News:
Brokerage
Posted: February 8, 2022
Schertz of Schuckman Realty sells multifamily property for $3.35m
Manhattan, NY Schuckman Realty handled the sale of a multifamily building at 670 193rd St. in the Washington Heights neighborhood. The building, which is located at the corner of 193rd St. and Broadway Terr. sold for $3.35 million. The sale price equates to $160,000 per unit and $292 per s/f.
Sam Schertz of Schuckman Realty Inc. represented both sides of the deal, the buyer was Sarway Equities who is an active buyer in the upper Manhattan market. The seller was Coral Management, who by selling 670 193rd St., sold their last property in the city.
Schertz said, “This trade is a testament to the market, that although the property is Rent Stabilized there are lots of buyers in the market looking for stabilized yields.”
Schertz is a licensed real estate salesperson who focuses on the sale of investment properties in the multifamily, mixed-use, retail and development sectors in NYC boroughs and Long Island markets.
Tags:
Brokerage
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.
.jpg)
Quick Hits
.gif)
Columns and Thought Leadership
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
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.
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
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
.gif)