News: Brokerage

Marco Lala of Marcus & Millichap complete three sales totaling $6.1 million

Marcus & Millichap Real Estate Investment Services has arranged the sale of three properties for $6.0875 million, according to Edward Jordan, regional manager of the firm's Manhattan office. Marco Lala, associate VP investments in Marcus & Millichap's Manhattan office, together with licensed assistants Dave Raciti and Jack Lala, represented the sellers and the buyers. The properties are: * 250 McLean Ave., a 36-unit multifamily building with eight studios, 20 one-bedroom units and eight two-bedroom apartments in Yonkers. The six-story, 30,328 s/f building sold for $3.4 million. The transaction was the second sale of the same property by Lala within three years. * 2307 Beaumont Ave., a 25-unit multifamily building with 16 one-bedroom units and nine two-bedroom apartments. The 20,920 s/f, five-story walk-up received 17 offers in 30 days and sold for $1.638 million. * 245 East Mosholu Pkwy. North, a 50-ft. by 160-ft. lot with approved and delivered plans for an 11-story apartment building with 29 one-bedroom units, five two-bedroom units and one studio apartment. The investor, Promesa Systems Inc., a not-for-profit real estate organization, received 100% financing from the N.Y.C. Affordable Housing Acquisition Loan Fund. The 34,250 s/f lot sold for $1.05 million.
READ ON THE GO
DIGITAL EDITIONS
Subscribe
Columns and Thought Leadership
A fresh start - by Shallini Mehra and Amit Doshi

A fresh start - by Shallini Mehra and Amit Doshi

For the past several years, the New York City multifamily housing market has been defined by disruption. The combined impact of the HSTPA rent laws and a sharply higher interest rate environment has fundamentally reduced
Tri-state capital  migrates nationally amid  regulation pressure - by Reese Weaver

Tri-state capital migrates nationally amid regulation pressure - by Reese Weaver

New York tri-state multifamily investors are increasingly reallocating capital to less-regulated markets across the U.S. as rent control and legislative risk erode returns at home. With over 60% of New York City’s rental housing stock classified as rent-stabilized, the traditional value-add model — buying under-performing buildings,

The anticipated effect of Basel III and ISO 20022 implementation on commercial real estate - by Michael Zysman

The anticipated effect of Basel III and ISO 20022 implementation on commercial real estate - by Michael Zysman

July 1, 2025 is the deadline for US banks to begin to adopt Basel III banking standards and July 14, 2025 is the deadline for U.S. banks to adopt ISO 20022 messaging standards. Both will have a significant effect on the banking and commercial real estate (CRE) finance sectors.
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