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State of the Long Island office and retail sales market: Why nothing is for sale (examined) - by Ron...
May 30, 2023
Mention you are a physician to anyone within earshot and you will be barraged with a slew of health-related questions. Mention you are a commercial real estate broker and only one question comes to mind, how is the market? That is the question whose roots date back to the first
Building automation and artificial intelligence creates new cybersecurity threats - by Richard Luna
May 30, 2023
Cybersecurity threats are changing on a daily basis with criminals and bad actors constantly looking for vulnerabilities. Through the increased use of cloud applications, real estate managers and owners seek to enhance tenant and visitor experiences; they are, at the same time, creating new cybersecurity
Recent bank failures should lead to a more resilient banking system and help transform functionally ...
May 30, 2023
The recent failure of some large regional banks has created ripple effects throughout the commercial real estate capital markets. Signature Bank, Silicon Valley Bank, and First Republic Bank were the major casualties of the most recent banking crisis. These banks focused on providing premium
Parking garage condition assessments New York state and New York City requirements - by Chris Krepci...
May 30, 2023
In April, a parking garage collapsed in lower Manhattan, killing one person and injuring five others. While the cause is still under investigation, structural issues are believed to be to blame for the tragic collapse. Recent changes were put into effect to prevent future negligence and destruction
The legal nuances surrounding MSG’s plea for permanent residence - by Christine Varghese
May 30, 2023
Madison Square Garden (MSG) has played host to some of the most memorable entertainment events in history, from the unforgettable moment when Joe Frazier was awarded the heavyweight title against Muhammad Ali, to John Lennon’s last major concert performance, and the exhilarating victory of the
Industrial development agencies’ facilitating change and communities on the rise - by Stacey Dunca...
May 30, 2023
Industrial Development Agencies (IDA) all across New York State serve a critical role in their region’s economic growth and community revitalization. In a glimpse, one can easily assume the economic impacts of IDAs stop with the traditional metrics such as the retention and creation
After the New York City parking garage collapse - by C. Jaye Berger
May 30, 2023
Property owners will be surprised to hear that there are already new laws in place to cover the periodic inspection of parking garages not unlike Local Law 11 for facades. It is also reminiscent of years ago when property managers would come up to the roof of co-op buildings
Sports stadiums and real estate value - by John Rynne
May 30, 2023
As a long time Buffalo Bills fan since their beginning in 1960 and as an appraiser since 1973, I’ve always been fascinated by the impact of sports stadiums on real estate values. Coincidently, 1973 marked the opening of the brand new 80,000 seat stadium in the Buffalo suburb of Orchard Park
Enhancing accessibility: ADA compliance solutions for real estate - by William Gati
May 30, 2023
As the real estate community continues to develop and innovate, one crucial factor that property owners must address is accessibility. Accessibility in the built environment is a paramount concern that impacts millions of individuals with disabilities daily. The Americans with Disabilities Act (ADA) was
What Biden’s proposed change to 1031 Exchanges may mean for commercial real estate - by Michael Pa...
May 30, 2023
The Biden administration has held a consistent position when it comes to 1031 Exchanges – they do not like them. Each annual budget proposal has included plans to substantially curb, if not eliminate, the value of 1031 Exchanges.
New York City taxing entire condominium and cooperative for individual renovations - by Peter Blond...
May 30, 2023
Imagine yourself managing, no worse, owning a New York City condominium or cooperative while one or more residential units in the building recently completed gut renovations. Now, imagine these renovations - in the aggregate - are in the tens of millions of dollars. All sounds pretty ordinary
Debt cancellations and modifications - by Sandy Klein
May 30, 2023
The “R” word (recession) is back in vogue. The current economic climate marked by rising interest rates, bank failures and consequential stricter lending standards, is putting a damper on economic activity. Economic downturns have a direct correlation with debt servicing. This article takes
ACRE provides $26.5 million to MED Developers to refinance The Lowe
May 16, 2023
Savannah, GA ACRE, a vertically integrated real estate private equity and multifamily investment firm, through the company’s newest debt fund, ACRE Credit II, has provided $26.5 million to MED Developers for the refinance of The Lowe, a newly built
Milazzo of Keen-Summit Capital Partners honored by GlobeSt.
May 30, 2023
Manhattan, NY Heather Milazzo, managing director at Keen-Summit Capital Partners LLC is the recipient of the GlobeSt. 2023 Women of Influence Award in the corporate real estate category. This award honors female commercial real estate professionals
Brix Real Estate Advisors finances multifamily $3.65 million refinance loan
May 30, 2023
Yonkers, NY Brix Real Estate Advisors brokered a $3.65 million refinance loan on a multifamily building. The 15-unit building, 88-90 Saratoga Ave., is located in the Park Hill neighborhood. The building is 24,490 s/f and was built in
MAG Partners signs 23,000 s/f lease with grocery operator Lidl at Penn South
May 30, 2023
Manhattan, NY MAG Partners and Lidl US negotiated a lease for a 23,000 s/f grocery store at 335 Eighth Ave., a mixed-income apartment building being developed within the Penn South campus, an affordable housing cooperative located in the Chelsea
Levin Management secures PGA TOUR Superstore at Mayfair Shopping Center
May 30, 2023
Commack, NY PGA TOUR Superstore – the country’s leading specialty retailer for golf and tennis – is continuing its regional expansion with a new location at Mayfair Shopping Center. Commercial real estate services firm Levin
Marx Realty signs Helix Partners Management to 7,000 s/f at 545 Madison
May 30, 2023
Manhattan, NY Marx Realty (MNPP) said that Helix Partners Management has signed a five-year, 7,000 s/f lease on the 8th floor at 545 Madison. The firm is relocating from 399 Park Ave.
McCoy and Miller join DGNY Commercial
May 30, 2023
Melville, NY Veteran commercial real estate brokers, Dennis McCoy and Marty Miller, have joined DGNY Commercial. “We are immensely pleased to welcome two such highly respected brokers to the DGNY Commercial team,” said Frank Socci,
Nuveen acquires Omni Holding’s real estate portfolio
May 30, 2023
Manhattan, NY Nuveen, the $1.1 trillion asset manager of TIAA, is acquiring a portfolio of assets from Omni Holding Company, a leading owner, operator and developer of affordable housing nationwide.