Category: Brokerage

The NYS Commercial Association of Realtors Board of Governors will meet on February 13, 2019 at 10:00 a.m. at the Desmond Hotel and Conference Center in Albany. We look forward to kicking off 2019 with a productive meeting with committee and chapter reports. This meeting is scheduled in conjunction with the New York State Association of Realtors Business Meetings which will be held February 10 – 14, 2019.

Chili, NY TAYLOR, a leading regional commercial general contractor, was awarded the contract for new construction of C&M Forwarding. TAYLOR is partnering with NH Architecture on the design and construction of the 316,000 s/f warehouse and office building at 3457 Union St. Construction work is underway, with a project completion date slated for August, 2019.

Colonie, NY According to governor Andrew Cuomo, the contract for the transformative $50 million Albany Airport Connector at Exit 4 of the Adirondack Northway (Interstate 87) in Albany County, has been awarded. Field and surveying work is currently underway and major construction is expected to begin this winter. The project will be completed by the spring of 2020.

New York, NY On Thursday, November 29, some of real estate’s biggest names and rising stars came together for a night of cocktails and conversation when Fordham Real Estate Institute (REI) and MaryAnne Gilmartin, co-founder and CEO of L&L MAG, presented CEO + One.

Manhattan, NY Friedman-Roth Realty Services completed the sale of 133 Ave. D in the East Village neighborhood. The deal closed at a sale price of $8.3 million (or $450 per s/f) with a GRM of 13.9 and a CAP rate of 4.37%. This property was exclusively listed by Richard Guarino, a partner at Friedman-Roth, on behalf of the seller, Vintage Properties. 

Hempstead, NY According to Fred Parola, CEO of the town of Hempstead Industrial Development Agency (IDA), the agency has consented to the sale of a Lynbrook office building and the transfer of existing economic incentives to the new owner, a national real estate investment trust. 

Bronx, NY According to EPIC Commercial Realty, the firm has completed the sale of 720-722 East 216th St., two contiguous parcels consisting a development site in  the Williamsbridge neighborhood. The property traded for $2.7 million. Emmanuel Ukah, investment sales associate at EPIC Commercial, represented the sellers and the buyer.

In Part 1, published in NYREJ on December 18th, I discussed certain important questions with respect to the Opportunity Zone (OZ) program that were answered, and answered quite favorably to taxpayers, by the U.S. Treasury in regulations and a ruling issued on October 19, 2018 (proposed regulations). In this Part 2, I discuss two more areas of initial uncertainty that the Treasury resolved in a favorable way for taxpayers but, even more importantly, in a way that also made it much more likely that the OZ program may actually achieve the policy goals behind it.