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Ferrara and Stenson of Brax Realty sell $8 million 37-unit Gramercy Park building
July 11, 2023
Michael Ferrara and Alan Stenson of New York City based investment sales brokerage firm Brax Realty has completed the sale of 305 East 21st St. in Gramercy for $8 million. The 50’ wide, +/- 21,356 s/f apartment building was located between 2nd Ave. and 1st Ave. and had a total of 37 units. Ferrara and Stenson represented both the seller, a long term owner and also procured the purchaser, a private investor. This was the
Simone leases 57,544 s/f warehouse and 55,224 s/f of land to Kamco Supply
July 25, 2023
Bronx, NY Simone Development Companies said that building materials distributor Kamco Supply Corp. has signed a long-term lease for 57,544 s/f of warehouse space and 55,224 s/f of land at 1200 Zerega Ave. for the storage and distribution of building materials.
Welkis and Sternschuss of Welco Realty represent SFR Realty in 24,000 s/f lease to HomeGoods
July 25, 2023
New Hyde Park, NY Welco Realty negotiated a lease on behalf of ownership with HomeGoods, a division of TJX Companies to occupy 24,000 s/f, formerly occupied by Walgreens. Jerry Welkis and David Sternschuss of Welco Realty represented the landlord,
How will NYC’s Climate Mobilization Act affect commercial and multi-family residential properties ...
July 25, 2023
Local Law 97, commonly known as the Climate Mobilization Act (CMA), was passed by New York City lawmakers in 2019. The law imposes new environmental regulations on specific buildings covered by the statutes in New York City, with the goal of reducing greenhouse gas emissions
Goulston & Storrs moving to 730 Third Ave.
July 11, 2023
Manhattan, NY Goulston & Storrs, an Am Law 200 firm, announced that it is relocating its New York office to 730 Third Ave. on August 1, 2023. The move will increase the firm’s office footprint to 30,000 s/f (up from 25,000) to accommodate Goulston & Storrs’ growing headcount and continued expansion plans. The firm signed a ten-year lease, with renewal options
Volastra Therapeutics extends its lease at Manhattanville Factory District and Mink Building
July 25, 2023
Manhattan, NY The Janus Property Company said that Manhattanville Factory District and Mink Building tenant, Volastra Therapeutics, has renewed its lease. Volastra is a clinical stage cancer biotechnology company focused on exploiting chromosomal
Slate Property Group acquires 296-unit Queenswood Apartments
July 25, 2023
Queens, NY Slate Property Group closed on the 296-unit Queenswood Apartments complex in Corona. Tenants at 54-09 and 54-39 100th St. had been facing the expiration of their two buildings’ affordable housing program, but will now see that
Silverstein and Greenwood Gaming/Parx Casino to submit proposal for Avenir
July 25, 2023
Manhattan, NY Silverstein Properties plans to develop the Avenir, a hotel, casino, entertainment, and residential complex on the West Side. The 1.8 million s/f project will be located on 92,000 s/f of undeveloped land at 41st St. and 11th Ave.,
Hudson Valley iCampus signs new 57,197 s/f lease with Strides Pharma
July 25, 2023
Pearl River, NY Hudson Valley iCampus, one of New York’s premier research and innovation hubs in the Hudson Valley, signed a new lease with Strides Pharma, Inc., consisting of 57,197 s/f for chemical storage. The lease includes the entirety
Fried Frank advises Olayan Group in 144,000 s/f office lease
July 25, 2023
Manhattan, NY Fried Frank advised the Olayan Group on its 144,000 s/f leasing agreement with Clayton Dubilier & Rice to move the private investment advisory firm’s headquarters to Olayan’s 550 Madison Ave.
GFP Real Estate and Lee & Assocs. lease 2,457 s/f at 505 Eighth Ave.
July 25, 2023
Manhattan, NY Allen Gurevich, senior managing director of GFP Real Estate represented the landlord, GFP Real Estate in Counseling In Schools lease extension at 505 Eighth Ave. in Midtown, signing a seven-year lease for its existing 2,457 s/f
IREON holds Mix & Mingle event
July 25, 2023
Port Washington, NY IREON members, and commercial real estate industry guests gathered together on June 21, for their bi-monthly Mix & Mingle at Louie’s on the waterfront.
Online real estate auctions - by Thomas Kearns
July 25, 2023
After years of reading about online auctions I finally had a client win one last week. The experience was a bit unnerving as, by design, the bidder and the bidder’s counsel have very limited insight or input into the auction process. A non-negotiable purchase and sale
City and development partners close on phase two of The Peninsula
July 25, 2023
Bronx, NY New York City Economic Development Corp. (NYCEDC), the New York City Department of Housing Preservation and Development (HPD), and the New York City Housing Development Corp. (HDC), in partnership with the development team Gilbane Development Co.,
Klein of Houlihan Lawrence Commercial sells 12-acre development site for $4 million
July 25, 2023
Yorktown Heights, NY Houlihan Lawrence Commercial, a division of Houlihan Lawrence, brokered the $4 million sale of a 12-acre site located at 3241 Crompond Rd. (Rte. 202).
Cresa acquires Vicus Partners
July 25, 2023
Manhattan, NY Cresa has acquired Vicus Partners. Founded in 2007, Vicus has long been considered one of the top boutique firms in New York City, known for its roster of clients, ranging from seed-stage start-ups through Fortune 500 companies, with a focus
Global Holdings acquires 51 Irving Pl.
July 25, 2023
Manhattan, NY Global Holdings has acquired 51 Irving Place. The six-story apartment building contains 57 rental units with 8,000 s/f of ground floor retail space, located on the corner of 17th St. and Irving Pl., near Gramercy Park
Rechler Equity Partners named
Developer of the Year by ABLI and CIBS
July 25, 2023
Plainview, NY Rechler Equity Partners was recognized as Developer of the Year by the Association for a Better Long Island (ABLI) and Commercial Industrial Brokers Society (CIBS) at their 26th annual awards dinner. This recognition stems
What does the second half of the year hold for CRE? - by Jakub Nowak
July 25, 2023
With summer now in full swing, it’s time to reflect on the first half of 2023. It has been one heck of a ride. The CRE news cycle during the last six months has been dominated by rising interest rates, predictions of a looming recession, a regional banking crisis, office
JLL Capital Markets arranges loan from Santander Bank and City National Bank and JV equity from The ...
July 25, 2023
Brooklyn, NY JLL Capital Markets has arranged the capitalization of 55 Willoughby, a 268,000 s/f, mixed-use development that will feature 295 apartments and 3,500 s/f of retail space.