News: Spotlight Content

November

Maltzman and Lesser of Leslie J. Garfield collaborate for $3.575 million sale of 155 Lexington-4,050 s/f; Kirn and McGuire are sellers NDR Group completes $4m rehab of 180-unit Parkside Pl., New Rochelle; Funding for three-building renovation includes grants and bonds CB Richard Ellis secures 17,156 s/f, 10-year lease renewal for space at One Rockefeller Plaza's 11th Floor; Tishman Speyer is landlord Ezratty, Gutoff, Rogovin and Kalish of Eastern Consol. complete $16.75m sale; Gillman of Goodwin Procter, Adelman of Cutler assist SL Green Realty leases a total of 171,131 s/f in Midtown office space; includes 64,788 s/f at 1515 Broadway, represented by C&W and JLL CPC and HPD partnership close on three Harlem construction loans totaling $15.9m; includes $4.5m to Malcolm Shabazz Development Corp. Houlihan Parnes/iCap Realty Advisors arranges financing for three retail props.; includes $4m refi of 400-422 East Sanford Blvd. by Graf of HP Savarino Cos. to develop Academy Place, a $10m 77,000 s/f senior housing project; Healthy Community Alliance is sponsor, BHNT is architect Giacobbe of Largo finances $8m for 196,838 s/f mixed-use bldg. in Rochester; secured seven-year fixed-rate loan with 20-year amortization Gary Dana, Rick Dana and Lederman of The Dana Commercial Group at Prudential Douglas Elliman closes $20m retail condominium Koenigsberg of American Investment Properties completes $1.416 million sale of 5,212 s/f center; Ferra of Southgate Realty assists French and Dalzell of SVN represent seller for $1.925m Valu Home Center in Cortlandville; Nuchereno of Arista Real Estate assists Himelblau and Hakimian of Itzhaki Properties close $4.575m sale of 442 Ave-nue of the Americas; property contains two apartments, one retail space Majestic Property Affiliates holds ground breaking for $20m project, The Harp; team includes Foremost R.E., Guilor Arch., Kulka Const. Aragon Construction begins renovation of 25,000 School of Visual Arts facility in conjunction with Laurence G. Jones Architects Brenner of Prime Realty Properties brokers $70.05m sale of 252,000 s/f Parkway Plaza office building; CAF Realty Holdings is seller Chugh of Massey Knakal exclusively represents seller for $650,000 all-cash sale in Floral Park; mixed-use property contains 3,300 s/f Belyi of Greiner-Maltz completes Queens transactions totaling $7.8 million; includes recent sale of 23-23 Borden Ave. for $5.3 million Tishman Speyer and Bovis Lend Lease begin first phase of $316m Gotham Center; designed by Moed De Armas, architect of record is Gensler Ground breaking held for $11m renovation and expansion of the Mamaroneck Public Library; project designed by BKSK Architects Largo Group of Cos. arranges $10.58m in financing for three Upstate properties; includes $5.4m in construction-to-permanent financing James and Christie Houlihan of Houlihan Parnes/iCap Realty refinance $14.4m first mortgage for 400 Westchester Ave. in Harrison The city of Dunkirk and Chautauqua County break ground on $5.7 million project for the SUNY Fredonia Technology Incubator State senator Seward secures $300,000 multi-modal grant on behalf of Greene County IDA for rail enhancements at Peckham site in Athens Rosenberg and Grossman of Meridian Cap. arrange $285m in financing for 717 Fifth Ave.; Sutton of Wharton Props. and SL Green are borrowers Kerwin of GFI represented buyer and seller for sale of two properties totaling $16 million; Katz of GFI completes second sale-$8.5 million Meltzer/Mandl Arch. to complete Clermont Greene for approx. $40 million; team includes Vanderbilt Mansion, Severud Assoc., Mehandes Eng. AvroKo to design The Steelworks Lofts, a 130,000 s/f Brooklyn condo building slated for 2010 completion; Fifth Square Ptrs. is developer
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Properly serving a lien law Section 59 Demand - by Bret McCabe

Properly serving a lien law Section 59 Demand - by Bret McCabe

Many attorneys operating within the construction space are familiar with the provisions of New York Lien Law, which allow for the discharge of a Mechanic’s Lien in the event the lienor does not commence an action to enforce following the service of a “Section 59 Demand”.
The strategy of co-op busting in commercial real estate - by Robert Khodadadian

The strategy of co-op busting in commercial real estate - by Robert Khodadadian

In New York City’s competitive real estate market, particularly in prime neighborhoods like Midtown Manhattan, investors are constantly seeking new ways to unlock property value. One such strategy — often overlooked but
How much power does the NYC mayor really have over real estate policy? - by Ron Cohen

How much power does the NYC mayor really have over real estate policy? - by Ron Cohen

The mayor of New York City holds significant influence over real estate policy — but not absolute legislative power. Here’s how it breaks down:

Formal Legislative Role

Limited direct lawmaking power: The NYC Council is the primary
Oldies but goodies:  The value of long-term ownership in rent-stabilized assets - by Shallini Mehra

Oldies but goodies: The value of long-term ownership in rent-stabilized assets - by Shallini Mehra

Active investors seeking rent-stabilized properties often gravitate toward buildings that have been held under long-term ownership — and for good reasons. These properties tend to be well-maintained, both physically and operationally, offering a level of stability