News: Long Island

Larsen of Prudential CRES named exclusive broker for 28,000 s/f at The Coventry Commons

Jean Larsen, a licensed real estate sales associate and real estate advisor with Prudential CRES Commercial Real Estate (Medford, N.Y.), one of the region's premier providers of comprehensive real estate services, has been named as exclusive broker to handle 28,000 s/f of lease space at The Coventry Commons. This 6.5 acre complex located at 1320 Nesconset Highway is uniquely positioned as the only mixed-use center in the area. It consists of a total of 87,000 s/f, approximately 50,000 of which consists of retail and includes such tenants as Starbucks, My Gym, Duane Reade, Pearle Vision and others. There is also 27,500 s/f of medical/office space which will be marketed toward large tenants. The offices are fully approved for medical use. Serving as the design professional on the project is architect Eric Nicosia. The newly designed exterior projects the caliber of amenities tenants can expect. Parking is plentiful with over 400 shared spaces. The leasing area will be built to suit and consists of over 15,000 s/f on the ground floor and 10,000 s/f of second level space. Larsen will be working to market the complex on behalf of The Coventry Commons' landlord, a private investor. According to Larsen, "As demonstrated by recent University Medical School and Tech Incubator expansion, the need for office space in the Stony Brook market is continuing to grow. The absorption in this area is significant, as the area continues to experience exceptional growth without much new product coming to market. Additionally, The Coventry Commons complex is well-situated in close proximity to an affluent residential community and less than three miles from the Long Island Expressway, thereby offering a convenient commute time." Prudential CRES Commercial Real Estate is one of the region's premier providers of comprehensive commercial real estate services from office, industrial, retail and investment property sales and leasing to property management and specialized niche market services.
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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.