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Understanding the 485-b tax exemption when planning construction or improvements - by Julia Lee
May 30, 2023
Commercial property owners often need to invest in building improvements to attract and maintain tenants. This cost is exacerbated by the inevitable increase in taxes due to physical change. Fortunately, the State of New York offers
Podell and Shalom of Cushman & Wakefield lease 9,655 s/f to MINISO at 5 Times Sq.
May 30, 2023
Manhattan, NY Cushman & Wakefield arranged a 9,655 s/f lease for MINISO at 5 Times Sq. The global lifestyle retailer will occupy space on the ground and second floors.
Royal Properties and Charter Realty lease 17,588 s/f to Sierra Trading Post at Poughkeepsie Plaza
May 30, 2023
Poughkeepsie, NY According to Royal Properties, Inc., Sierra Trading Post signed a 10-year lease with four five-year options for 17,588 s/f and is now open for business at Poughkeepsie Plaza, 2600 South Rd.
Mann and Newell of Friedman-Roth Realty Services sell 405 West 45th St. for $8.5 million - 30 apartm...
May 30, 2023
Manhattan, NY Jim Mann and Wells Newell of Friedman-Roth Realty Services have brokered the sale of 405 West 45th St. in the Hell’s Kitchen area.
Innovo Property Group and Affinius Capital close $334 million recapitalization of 2505 Bruckner Blvd...
May 30, 2023
Bronx, NY Innovo Property Group (IPG) with Affinius Capital LLC (Affinius Capital) closed a $334 million recapitalization of 2505 Bruckner Blvd., a one million s/f, urban industrial facility. The existing
Why promotional products work - by Carlton Cooper
May 16, 2023
Promotional products, also known as advertising specialties, are an effective marketing tool because they generate goodwill, increase brand recognition, and create a lasting impression on customers. Promotional merchandise is any item branded with a logo or message that is gifted to promote a brand, product, service, or message.
PH Realty Capital & Rockledge purchase 53,815 s/f building for $11.35 million
May 16, 2023
In partnership with Peter Hungerford of PH Realty Capital, David Kaye and Joe Listhaus of Rockledge purchased 401 and 405 Edgecombe Ave. The purchase includes two contiguous walk-up buildings
New York Real Estate Education Changes/Requirements by Licensing Law - by Edward Smith
May 16, 2023
Prior to July 1, 2021, if you were a Real Estate Broker for 15 years or more you were exempt from taking Continuing Education courses, known as being “Grandfathered”. As of July 1, 2021, Grandfathering ended and all real estate licensees must take 22
Benefits of NYSCAR Membership - by Ira Zucker
May 16, 2023
Advocacy at the State CapitolNYSCAR is passionate about the laws that affect all of us, on local, state and national levels. Our affiliations with NYSAR and NAR give us a voice in opposing legislation that would hurt our industry as well as in supporting positive legislation. This political “watch dog” function
DOS indicates it will audit licensees and their use of corporate titles - by Anthony Gatto & Liz Cel...
May 16, 2023
Recently, the Department of State (DOS) indicated it would be auditing licensees and their use of corporate titles. The DOS issued two opinions prohibiting the use of corporate titles by associate brokers and salespersons. There is no exception merely because the licensee practices commercial real estate or is a member of team. These (opinions) prohibit a real estate salesperson from holding voting stock or being
Simone of Concourse Realty Partners arranges $7 million sale of 13,000 s/f building
May 16, 2023
Bronx, NY David Simone of Concourse Realty Partners arranged the sale of 200 East 167th St. in the Bronx for $7 million. The 13,000 s/f building consists of 5 commercial spaces and sold for a 5.5% cap rate
A new era for mental health in the workplace - by Les Hiscoe
May 16, 2023
We are in a new, much-needed era for prioritizing mental health at work. Businesses only perform as well as their employees, and nearly one-fifth of U.S. workers rate their mental health as fair or poor. Leaders across industries must be in lockstep with this paradigm shift to create an effective, supportive mental
New multi-family development continues to evaporate as State Legislative session nears conclusion
May 16, 2023
The Real Estate Board of New York (REBNY) released its April 2023 Multi-Family Foundation Plan Application Report. This monthly report reviews applications for residential building foundations submitted by developers to the NYC Department of Buildings (DOB), providing a helpful
Cronheim secures $50 million for Tice’s Corner
May 16, 2023
Woodcliff Lake, NJ Cronheim Mortgage has secured $50 million in permanent financing for Tice’s Corner, a 120,000 s/f lifestyle shopping center. Dev Morris, Andrew Stewart, and Allison Villamagna structured the loan on a 10-year
Shawmut Design and Construction launches Mental Health & Wellness Leadership Group during safety wee...
May 16, 2023
Shawmut Design and Construction, a leading $1.3 billion national construction management firm, hosted its 14th annual Safety Week, focusing on physical and mental health, safety, and well-being. The week consisted of 731 events and training sessions held across 133 locations
GFI Realty completes $4.15 million sale of 29-unit multifamily building
May 16, 2023
Bronx, NY GFI Realty Services, LLC announced the $4.150 million sale of 1342 St. Lawrence Ave., a multifamily building comprised of 29 units and an antenna, located in Soundview. GFI Realty Director Zachary Fuchs, on an exclusive basis
Ross of Largo Capital secures $18.8 million in financing
May 16, 2023
Montreal, QC Kevin Ross of Largo Capital Limited secured financing in the amount of $18.8 million for a 337,000 s/f property. The Montreal industrial market has remained one of the hottest in North America
Swig honored by the MJHI and inducted into The Jewish Hall of Fame Class of 2023
May 16, 2023
Manhattan, NY Kent Swig, President of Swig Equities, was honored by the Manhattan Jewish Historical Initiative (MJHI) at the Fifth Annual Induction Ceremony of the MHHI’s Jewish Hall of Fame Class of 2023. The ceremony was held in Bryant
Kelvin receives $30 million in Series A funding to decarbonize legacy building stock globally
May 16, 2023
Kelvin, a leader in intelligent, decarbonized HVAC solutions for legacy buildings, announced the closing of $30 million in Series A funding. The rebranding from Radiator Labs to Kelvin reflects the company's growth beyond radiators, including expansion into the US and European markets and targeting older building decarbonization where emissions reduction is a vital climate
Shawmut Design and Construction celebrates New NYC Office with Partner Celebration
May 16, 2023
Manhattan, NY Shawmut Design and Construction, a leading $1.3 billion national construction management firm, marked two decades of calling New York home by unveiling a new office at 488 Madison Ave. during a partner appreciation event. The firm welcomed partners and