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Sparks and Goldberger of GFI Realty Services sell $3.2 5million 23-unit multifamily property
July 11, 2023
Brooklyn, NY GFI Realty Services, LLC brokered the $3.25 million sale of 1113 Avenue O, a multifamily building comprised of 23 units located in the Midwood section of the city. GFI Realty senior managing director Matthew Sparks, represented the seller Santa Rosa Realty, and Moshe Goldberger
Mastromonaco of Atlantic Retail reps. Life Time in 53,000 s/f lease at Vornando’s PENN 1 building
July 11, 2023
Manhattan, NY Life Time is entering into a lease agreement with Vornado Realty Trust to occupy more than 53,000 s/f on the first three floors of the redeveloped 57-story PENN 1, located adjacent to Madison Square Garden.
JLL closes $80m land recapitalization and vertical equity capitalization for 499 President St. proje...
July 11, 2023
Brooklyn, NY JLL Capital Markets has closed an $80 million land recapitalization and arranged the equity capitalization for the development of a mixed-use community at 499 President St. The community will feature 350 apartments and 20,000 s/f of ground-floor retail.
Black Bear Capital Partners arranges
$58 million refinancing for 503-511 Broadway
July 11, 2023
Manhattan, NY Black Bear Capital Partners (BBCP), a subsidiary of Black Bear Asset Management (BBAM), has arranged $58 million in financing on behalf of HSR Corp. for the refinance of a class-A, office building with ground-floor retail.
Study outlines role of manufactured homes in NYS housing crisis
July 11, 2023
Albany, NY More than 20 million Americans live in manufactured housing, according to the U.S. Census Bureau. That’s more than in public housing and federally subsidized rental housing combined.
Cleeman Realty sells 77,000 s/f Grand Union for $12.2 million
July 11, 2023
Cortland, NY Cleeman Realty negotiated the recent sale of a prime net lease Grand Union supermarket located on NY-281. The property, spanning 77,000 s/f on 11.1 acres, was sold for a remarkable $12.2 million. Michael Cleeman and Sam Seelenfreund of Cleeman Realty Group represented
NYSCAR upcoming professional development classes via Zoom
July 11, 2023
Education is everything! We are pleased to offer the following classes free of charge to NYSCAR members. • August 17-18, Working with Office, Retail and Industrial Bldgs., Leases and Green Concepts, (7.5 hours) Edward S. Smith, Jr.
NYSCAR's 21st Annual Conference had something for everyone - by Robert Strell
July 11, 2023
I am very pleased to report that the 21st Annual Conference held June 14-16, 2023 at the Turning Stone Resort and Casino in Verona, New York was a great success! The event was sponsored by the NYS Commercial Association of Realtors, Upstate New York Chapter of CCIM and the Society of
Second annual Black Excellence Awards held on June 16
July 11, 2023
Binghamton, NY The Black Excellence Awards Committee hosted the second annual Black Excellence Awards, June 16, 2023 at the DoubleTree by Hilton. The awards this year honored 19 individuals across 17 different categories for their exceptional contributions in various trades
Muroff Hospitality sells A&W All American Food restaurant
July 11, 2023
Lake George, NY Muroff Hospitality Group negotiated the sale of the A&W All American Food; 2208 US-9. This drive-in restaurant has been a family-friendly mainstay since 1959.
Marcus & Millichap sells 87,093 s/f
Pine Plaza for $8.14 million
July 11, 2023
Niagara Falls, NY Marcus & Millichap negotiated the sale of Pine Plaza, a 87,093 s/f neighborhood shopping center located at 8207 Niagara Falls Blvd. The asset sold for $8.14 million.
Vogel of Largo Capital arranges first mortgage for 473 unit self-storage facility
July 11, 2023
Buffalo, NY Stephanie Vogel, COO of Largo Capital, secured a permanent first mortgage to refinance the existing debt and closing costs for an established self-storage property within Buffalo’s metropolitan statistical areas.
Tudor Collins brokers two sales - 15,256 s/f
July 11, 2023
Cheektowaga, NY Patricia Collins, broker/owner of Tudor Collins Commercial Real Estate brokered two sale transactions totaling over $860,000. 3620 Harlem Rd. (Cardinal Building) was sold for $647,500. The seller was Shaw Partners and the buyer
Upstate NY Chapter of Appraisal Institute to hold CE courses in October, November and December
July 11, 2023
Utica, NY The Upstate New York Chapter of the Appraisal Institute has had an active education calendar for real estate appraisers again in 2023 for continuing education (CE) with upcoming seminars in October, November and December.
Rockabill Development and Johnson Park Center start construction on $28m affordable/supportive housi...
July 11, 2023
Utica, NY Rockabill Development and Johnson Park Center (JPC) said that construction is underway at Johnson Park Green Community Apartments, a $28 million climate-friendly development that will create 62 energy-efficient and affordable homes — including 31 with supportive services
Colliers and TRITEC lease 195,000 s/f of retail space at Station Yards
July 11, 2023
Ronkonkoma, NY Colliers partnered with TRITEC Real Estate Company to lease 195,000 s/f of retail space at Station Yards. The firm has arranged the first lease at the mixed-use project on Long Island for Great South Bay Brewery. A Colliers team led by vice presidents Maria Valanzano
Expediting the process - artificial intelligence’s future impact on Long Island commercial real es...
July 11, 2023
Artificial Intelligence (“AI”) is poised to revolutionize the commercial real estate market. As AI becomes more advanced, the commercial real estate market on Long Island will see dramatic changes in the way real estate investors purchase, sell, evaluate, and develop properties. From enhancing
Commercial classroom: Back to basics - negotiating personal guarantees - by Edward Smith
July 11, 2023
Periodically, like after the recession of 2008 when property values crashed, it becomes common for landlords to require personal guarantees from their tenants. As the economy recovered toward the end of that decade values had been increasing again and landlords stopped requiring personal guarantees.
JLL Capital Markets closes sale of 395,000 s/f Riverhead Centre
July 11, 2023
Riverhead, NY JLL Capital Markets closed the sale of the nine-building, 395,000 s/f, grocery-anchored Riverhead Centre. JLL represented the seller, AFL-CIO Building Investment Trust advised by PNC Realty Investors, and procured the buyer, Prestige Properties & Development
Hunt Corp. Commercial Real Estate Q&A: Maintaining your property like a professional - by David Hun...
July 11, 2023
Q: Our firm is not large enough to employ a full-time property manager for the building we own. Do you have guideline or checklists that one of our senior managers could use to make sure everything is completed in a timely manner? A: You do not have to have a full-time property manager to maintain your property, but you, or whoever will be responsible for day-to-day maintenance, should think like one.
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