News: Brokerage

O'Brien of M.C. O'Brien brokers 45,000 s/f lease in East Williamsburg

Michael O'Brien, III, SIOR, of M.C. O'Brien, Inc., brokered the land formerly occupied by IBK Construction. A five-year, 45,000 s/f lease, with renewal options, was negotiated with an operator of the N.Y.C. Marshall's office d/b/a Gotcha Towing. The tenant was represented by Central Park Commercial Realty. The property, located on 60 Central Ave., was originally occupied as a brewery. The 172,000 s/f site was purchased for vehicle storage by a truck leasing company years ago. In the mid-1990s, O'Brien leased 127,000 s/f to Verizon, then d/b/a N.Y. Telephone. The tax lot was divided and O'Brien sold the out portion to IBK in 2004. When they outgrew the location, O'Brien was asked to procure a tenant for the M3 zoned site. It is in an Empire Zone where firms may take advantage of tax and utility reductions and credits for job creation. The rent roll has a value of $1.3 million for the term.
READ ON THE GO
DIGITAL EDITIONS
Subscribe
Columns and Thought Leadership
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
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