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Skanska marks final phase with $365m
replacement of Croton-Harmon Shop
May 28, 2024
Albany, NY According to a speech made by governor Kathy Hochul, upgrades to MTA Metro-North Railroad’s vital maintenance and operations hub at Croton-on-Hudson, which employs 1,200 people, have been completed. With the opening of this new 400,000 s/f facility, known as the Harmon Shop, Metro-North will be able to maintain train reliability
Project REAP celebrates 25 years of diversifying CRE at Silver Jubilee event
May 28, 2024
Manhattan, NY “Diversity creates profitability. Diversity creates success. Diversity improves our economy and diversity improves our society and REAP embodies all of that,” said REAP chair Michael Kercheval speaking at the NY/NJ/CT Silver Jubilee event celebrating 25 years of diversifying the talent pipeline in commercial real estate
Torch & Crown Beer Garden returns to Union Square Park
May 28, 2024
Manhattan, NY According to Torch & Crown Brewing Co. and Union Square Partnership (USP), Torch & Crown Beer Garden has returned for the 2024 season. Last year, the seasonal beer garden debuted in the popular Union Square Park Pavilion, marking the
The Astor historic condo lists 4,805 s/f
Penthouse Two at $13.95m
May 28, 2024
Manhattan, NY The Astor, the historic Upper West Side condo originally built by the legendary Astor family in 1901, officially listed Penthouse Two: a modern addition crowning the building, on the market for $13.95 million. Penthouse Two is a duplex spanning 4,805 s/f with five bedrooms
KTA develops cost-savings restoration for Central Construction’s 298,000 s/f landmark project
May 28, 2024
Brooklyn, NY Having developed a plan for a multi-faceted Façade Inspection and Safety Program (FISP) project at 26 Court St., Kamen Tall Architects, P.C. (KTA) has created a new paradigm for complex, often cost-prohibitive exterior restorations. An award-winning specialist
CetraRuddy’s 30 Morningside and Claremont Hall showcased for design and architecture
May 28, 2024
Manhattan, NY Architect and housing expert renowned globally for large-scale multifamily innovations, CetraRuddy invited architect and principal Eugene Flotteron, AIA, to lead a tour and speak on a panel about the potential for underutilized buildings and sites to receive new life as housing and mixed uses. The solutions highlighted “simultaneously revitalize
HGI, Vocon and MdeAS Architects complete Black Rock
skyscraper; original design by Eero Saarinen...
May 28, 2024
Manhattan, NY Harbor Group International, LLC (HGI) have reached completion of the $128 million repositioning of 51W52, also known as Black Rock, a 900,000 s/f skyscraper in Midtown. The 38-story building, first designed by world-renowned architect Eero Saarinen as the headquarters for CBS, has been revitalized in the spirit of its original design intent
McCabe of Forchelli Deegan Terrana receives STA Emerging Leaders Award
May 28, 2024
Manhattan, NY Bret McCabe of Forchelli Deegan Terrana LLP has received the Subcontractors Trade Association’s (STA) 2024 STA Emerging Leaders Award. Honorees are recognized for their commitment to improving and enhancing the role of subcontractors in New York’s complex construction industry. Awards were presented during the STA’s Annual Construction Awards Gala
Consigli Construction Co. with Grubb Properties and Handel Architects top out 28-story Link Apartmen...
May 28, 2024
Long Island City, NY On May 2nd, Consigli Construction Co., Inc. joined Grubb Properties and Handel Architects to celebrate the topping out of Link Apartments QPN, 25-01 Queens Plaza North, a 371,000 s/f 28-story mixed-use building. Once complete, the project will deliver 417 residential units, 30% of which will be affordable, amenity spaces
Subchapter V bankruptcy filings for multi property real estate - by Thomas Kearns
May 28, 2024
I have long been a proponent of using bankruptcy laws to workout distressed real estate. Bankruptcy courts are much faster than New York State courts are at ordering properties sold and the statutory system is more effective in resolving all open claims. Bankruptcy filings get a bad
Rand Commercial sells Church of St. Ann and School property to The Westchester School for Special Ch...
May 28, 2024
Yonkers, NY The Church of St. Ann and School at 40 Brewster and 56 Dunston Aves. was sold to The Westchester School for Special Children. The 1.15-acre site, located in the Dunwoodie neighborhood, is improved with three buildings: an elementary school, a former
Raffa of Island Assocs. negotiates two leases - 2,817 s/f at 490 Wheeler Rd.
August 13, 2024
Hauppauge, NY Island Associates negotiated two new lease agreements for office space at 490 Wheeler Rd. GNP Brand Gear signed a lease and took occupancy of 1,717 s/f of office space. They design and sell eco-friendly products.
Bayport Funding provides $2.2 million loan for multifamily property
May 28, 2024
Brooklyn, NY Bayport Funding has closed a $2.2 million acquisition and construction loan for the redevelopment of a two-family home into a five-unit multifamily property. The 4,158 s/f building, originally constructed in 1899, is located on Putnam Ave.
Perlman of Largo Real Estate secures $4. 5million first mortgage to refinance mixed-use property
May 28, 2024
Depew, NY Ned Perlman, vice president of originations at Largo Real Estate Advisors, Inc. secured a $4.5 million permanent first mortgage to refinance a mixed-use property. Perlman placed the loan with one of Largo’s correspondent life insurance companies and features a
Broome County IDA named lead agency for Broome Technology Park SEQRA review
May 28, 2024
Union, NY The Broome County Industrial Development Agency said that the New York State Department of Environmental Conservation has designated the IDA as the lead agency for a New York State Environmental Quality Review (SEQRA) environmental impact assessment of
Hach of Refined arranges $3 million inventory loan for condo project
May 28, 2024
Manhattan, NY Joe Hach, chief revenue officer of Refined, has arranged a $3 million inventory loan for a repeat client for a commercial condo project on Bowery in Chinatown. The borrower reached out to Refined to help pay off his maturing loan and fund excess loan proceeds for another project.
Pembrook nears $2 billion in affordable, workforce housing loan volume
May 28, 2024
Manhattan, NY Pembrook Capital Management LLC (Pembrook), a national affordable and workforce housing lender, has originated or participated in 148 investments approaching $2 billion since its inception in 2007.
The 721 Exchange UPREIT exit strategy for Delaware Statutory Trust investors explained - by Dwight K...
May 28, 2024
One of the most important questions Delaware Statutory Trust real estate investors need to ask themselves is, “What is my long-term, exit strategy?” Most Delaware Statutory Trust (DST) investments are typically held for approximately 5-10 years
Executive of the Month: Question and answer with
David Wilkes, partner at Cullen and Dykman
May 28, 2024
You recently moved your practice to a larger firm with a more diverse practice. Why Cullen and Dykman for property tax?
This area of law and services is at a key moment of great change that will no longer be the domain of a handful of boutique firms that