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Deregulating a rent stabilized property by “Substantial Rehabilitation” - by Steven Kirkpatrick
December 26, 2023
Following enactment of the Housing Stability and Tenant Protection Act of 2019 (HSTPA), “substantial rehabilitation” is one of the only remaining ways that an owner can deregulate a rent stabilized building. The scope of work required for a substantial rehabilitation is essentially a gut renovation
Fisher Brothers and J.P. Morgan Global Alternatives lease
765,000 s/f to Paul, Weiss at 1345 Ave...
January 16, 2024
Manhattan, NY According to Fisher Brothers and J.P. Morgan Global Alternatives, Paul, Weiss, Rifkind, Wharton & Garrison LLP has signed a 20-year, 765,000 s/f lease at 1345 Avenue of the
SCALE Lending issues $243 million in loans on two new residential developments
January 16, 2024
Jersey City, NJ SCALE Lending has finalized two cross-collateralized loans totaling $243 million with Namdar Group for two multifamily buildings in Journal Sq. SCALE issued a $160 million construction loan for Namdar Group
Red Oak Capital Holdings provides $5.8 million bridge loan for affordable housing
January 16, 2024
Washington, DC Red Oak Capital Holdings, LLC has provided a $5.8 million bridge loan for the Hawaii Ave. Apartments, a pair of multifamily buildings. The funds will be used to acquire and rehabilitate the properties into 22 multifamily units to be rented
Cronheim Mortgage secures $11 million life-co financing for Walmart anchored Marketplace at Cinnamin...
January 16, 2024
Cinnaminson, NJ Cronheim Mortgage has secured $11 million for the refinancing of the Marketplace at Cinnaminson, a 328,000 s/f Walmart-anchored shopping center. Andrew Stewart, Dev Morris, and Allison Villamagna collaborated to
Paulus Development, LeChase Construction, CPC and JPMorgan Chase celebrate $40m revitalization of th...
January 16, 2024
Johnson City, NY Broome County and the village of Johnson City celebrated the ribbon cutting of the Endicott-Johnson Victory Factory, hosted by Paulus Development, LeChase Construction Services, The Community Preservation Corp. (CPC) and JP
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Cappelli Development Company begins leasing at 241-unit residential tower - Encore
January 16, 2024
New Rochelle, NY Cappelli Development Company has opened and commenced leasing at Encore, a 28-story residential tower directly across Centre Ave. from 3THIRTY3 featuring 241 luxury apartments and an array of amenities and services.
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Skanska completes first phase of East River Waterfront Esplanade
January 16, 2024
Manhattan, NY Skanska has completed the first phase of the East Midtown Waterfront Esplanade and East River Greenway development along FDR Dr. The project, awarded to Skanska by New York City Economic Development Corp. (NYCEDC) in 2019
NYSCAR professional development courses available via Zoom
January 16, 2024
Albany, NY NYSCAR professional development courses available via Zoom.January 24, 9:00 am – 12:45 pm, 3.5 hours c.e. credit. Commercial Real Estate Ethics (includes one hour of agency) with Edward Smith, Jr.
FirstService Residential names Dunmore president of New York operations
January 16, 2024
Manhattan, NY FirstService Residential, the leading residential property management company, appointed Steve Dunmore president of its New York operations. In this role, Dunmore will oversee all aspects of FirstService Residential’s New York operations, leading a team of over 500 property management professionals across the metro area.
Giniecki of Foresite Realty Advisors
January 16, 2024
Schenectady, NY Sadly, on December 21, 2023, we lost NYSCAR friend and colleague, Robert Giniecki, CCIM, SEC (Foresite Realty Advisors). As a founding board member of NYSCAR and steadfast supporter through the years, Giniecki worked
NYSCAR president’s message: A look back and ahead - by Robert Strell
January 16, 2024
I’d like to thank everyone for their support during 2023. NYSCAR has always strived to provide the membership with comprehensive networking/marketing opportunities and quality commercial education.
Pyramid Management Group secures loan extension on 1.7 million s/f Crossgates
January 16, 2024
Albany, NY Pyramid Management Group has worked with its lenders to extend the loan on its Crossgates property for five years. Crossgates is a 1.7 million s/f enclosed shopping center that generates $400 million in annual sales with nearly 10
Monadnock Development, CB Emmanuel and Equity Developers close $256 million finance
January 16, 2024
Brooklyn, NY Monadnock Development, CB Emmanuel Realty, and Equity Developers closed on $256 million in financing for the development of Utica Crescent, an affordable housing project in East Flatbush, that will transform an underutilized parking lot
Bradford Allen Hospitality
acquires two hotel properties
January 16, 2024
Riverhead, NY Bradford Allen Hospitality has acquired two adjacent hotel properties on Long Island, a 131-suite Residence Inn by Marriott located at 2012 Old Country Rd. and a 114-key Hilton Garden Inn at 2038 Old Country Rd.
Kyle Ciminelli named president of Ciminelli Real Estate Corp.
January 16, 2024
Buffalo, NY Ciminelli Real Estate Corp. reached a milestone in the real estate ?rm’s growth. President and CEO Paul Ciminelli named his son Kyle as president of the company. Formerly executive vice, Kyle will continue to work
Rose Associates appoints two managing directors
January 16, 2024
Manhattan, NY Rose Associates, Inc. has appointed two new managing directors. Roseann Coraci has been promoted to managing director of multifamily and Christopher Blackman has been hired as managing director of information technology. An industry veteran with nearly two decades of property management experience
Stewart of Pyramid Brokerage Co. leases 65,000 s/f to KPM Exceptional at Uniland Development Company...
January 16, 2024
Lackawanna, NY Recently completed and tenant ready, Uniland Development Company’s second spec industrial warehouse facility at Renaissance Commerce Park has announced its first tenant will be KPM Exceptional LLC (KPM) headquartered in
L+M Development Partners and Services for the UnderServed secure $78m for Phase 2 housing dev.
January 16, 2024
Brooklyn, NY L+M Development Partners and Services for the UnderServed (S:US) have closed on a $78 million deal to develop Marcus Garvey Extension Phase 2 Building G in the Brownsville neighborhood. The project will feature 109 units, 55 of which will be supportive housing
Rochester Area Chapter of NYSCAR names Rooney and West to board of directors
January 16, 2024
Rochester, NY The Rochester Area Chapter of the New York State Commercial Association of Realtors (RAC NYSCAR) has named two new board directors for 2024: Adam Rooney, Benchmark Realty Advisors, LLC, and Laura West, Coldwell Banker Commercial