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Zenith IOS, J.P. Morgan Asset Management close second $700m JV
September 10, 2024
New York, NY Zenith IOS closed its second Industrial Outdoor Storage (IOS) joint venture with institutional investors advised by J.P. Morgan Asset Management. The new venture will continue building on their first joint venture and seek to purchase $700 million of IOS sites across the United States.
Westchester LDC votes preliminary approval of $35m in bond financing for Sarah Lawrence College
September 10, 2024
Yonkers, NY The Westchester County’s Local Development Corp. (LDC) voted preliminary approval on July 24 of $35 million in tax-exempt bond financing for renovations at Sarah Lawrence College near the Village of Bronxville. The bond financing is for a period of 30 years.
Feil leases 38,862 s/f to Phipps Houses
September 10, 2024
Manhattan, NY Phipps Houses signed a 38,862 s/f lease spanning the entire 11th, 12th and 15th floors at 257 Park Ave. for 32 years. This location will also house offices for Phipps Houses 501(c)(3) social service affiliate, Phipps Neighborhoods.
Tishman Speyer secures Christie’s
25-year extension at 20 Rock
September 10, 2024
Manhattan, NY According to Tishman Speyer, Christie’s has extended its lease at 20 Rockefeller Plaza for 25 years, ensuring the art and luxury business maintains its home and secures its legacy on the campus. Since 1997, Christie’s has occupied nearly 400,000 s/f at Rockefeller Center
Rose Associates team members graduate from REBNY Fellows Leadership Program
September 10, 2024
Manhattan, NY Three Rose Associates, Inc. employees have graduated from the REBNY’s Fellows Leadership Program. LeAnn Cremin, Omar Mahmoud and Vincent Cricco are the Rose team members who completed the leadership development training.
Island Associates brokers 10,000 s/f lease for The Learning Experience
September 10, 2024
Kings Park, NY Island Associates negotiated a new development of a ground-up 10,000 s/f childcare facility plus a 5,000 s/f outdoor play area at 284 Indian Head Rd., that has been leased to The Learning Experience for a 15-year term plus options.
Newmark closes sale of 2 Times Sq.
retail condo for $100 million
September 10, 2024
Manhattan, NY Newmark negotiated the sale of the retail condominium at 2 Times Sq. from Sherwood Equities to South Korea’s Bando Construction. The 25,000 s/f retail space, located at the northern anchor of the Times Sq. Bowtie at Seventh Ave. and 48th St., sold for $100 million, or $3,900 per s/f.
Turning clicks into clients: How a strong brand supercharges your CRE website’s lead generation - ...
September 10, 2024
In today’s competitive commercial real estate market, your website is more than just a digital business card — it’s your 24/7 sales engine. A strategically branded and optimized website can be your most powerful tool for attracting high-quality leads and building the relationships essential for success in CRE.
Fried Frank provides advisory services for Douglaston and Ares Management $560m refinancing
September 10, 2024
Manhattan, NY Fried Frank advised a joint venture between Douglaston Development and Ares Management in connection with a $560 million mortgage and mezzanine loan secured by their 60-story newly delivered residential building with 14,495 s/f of ground floor retail located at 311 Eleventh Ave. in the Hudson Yards neighborhood.
Moskovic of Katz & Associates
sells two properties for $7.6m
September 10, 2024
Nanuet, NY Donny Moskovic of Katz & Associates negotiated the sale of 61 Smith St. and 300 East Rte. 59 for a combined price of $7.6 million. Moskovic represented both the buyer and the seller in this transaction. These properties have been under the same family ownership
George Comfort & Sons secures two
leases at 498 Seventh Ave.
September 10, 2024
Manhattan, NY George Comfort & Sons, Inc. has finalized two lease agreements totaling 104,000 s/f at 498 Seventh Ave., its 25-story office tower at the epicenter of Times Square South. In the larger of the two deals, George Comfort & Sons has signed a new 60,000 s/f lease with PubMatic,
The Cappelli Organization, RXR and Korman Communities
celebrate topping out of AVE Hamilton Gree...
September 10, 2024
White Plains, NY Senior executives of the Cappelli Organization, RXR and Korman Communities joined with dignitaries from Westchester County and the city to celebrate the topping out of AVE Hamilton Green, a $650 million mall-to-housing conversion project that transforms the former site of the White Plains Mall into a mixed-use residential development.
Commercial classroom: How banks look at commercial real estate loan requests - by Edward Smith Jr.
September 10, 2024
This column is offered to help educate agents new to commercial and investment brokerage and serve as a review of basics for existing practitioners. Initially when applying for a commercial mortgage on investment property the bank requests a copy of the income and expense statement and a copy of the purchase
New York must prepare for the storms of tomorrow - by Kevin Paul
September 10, 2024
New York is in the throes of hurricane season. This year, the National Oceanic and Atmospheric Administration predicts an Atlantic hurricane season comprising 17-25 storms, including 4-7 major hurricanes. New York City, Long Island, and the Hudson Valley — as well as parts of New Jersey and Connecticut — recently
“2024 a Year to Remember, and it is only September” - by Chuck Merritt
September 10, 2024
Earlier this year, I wrote about the recently adopted ASTM E-1527-21 Environmental Site Assessment (ESA) or more commonly known as a “phase one” standard being implemented as the only one now recognized to meet the All-Appropriate Inquiry (AAI) Rule for a purchaser of commercial real estate. Following this standard can
How property taxes can help the sale of commercial property - by Brad and Sean Cronin
September 10, 2024
The lack of transactions in the commercial market has been well documented. Even if rate cuts are in the near future, buyers and sellers must explore every avenue that will facilitate a transaction. While property taxes are typically seen as a negative aspect of owning commercial buildings, they are unavoidable. To navigate
Hunt Corp. Commercial Real Estate Q&A: The ultimate tool in evaluating leases - by David Hunt
September 10, 2024
The very first step in comparing two or more lease alternatives is to understand the financial impact of each. Of course, there will be subjective considerations in any final decision, but if you do not have an understanding of the financial ramifications, you will not be able to make those subjective decisions
Cornucopia Natural Foods leases 6,948 s/f
at TRITEC Real Estate's Station Yards
September 10, 2024
Ronkonkoma, NY TRITEC Real Estate Co. made known the 6,948 s/f lease signing of Cornucopia Natural Foods at Station Yards, the 53-acre mixed-use development at the Ronkonkoma Train Station. Maria Valanzano, Steve D’Orazio, and Jake Horowitz from Colliers represented TRITEC.
Colliers leases 35,100 s/f to Stony Brook University Hospital
September 10, 2024
East Setauket, NY Colliers has secured a long-term lease for 35,100 s/f of administrative office space for Stony Brook University Hospital at 31 Research Way in the Stony Brook Technology Center (SBTC). A Colliers team led by vice presidents Maria Valanzano and Steven D’Orazio represented
Rechler Equity Partners honors brokers of key deals
September 10, 2024
Plainview, NY Rechler Equity Partners hosted its annual ceremony to honor the brokers who helped sustain the company’s record occupancy rates throughout 2023. Honorees gathered at the Rechler Equity headquarters to receive their awards. The honorees accumulated more than 150,000 s/f in lease agreements across the