Difficult economic times present opportunities for many businesses to be more creative and further challenge stubborn assumptions. Majestic Property Affiliates, Inc. (MPA) has kept itself busy, by confidently challenging the ways it does business.
Looking at the intensely embattling moments in the commercial real estate industry as well as in general since the late summer months of 2009 approaching the winter holiday season, there was a healthy recognition that MPA was able to make necessary adjustments to their approach to business that would allow them to not only be active, but to consummate what they started. Bob Huhem, president of Majestic Property Affiliates, Inc. explains the dilemma from his vantage point as a broker and business owner operating all over the Long Island market. "If there is one thing I have noticed in this general commercial market coming into the 2009 holiday season, it's the vast increase in time expenditure trying to bring deals to fruition. Activity seems to be picking up, but it is like pulling teeth to get parties to finalize matters."
Majestic has been quite successful with new leasing activity as well as the retention of tenants without making extravagant concessions propelled by an exaggerated pessimism.
Starting with Suffolk County at 85 Marcus Ave, Melville, N.Y. the industrial/flex space market, MPA has recently leased space to Echo Lake Industries Ltd., a total of 19,618 s/f. They also engineered an extension of lease with Johnson Controls. 85 Marcus is now fully leased. Also, in Suffolk County at 6080 Jericho Tpke., Commack, N.Y. Majestic Property Affiliates, Inc. engineered two long term leases with Euro American Realty, LLC for 5,000 s/f and United Sleep Diagnostic, Inc for 5,733 s/f.
In the Western Nassau market, MPA represented Parker and Waichman (a leading law firm specializing in personal injury law) in the $4 million sale of 6 Harbor Park Drive in Port Washington, N.Y. At 98 Cutter Mill Rd., they engineered an extension of lease with Sterling National Bank for 5,000 s/f and Sterling Mortgage for approximately 12,000 s/f. They also brokered the $9.25 million sale of 175 Great Neck Road, Great Neck with 175 Great Neck Realty Corp. Not only did they broker the deal MPA also remained the exclusive listing agent for the building. Since the sale, MPA has engineered the new leases with Polan and Waski and for Merker for approximately 2,000 s/f each. At 444 Lakeville Rd., Lake Success Majestic Property Affiliates engineered the lease with Brain Balance Center for 2,100 s/f. Tags: