News: Brokerage

Jack Resnick & Sons signs Bevmax Office Centers for 18,000 s/f total

According to owner Jack Resnick & Sons, the company has recently completed an important lease signing at 880 Third Ave., the 18-story office building located at the southwest corner of 53rd St., which is currently undergoing a major renovation and capital improvement program. Bevmax Office Centers, providers of professional and executive work-the 9th and 12th-comprise a combined total of 18,000 s/f. Bevmax is already operational on one of the floors. Dennis Brady, executive managing director, and Patricia Forero, managing director of Jack Resnick & Sons, represented the landlord in this long term leasing transaction, which involved no outside broker. The 18-story office tower at 880 Third Ave. is presently undergoing a major makeover that includes a double height lobby, new storefronts, windows and exterior façade, modern elevator cabs and a new water cooling tower. The redesign is from plans by architectural firm Moed de Armas and Shannon.
READ ON THE GO
DIGITAL EDITIONS
Subscribe
Columns and Thought Leadership
Artificial intelligence in lending - by Lindsay Mesh Lotito

Artificial intelligence in lending - by Lindsay Mesh Lotito

Artificial intelligence (AI) is beginning to help transform lending by enhancing decision-making, improving risk management and streamlining operations. With AI-powered tools that analyze vast amounts of data, lenders are able to assess borrower creditworthiness more accurately and efficiently. AI can evaluate a wide range of factors,
Multi-generational multifamily owners - who’s in and who’s out - by Shallini Mehra and Amit Doshi

Multi-generational multifamily owners - who’s in and who’s out - by Shallini Mehra and Amit Doshi

Many long-time property owners are divesting from their rent stabilized properties at an increasingly rapid pace. This trend has gained momentum primarily due to the unyielding permanence of rent laws over the past six years and the increasing operating costs that continue to outstrip rent growth. In addition, the judiciary’s elongated timeline in processing evictions and tenant rent challenges,
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
Navigating the changing landscape of hotel Property Improvement Plans and conversion brands - by Andrew Cameron

Navigating the changing landscape of hotel Property Improvement Plans and conversion brands - by Andrew Cameron

When owners are due for a significant Property Improvement Plan (PIP), they must carefully evaluate what the best course of action is. Over the past five years, major hotel brands have become significantly more flexible with their PIP schedules.