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Yonkers Industrial Development Agency approves four developments totaling $291 million in investmen...
June 13, 2023
Yonkers, NY The Yonkers Industrial Development Agency (YIDA) voted at its monthly meeting final approval of financial incentives for four multifamily residential developments – Bridgewater North, Miroza Tower, 345 McLean Ave. and 83-95 Vineyard. The four
GAMCO Corp. provides fenestration
for 20-story Long Island City hotel
June 13, 2023
Queens, NY GAMCO Corp.’s expansive product line of glass, window, door, and metal products is on full display at a new Long Island City high-rise hotel nearing completion. For the 20-story hotel located at 52-09 31st Place, adjacent to the Long Island
AMA Group with Lightstone Group and Stonehill Taylor Architects design two Moxy boutique hotels
June 13, 2023
Brooklyn, NY AMA Group partnered with developer Lightstone Group and Stonehill Taylor Architects, to provide design services for two new Moxy Hotels in the Lower East Side and Williamsburg. These newly constructed boutique hotels are located in two neighborhoods and
Succeeding in commercial real estate as an African-American woman - by Rachel Goldman
June 13, 2023
It’s no secret that there are millions to be made in commercial real estate. After all, commercial real estate (CRE) is a $1.2 trillion market in the United States. However, within this market, the vast majority of those earners are white males — less than 1% of senior
LCOR tops out 1515 Surf Ave. - 463 residential units in Coney Island
June 13, 2023
Brooklyn, NY LCOR, a fully integrated real estate investment, development and management firm, celebrated the topping out at 1515 Surf Ave., a 463-unit residential property in Coney Island. Of the 463 residences, 139 will be designated affordable. The project’s
It starts with a capital plan - by Gustavo Rusconi
June 13, 2023
Every building in every city needs a capital plan that identifies ongoing maintenance and operating costs projected over the next five to 10 years, along with estimated capital improvement costs for projects that enhance and appreciate the value of an asset. In New York City, however
Slate Property Group and RiseBoro Community Partnership break ground on $146 million development
June 13, 2023
Brooklyn, NY Slate Property Group and non-profit RiseBoro Community Partnership broke ground on one of the most sustainable affordable housing developments ever constructed in New York City. The mixed-use project at 326 Rockaway Ave. has been designed as
Cheikin joins Fisher Brothers as head of real estate
June 13, 2023
Manhattan, NY Fisher Brothers, a fourth-generation real estate company that owns, manages and operates unique spaces across the country, has hired David Cheikin as head of real estate. In this role, Cheikin will oversee the commercial and residential portfolio, and
Hudson Square Properties closes on 555 Greenwich - 270,000 s/f
June 13, 2023
New York, NY Hudson Square Properties (HSP), a joint venture of Trinity Church Wall Street, Norges Bank Investment Management and Hines, has closed on the forward purchase of 555 Greenwich, a new 270,000 s/f, 16-story office tower in Hudson Sq. which combines
Douglaston Development acquires site and secures financing for $66 million mixed-use development
June 13, 2023
Brooklyn, NY Douglaston Development has acquired a 46,000 s/f development site for $66 million located at 1057 Atlantic Ave., and closed financing for a 474,000 s/f, 17-story, 456-unit mixed-income multifamily rental development, which will be one of the last new
Free-falling office values: A catalyst for property tax challenges - by Margo Tiffen
June 13, 2023
Certain segments of the U.S. commercial real estate market are facing significant difficulties in recovering from the pandemic, especially office buildings. The news is awash with reports of large office landlords defaulting on loans. Many highly leveraged owners expect significant
Even in a stagnant market one thing increases - property taxes - by Brad and Sean Cronin
June 13, 2023
The value of your property has flattened, and rents are not increasing, yet your real estate taxes continue to escalate. The reason for this is because property taxes on Long Island are not solely tied to a property’s current market value. We’ve seen less activity in the
Should you accept a previous Phase One Environmental Site Assessment? - by Chuck Merritt
June 13, 2023
Many times, during a commercial real estate transaction that was not finalized, there is a Phase One Environmental Site Assessment (ESA) available. This may be the result of a buyer arranging one in which the seller was provided a copy. In some instances, a seller may tell the
Commercial classroom: Back to basics - retail properties - by Edward Smith Jr.
June 13, 2023
Stores may be free standing, found in strip centers, shopping centers or malls. Retailers differ in their preference but have a common concern about finding the right location for their business. A strip center is a single building that has been divided typically into five to 10 stores. The structure allows for reconfiguration of the individual store sizes.
STRATCO Property Solutions awarded PSEG Long Island’s “Multi Family Top Performer”
June 13, 2023
Uniondale, NY STRATCO Property Solutions has been awarded PSEG Long Island’s “Multi Family Top Performer” for saving energy on large building projects. The New York City-based contractor works with multifamily building
Manhattan Skyline Management and Isaacs and Co. broker lease for Diptyque
June 13, 2023
East Hampton, NY According to Manhattan Skyline Management Corp., French perfume house Diptyque is opening a boutique in the village at 11 Newtown Ln. this summer. Started by Christiane Montadre-Gautrot, Yves Coueslant and Desmond Knox-Leet
Bayport Funding provides $3.6 million acquisition and construction loan for 6,000 s/f
June 13, 2023
East Hampton, NY Bayport Funding provided a $3.6 million loan for the acquisition and ground-up construction of 8 Barnes Ave. The Northwest Harbor property lot encompasses more than one acre and will allow for the creation of a 6,000 s/f home with pool and pool
Island Associates negotiates three leases totaling 6,855 s/f
June 13, 2023
Islip, NY Island Associates negotiated three lease agreements for retail and office space at two properties. Pat’s Carpet has entered a long-term lease for 2,855 s/f of retail/showroom space at 181 Freeman Ave. Pat’s Carpet is relocating its showroom to Freeman Ave. and the landlord is building-out a new showroom and warehouse area for the flooring business.
Hunt Corp. Commercial Real Estate Q&A: Usable and rentable square feet - by David Hunt
June 13, 2023
Q: Brokers seem to quote space as both useable and rentable square footage. What is the difference between rentable and useable square feet (s/f), and how are they both calculated? A: The space that a tenant can actually use is called “useable,” or sometimes “carpet-able,” square footage.
Certilman Balin partners with Habitat for Humanity to build home in Riverhead
June 13, 2023
Riverhead, NY On May 24, Certilman Balin participated in its first-ever Build Day for Habitat for Humanity. Habitat for Humanity of Long Island builds because they believe that everyone, everywhere should have a healthy, affordable place to call