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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.
Stenson of Brax Realty sells $4.4 million 12-unit Kips Bay Building
July 11, 2023
Manhattan, NY Alan Stenson of New York City based investment sales brokerage firm Brax Realty has completed the sale of 228 East 25th St. in Kips Bay for $4.4 million
Catching up after the pandemic - by C. Jaye Berger
July 25, 2023
The pandemic has caused a lot of co-ops and condominiums to not embark on repair and maintenance projects unless absolutely necessary. As buildings consider what they need to do, the first thing is to prioritize what needs to be done and where the money is going to come from to pay for it.
Fairstead sells 538-unit Dunbar
Apartments for $86.75 million
July 25, 2023
Manhattan, NY Fairstead has sold the Dunbar Apartments, a 538-unit historic residential community located in central Harlem to Isaac Herskovitz for $86.75 million. Built in 1928, the 10-building complex occupies an entire city block enclosing a private
Philip-O’Neal of HPP elected treasurer of AIA National
July 25, 2023
Manhattan, NY Heather Philip-O’Neal, principal of HPP International LLC, an architecture and design firm, has been elected treasurer of AIA (American Institute of Architects) National. Philip-O’Neal has over 20 years of experience
AMA Group partners with SJP Properties on new 120,000 s/f New Jersey property
July 11, 2023
Roseland, NJ AMA Group, a nationwide industry leader committed to providing technologically sophisticated and solution-oriented engineering design and implementation, partnered with SJP Properties, a long-time client, on a brand new 120,000 s/f office space at 105 Eisenhower Pkwy
K/BTF New City renovates New City Center;
Shoprite leases 55,900 s/f
July 25, 2023
Clarkstown, NY K/BTF New City LLC has completed the modernization of New City Center, located at 66 N. Main St., New City. A new long-term lease has been signed with Shoprite, a supermarket chain, to transform their 55,900 s/f store into
Eastern Union closes $62.25 million construction loan for new Lidl supermarket
July 25, 2023
Brooklyn, NY Eastern Union has secured a $62.25 million construction loan for a 105,000 s/f, mixed-used property in Crown Heights that will be home to a new, 33,000 s/f Lidl discount supermarket.
Greyhill Group expands portfolio with $22.5
million acquisition of Mill Hollow Apartments
July 25, 2023
Altamont, NY Greyhill Group has acquired Mill Hollow Apartments, an 84-unit multifamily property at 48 Bavarian Way. The class-A apartment complex is located about 20 miles west of Albany.
Slate Property Group closes $160 million bridge loan for Namdar Group 618 Pavonia Ave in Jersey City...
July 11, 2023
Jersey City, NJ Slate Property Group announced that its lending arm, SCALE, has provided Namdar Group with a $160 million bridge loan for 618 Pavonia Ave. in the Journal Square neighborhood. The bridge loan will be used to retire $120 million in construction financing and fund the lease-up and stabilization of the 27-story, 432-unit residential building
How community engagement drives more equitable outcomes in the design process - by Gray Dougherty
July 11, 2023
New projects and buildings have wide-ranging effects on surrounding communities, ecosystems, and businesses. They impact the physical and mental well-being of individuals, the equitable distribution of economic resources, and future business opportunities. When a developer doesn’t seek out meaningful community input, they risk alienating neighborhoods and locals, while also missing a great opportunity to enrich the design impact
BHI provides $27.34 million Senior Secured construction loan to 13th Floor Homes LLC
July 11, 2023
Port St. Lucie, FL BHI, a full-service commercial bank, announced that it has provided a $27.343 million Senior Secured construction loan to 13th Floor Homes LLC to finance enhancements to and completion of Villas of Torino, a multi-family
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