News: Brokerage

Safway moves into 62,500 s/f space in building 406 in Glenville Park after $1m renovation by Galesi Grp.

Safway Services, Inc., a leader in the construction and servicing of scaffolding structures has completed its move from building 202 to building 406 at the Glenville Business and Technology Park. The move was made following a $1 million renovation by the Galesi Group, owners of the business park which is located right at Exit 26 of the NYS Thruway. The move from building 202 to 406 was needed so that Sealed Air Corp. could utilize space in building 202 under a $2 million project that will retain 100 jobs in Schenectady County. Safway employs 20 and expects to add five to ten jobs over the next five years. Susan Savage, chair of the Schenectady County legislature said, "Creating and maintaining job opportunities in Glenville and throughout Schenectady County remains our priority. Safway's newly renovated building helps us keep this local unit of a world-wide company in Glenville and allows us to move forward with a $2 million renovation at Sealed Air Corp.. Safeway Services and Sealed Air Corp. are two key global companies that could locate anywhere and both have committed to Schenectady County." Safway will occupy 62,500 s/f of space in building 406. David Buicko, COO of the Galesi Group said, "In cooperation with Safway, we created a showcase facility at the main entrance of the Glenville Business and Technology Park. We plan to initiate further Park enhancements which will result in new tenants and economic activity for the region." Ray Gillen, Metroplex chair and commissioner of economic development and planning in Schenectady County said, "We are very fortunate that we have Safway in our community. This company is a leader in building and servicing the best in scaffolding products. It is great news for Schenectady County that this company is expanding into building 406 in Glenville. This is part of a comprehensive effort to develop a world class business park in Glenville."
MORE FROM Brokerage

SABRE coordinates sale of six properties totaling 199,845 s/f

Huntington, NY SABRE Real Estate Advisors has completed the sale of six commercial properties across Long Island and Northern New Jersey, further underscoring the firm’s strength as a trusted partner in complex real estate transactions. The deals were led by executive vice presidents Jimmy Aug and Stu Fagen, whose combined expertise continues to drive exceptional results for clients across the region.
READ ON THE GO
DIGITAL EDITIONS
Subscribe
Columns and Thought Leadership
Lower interest rates and more loan restructuring can help negate any negative trending of NOI on some CRE projects - by Michael Zysman

Lower interest rates and more loan restructuring can help negate any negative trending of NOI on some CRE projects - by Michael Zysman

Lower interest rates and an increased number of loan restructurings will be well received by the commercial real estate industry. Over the past 12 months there has been a negative trend for NOI for many properties across the country.
Lasting effects of eminent domain on commercial development - by Sebastian Jablonski

Lasting effects of eminent domain on commercial development - by Sebastian Jablonski

The state has the authority to seize all or part of privately owned commercial real estate for public use by the power of eminent domain. Although the state is constitutionally required to provide just compensation to the property owner, it frequently fails to account
Behind the post: Why reels, stories, and shorts work for CRE (and how to use them) - by Kimberly Zar Bloorian

Behind the post: Why reels, stories, and shorts work for CRE (and how to use them) - by Kimberly Zar Bloorian

Let’s be real: if you’re still only posting photos of properties, you’re missing out. Reels, Stories, and Shorts are where attention lives, and in commercial real estate, attention is currency.
Strategic pause - by Shallini Mehra and Chirag Doshi

Strategic pause - by Shallini Mehra and Chirag Doshi

Many investors are in a period of strategic pause as New York City’s mayoral race approaches. A major inflection point came with the Democratic primary victory of Zohran Mamdani, a staunch tenant advocate, with a progressive housing platform which supports rent freezes for rent