News: Long Island

Island Assocs. brokers two leases at 181 Freeman Ave. - 15,920 s/f

Islip, NY Island Associates (IA)negotiated two lease agreements at 181 Freeman Ave.

Island Assocs. was able to negotiate a long-term lease with Pickleball Xpress. The new tenant invested resources into converting 9,920 s/f of the building to a new indoor climate controlled pickleball facility with four courts. Pickleball Xpress opened for business at the end of March, and will be hosting tournaments, have pro lessons, league play and open play. Island Assocs negotiated for both the landlord and tenant to make substantial capital improvements and investments into the space.

Island Assocs. was also able to negotiate a new lease with Parisi Speed School to relocate within the building to a newly constructed 6,000 s/f indoor sports and fitness training facility. The new facility has new turf as well as a weight training area. Parisi has been in the building for over 15 years and entered a new long-term lease in their relocated space.

Both Pickleball Xpress and Parisi are co-tenants at the building with Golds Gym, Farrell Face-Off Lacrosse Training, and Dance Connection.

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The evolving relationship of environmental  consultants and the lending community - by Chuck Merritt

The evolving relationship of environmental consultants and the lending community - by Chuck Merritt

When Environmental Site Assessments (ESA) were first part of commercial real estate risk management, it was the lenders driving this requirement. When a borrower wanted a loan on a property, banks would utilize a list of “Approved Consultants” to order the report on both refinances and purchases.