News:
Brokerage
Posted: October 10, 2008
O'Brien of M.C. O'Brien brokers 3,800 s/f office space lease to PRFI
Michael O'Brien, III, SIOR, CEO of M.C. O'Brien, Inc., has completed the 10-year lease of 3,800 s/f of office space at 358 Grove St. in the Williamsburg neighborhood. The new tenant is the Puerto Rican Family Institute, Inc. (PRFI). Its operation will house a N.Y.C. agency for children's services program and will bring much needed services to the Bushwick/ Ridgewood section of Brooklyn.
The landlord, 358 Grove St., LLC, purchased the site and planned to erect an eight-story residential condo there. The ownership was able to increase the s/f area of the structure measurably by incorporating community facilities on the lower and grade levels of the building in accordance with applicable zoning. The final height yielded 12 floors.
O'Brien represented the landlord and was the sole broker with an aggregate rent approaching $1.025 million.
Tags:
Brokerage
MORE FROM Brokerage
SoHo emerges as America’s most active trophy retail market as investors prioritize quality, Adirondack Capital Partners finds
Manhattan, NY Investors are increasingly concentrating capital in the country’s most coveted retail corridors, with SoHo emerging as the nation’s most active trophy retail market,
Quick Hits
Columns and Thought Leadership
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.
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
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
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,
