New York as a shareholder, practice co-leader for the firm’s direct lending and alternative finance practice and practice co-leader for the firm’s cross-border finance practice.

New York, NY Sharon Perkins Bands, age 75, of Palm Beach, Florida and Quogue, NY, passed away peacefully on Tuesday, February 19 at her Florida home after a valiant battle with cancer. She was surrounded by family and loved ones.

Brooklyn, NY Bestreich Realty Group (BRG) has brokered the sale of 344-348 Utica Ave. for $3 million in Crown Heights. This mixed-use property is 8,400 s/f featuring five apartments and four retail spaces.

Staten Island, NY The Nicotra Group, one of the largest private real estate developers in the borough, continues to “Outsmart Manhattan” at their Corporate Park of Staten Island with their newest project, an eight-story, 330,000 s/f LEED Silver Certified, class A office building complete with finishes and amenities that you would expect to find in Manhattan. CetraRuddy, an architecture, planning and interior design firm which recently published an extensive white paper on the future of Staten Island, is working on this project for The Nicotra Group.

The NYC market saw dollar volume soar 27% year-over-year to $40.98 billion. Transaction volume stayed flat compared to 2017, with 2,734 transactions consisting of 3,699 properties. 

For the purposes of the qualified business income deduction (QBID), the Internal Revenue Code and proposed regulations issued in August did not make clear if rental real estate is a trade or business and, therefore, whether it qualifies for the QBID. Now, the Internal Revenue Service has provided some guidance, by issuing Notice 2019-07. The notice indicates that certain rental real estate enterprises will qualify as a trade or business for the purposes of the QBID.

As an attorney who focuses on construction issues, I see mechanic’s liens being filed nearly every day for labor and materials used on construction projects, which have not been paid for by the property owner. Labor and materials for constructing or renovating a building or even a condominium unit are pretty straight forward.

Brooklyn, NY According to John Horowitz, first vice president – regional manager of Marcus & Millichap’s Brooklyn office, the firm closed four sales totaling $12.98 million. The deals include the following: