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August 2023 message from the president of NYSCAR - by Robert Strell
August 15, 2023
One of the goals I have as president is to visit the NYSCAR chapters throughout the state. Many thanks to the Southern Tier chapter leadership, Hudson Valley and Long Island,/NYC leadership for the courtesies extended to me during my recent visits with them. It was a great opportunity to talk to the members about common areas
2023 Hudson Valley apartment market - by Brian Heine
August 15, 2023
Rent control is coming to the Hudson Valley apartment market. Socialists in the New York state legislature are pushing to pass statewide rent control later this year in the form of the Good Cause Eviction bill. The bill would make it near impossible for building owners to evict tenants for almost any reason and add caps to rent increases for market
M&T Bank appoints new leadership
August 15, 2023
Buffalo, NY M&T Bank has made leadership updates in its commercial bank which are designed to support its ongoing evolution and commitment to providing support to its clients and communities. These changes include the following promotions and new hires:
Phillips of Largo Capital arranges refinancing for 11,000 s/f
August 15, 2023
Buffalo, NY Jack Phillips, principal at Largo Capital, Inc. secured a permanent first mortgage to refinance the existing debt on a mixed-use property. The property features over 11,000 s/f of commercial space and 50 residential units. In addition, the property offers access to local amenities as well as major highways including
Greater Binghamton Chamber recognizes young professionals at HYPE event
August 15, 2023
Endwell, NY The Greater Binghamton Chamber of Commerce honored nine young professionals and one mentor to a young professional at the Riverdale Banquet Hall. The HYPE Awards highlight professionals under the age of 30 who have demonstrated success in their career and industry in addition to making a significant positive
Axiom Capital funds $8.6 million loan
for 107,245 s/f retail property
August 15, 2023
Colonie, NY Axiom Capital Corp. has structured and arranged a $8.6 million permanent loan (five year with five-year extension option, fixed rate, non-recourse) for the refinance of a retail plaza located in the Latham area of town.
Serendipity Labs impacts Buffalo office
market with 90% occupancy
August 15, 2023
Buffalo, NY Serendipity Labs has reached 90% occupancy at their 19,000 s/f, downtown location. Opened in 2021, and operating from the 29th floor of Seneca One, Serendipity Labs has been met with excitement as the business community identified the concept as the perfect solution for a balanced environment
Perlman of Largo Capital arranges $7.4 million for seven industrial properties
August 15, 2023
Buffalo, NY Ned Perlman, vice president of originations at Largo Capital, Inc., arranged $7.4 million in financing for a portfolio of seven industrial and manufacturing properties located mainly throughout Upstate New York. Perlman secured a limited recourse 18-year self-amortizing deal through one of
KeyBank provides $21 million financing for
61-unit Community View Apartments
August 15, 2023
Morrisville, NY KeyBank Community Development Lending and Investment (CDLI) provided a $9 million construction loan and $12 million in Low-Income Housing Tax Credit (LIHTC) equity for the construction of an affordable senior housing property.
JLL and Steel Equities close sale of 26.4 acres of developable land and pad sites
August 15, 2023
Oyster Bay, NY JLL Capital Markets (JLL) has closed the sale of 195 North Bdwy., a 26.4-acre, development opportunity located in the populated hamlet of Hicksville, Nassau County. JLL worked on behalf of the seller and Steel Equities acquired the asset.
Cannabis and lending - by Lindsay Mesh Lotito
August 15, 2023
Would there be a better business landscape today for the cannabis industry had Thomas Jefferson’s concept for the U.S. banking system prevailed in 1791? At the inception of our country, there was a bitter rivalry between those that favored states’ rights and those that supported a strong central
Greystone reimagines homestead into assisted living and memory care community with $25.193 million l...
August 15, 2023
Islip, NY A historic homestead in Long Island’s Bay Shore will be the site of a new assisted living and memory care community, Netherbay, financed by a HUD-insured loan from Greystone. This transaction marks the only healthcare construction loan in the United States approved by HUD in 2022, at $25.193 million
Delavale of Breslin Realty negotiates 10,500 s/f long-term lease at Woodbury Shopping Center
August 15, 2023
Hicksville, NY Breslin Realty negotiated the signing of a long-term lease with Five Below at 410 S Oyster Bay Rd. Five Below will be occupying approximately 10,500 s/f of the Woodbury Shopping Center, taking over part of the space that was vacated when TJ Maxx moved
Koenigsberg of American Investment Properties brokers $1.15 million sale of 4,300 s/f retail strip p...
August 15, 2023
Dix Hills, NY American Investment Properties (AIP) president Ron Koenigsberg, sold ‘820 Plaza’ located at 820-826 E Jericho Tpke. for $1.15 million, price per s/f is $267. The retail strip totals 4,300 s/f and is located near the Walt Whitman Shopping Mall. The building was
Raffa of Island Associates Real Estate negotiates 4,250 s/f long-term lease for Kid Strong at Aero ...
August 15, 2023
Hicksville NY Robert Raffa of Island Associates Real Estate Inc. negotiated the long-term lease of 4,250 s/f of in-line space to Kid Strong at the Aero Plaza located at 1040 South Bdwy. Aero Plaza is a three-acre site improved with a 50,000 s/f shopping center which is anchored by a Planet Fitness and
Hunt Corp. Commercial Real Estate Q&A: Is construction management a better way to build and how does...
August 15, 2023
Q: We will be closing on an industrial building shortly, and will need to reconstruct approximately 12,000 s/f of office space. I have heard the construction management is a better way to build. Is it, and how does it work?
Colantonio of Schuckman Realty facilitates $4.75 million sale of 11,500 s/f building
August 15, 2023
Oceanside, NY Schuckman Realty has arranged the sale of a single tenant leased property at 3200 Long Beach Rd. The property features an 11,500 s/f building on a 26,000 s/f lot with dedicated parking, currently tenanted by an operating “The Learning Experience” which recently commenced a new 15-year lease term for the location
Lee joins Forchelli Deegan Terrana
August 15, 2023
Uniondale, NY Attorney Julia Lee has joined the Tax Certiorari practice group at Forchelli Deegan Terrana LLP (FDT). She has extensive experience representing clients on tax certiorari matters in various jurisdictions throughout New York State.
Colliers secures 5,940 s/f lease for VESPA Italian restaurant at TRITEC’s Station Yards developmen...
August 15, 2023
Ronkonkoma, NY Colliers, in partnership with TRITEC Real Estate Company, has arranged the second lease at the Station Yards project. A Colliers team led by vice presidents Maria Valanzano and Steven D’Orazio, with the support of Jake Horowitz, associate vice president, represented the landlord and tenant.
Simone Healthcare Development and Catholic Health open $47 million 63,000 s/f Catholic Health Ambula...
August 15, 2023
Centereach, NY Simone Healthcare Development and Catholic Health joined with officials from the Town of Brookhaven to celebrate the opening of Catholic Health Ambulatory & Urgent Care, a new multi-specialty care center featuring primary care and specialty services as well as walk-in urgent care.