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Manhattan, NY Lee & Associates NYC (Lee NYC) has completed two retail leases totaling 17,383 s/f. 

New York, NY Top women leaders across various industries, disciplines and backgrounds were honored during the Career Mastered Women’s History Leadership in Action Awards on March 24 at NYC Seminar & Conference Center, Chelsea. Career Mastered Leadership in Action Awards is the highlight of the Women’s History Month calendar.

It’s hard to go many places these days without running into a conversation that includes cryptocurrency or the blockchain. Cryptocurrency, more notably Bitcoin, exceeded all expectations back in December 2017. At its peak, one bitcoin was worth more than $19,000. The crypto marketplace became quite popular as everyone on both sides of the fence of the crypto conversation wondered when the bubble would burst. Today, the price of one bitcoin is back down to under $7,000. One interesting fact that has led me to write this article is that throughout all of this volatility, the use of cryptocurrency for purchasing real estate has become a reality. 

While spring seemingly has not arrived locally, it usually brings real estate tax assessment responsibility via the legally mandatory Real Property Income & Expense (RPIE) filing due each June 1st.

Sales of Manhattan development sites have begun to perk up as buyers and sellers come closer to alignment. Developers are particularly fond of sites situated in the trendy, tech-heavy neighborhood of Chelsea, with the recently-approved pricing of air rights on its west side bound to bolster their demand even further. 

Queens, NY KeyBank Real Estate Capital has originated $30 million in Freddie Mac, first mortgage financing for The Lanes, located in Long Island City. The seven-story, 57-unit, class A apartment complex was built in mid-2017 and totals 83,000 s/f with 11,000 s/fof ground floor retail space and 43 underground parking spaces.

New York, NY GCP Capital Group LLC has arranged mortgage financing totaling $85.68 million for the following 10 deals:

Brooklyn, NY The Singer & Bassuk Organization LLC (SBO), a finance intermediary, has arranged an $8 million long-term fixed-rate loan for Kalmon Dolgin Affiliates – a Williamsburg-based commercial and industrial owner, developer, and real estate services provider – to refinance 33 Nassau Ave.

Brooklyn, NY Meridian Capital Group has arranged $23.5 million in financing for the refinance of The Box House Hotel.

Manhattan, NY Holliday Fenoglio Fowler, L.P. (HFF) has completed $86 million in financing for The Lewis, a newly completed, 186-unit apartment building in the Hudson Yards neighborhood.

New York, NY The New York Real Estate Journal recently sat down with its executive of the month, Michael Edery, founder & managing member of Paradigm Commercial Real Estate LLC, for a question and answer session.

New York, NY According to Romer Debbas LLP, a New York City-based law firm specializing in commercial and residential real estate transactions, attorney Daniel Gershburg has joined the firm as a partner specializing in bankruptcy law. He will also head Romer Debbas’ new Brooklyn office in Williamsburg.

Brooklyn, NY TerraCRG has brokered the sale of 1271 Willoughby Ave., a vacant multifamily building in Bushwick. Matt Cosentino, Fred Bijou and Eric Satanovsky brokered the deal for $2.7 million. The sale price equates to $529 per s/f and $450,000/unit as the six-unit building is 5,100 gross s/f. 

Manhattan, NY Rosewood Realty Group has arranged the $14.05 million sale of a two-building portfolio in Manhattan Valley. The two five-story, mixed-use buildings at 943 and 973 Columbus Ave., feature 36 apartments and four retail stores that include a grooming salon, a coffee shop and a bar. Together, the buildings sold for 13.5 times the current rent roll at a 5.2% cap rate. Combined the buildings are 18,123 s/f. Both were built in 1910.

Brooklyn, NY Cushman & Wakefield has arranged the sale of 80 4th St., a 180’ x 107.67’ lot improved by a 17,942 s/f, single-story, brick warehouse located in the Gowanus neighborhood. The final closing price was $12.8 million, equating to $713.40 per s/f and $300,000 above the original asking price.

Brooklyn, NY According to John Horowitz, VP - regional manager of Marcus & Millichap’s Brooklyn office, the firm has completed four deals totaling $6.25 million.

Syosset, NY  Long Island Industrial, a leading owner and manager of industrial, office, mixed-use, and R&D properties in Nassau and Suffolk counties, has rebranded as Milvado Property Group. As part of this rebranding effort, the company has launched a new website and introduced a new corporate identity. 

Woodbury, NY According to Gettry Marcus CPA, P.C., Andrew Rubin has been named a chairperson of the Sunrise Association’s SunriseWALKS 2018, which benefits Sunrise Day Camp—Long Island, one of the world’s first full-day summer camps for children with cancer and their siblings, provided completely free of charge.