News: Long Island

Schachner and O’Hara of SVN|Realty Three Advisors sell 20,000 s/f office property

Port Jefferson Station, NY SVN|Realty Three Advisors LLC completed the sale of 1010 Rte. 112.

PJ7 LLC purchased the 20,000 s/f medical professional office building from 1010 Executive Center LLC for an undisclosed amount. The multi-tenant building was owned by 1010 Executive Center LLC for over a decade and is tenanted by long term tenants such as New York Blood Center, Quest Diagnostics, and Hayduk Engineering.

Aric Schachner and Lorraine O’Hara of SVN | Realty Three Advisors represented the seller and Yona Slonim of Corcoran represented the buyer.

O’Hara said, “Aric and I were happy to find a great new owner for the property.  The building’s existing tenants are in wonderful hands with the new ownership group.”

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The evolving relationship of environmental  consultants and the lending community - by Chuck Merritt

The evolving relationship of environmental consultants and the lending community - by Chuck Merritt

When Environmental Site Assessments (ESA) were first part of commercial real estate risk management, it was the lenders driving this requirement. When a borrower wanted a loan on a property, banks would utilize a list of “Approved Consultants” to order the report on both refinances and purchases.