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Don’t miss out on the tax exemption benefits of New York’s Section 485-b - by Margo Tiffen
April 11, 2023
Commercial real estate owners have a strategic advantage when they improve their properties. It only makes sense to take care of your investment and keep up with real estate trends and tenants’ needs. The downside to these improvements is that they can increase the assessed value, and therefore the property tax bill.
Rousso of H2M implements virtual reality for future developments
April 11, 2023
Melville, NY H2M architects + engineers (H2M) now offers virtual reality (VR) services to their clients. These services include VR modeling of designed spaces that enable clients to “walk” through their buildings long before construction begins.
CIBS establishes “Elite Designation” for Long Island brokers
April 11, 2023
Melville, NYThe Commercial and Industrial Brokers Society of Long Island (CIBS) has created a new industry designation of professional achievement for highly qualified real estate practitioners with a strong transactional history in brokerage fee-based services.
Property tax turmoil - The coming of office building valuation apocalypse - by Donald Leistman
April 11, 2023
Of all types of property, the values of office buildings may be the most adversely affected by the pandemic. Accordingly, owners of office buildings should carefully monitor their real estate tax assessments to make sure the valuations reflect the new post-COVID economic reality.
Stolar joins Harris Beach as senior counsel
April 11, 2023
Long Island, NY Brian Stolar, an attorney in land use, zoning, environmental compliance, real estate development, commercial real estate, and municipal law, is joining Harris Beach PLLC as a senior counsel. Stolar represents real estate developers, small businesses, major corporations and property owners in the development of residential, commercial and industrial properties, and serves as general counsel and special counsel to numerous municipalities and zoning and planning boards.
Islam joins Certliman Balin Adler & Hyman LLP
April 11, 2023
East Meadow, NY Dilara Islam (Bayside) joined the Real Property Tax Certiorari Law and Condemnation Litigation Practice Group at Certilman Balin Adler & Hyman, LLP as an associate in the East Meadow office. Prior to joining the firm, Islam was a claims specialist with Nationwide Insurance where she reviewed management and professional liability claims under insurance policies providing coverage for directors and officers, employment practices and cyber matters.
Hunt Corp. Commercial Real Estate Q&A: Choosing the right lease term - by David Hunt
April 11, 2023
Q: What do you recommend as the right lease term for an office lease? A: This is highly dependent on your objectives and the nature of your company. So let’s start with some of the advantages and disadvantages of short- and long-term leases.
JLL Capital Markets closes sale of 34,919 s/f plaza to Serota Properties for Heidenberg Properties
April 11, 2023
Hauppauge, NY JLL Capital Markets has closed the sale of Hauppauge Plaza, a 34,919 s/f, community-focused retail center on Long Island. JLL represented the seller, Heidenberg Properties. Serota Properties acquired the asset.
Racanelli Construction launches Healthcare Divison
April 11, 2023
Melville, NY Racanelli Construction Company, Inc. has formed a Healthcare Division to meet increasing demand from the healthcare sector. The company has a long tradition in providing its services to hospitals, specialty medical practices, ambulatory surgical centers, rehabilitation facilities, imaging centers, nursing homes and assisted living facilities.
Sutton, Shapiro, Abbondandolo and Little of C&W arrange $22 million sale of 5,000 s/f retail propert...
April 11, 2023
East Hampton, NY Cushman & Wakefield has arranged the sale of a 5,000 s/f retail property located at 1 Main St. The final sale price was $22 million. Cushman & Wakefield’s Jordan Sutton, Robert Shapiro, Dan Abbondandolo and Victor Little
NYSCAR mourns the passing of chapter president Dana Crocker
April 11, 2023
Albany, NY NYSCAR is very sad to share the news that president Dana Crocker passed away on March 29, 2023 after a short illness. Crocker served on the NYSCAR Board for many years, serving as governor, vice president, secretary and treasurer before being elected president in 2022. He was proudly honored as NYSCAR’s Realtor of the Year in 2013.
Vanguard-Fine negotiates two sales and two leases
April 11, 2023
Queensbury, NY Christopher Farrell and Barry Feinman of Vanguard-Fine, LLC and Ann MacAffer of CBRE, Albany brokered the sale of 176 Quaker Rd. between the buyer Collection Center Property Company, LLC and seller Aldi, Inc. (New York). The purchase price was $1.55 million.
Axiom Capital structures and arranges $25.35 million loan for 76,393 s/f medical office in Utica
April 11, 2023
Utica, NY Axiom Capital Corp. has structured and arranged a $25,356,396 (10-year, 2 years I/0) construction to permanent loan for a class A, multi-tenant medical office building. The project entails the construction of a 3-story, 76,393 rentable s/f building situated on 1.46 acres
Duncan of Leadership Alliance awarded 2023 Above & Beyond Award
April 11, 2023
Binghamton, NY Leadership Alliance CEO, Stacey Duncan, has been named a recipient of City & State New York’s 2023 Above & Beyond Award. City & State is a media organization dedicated to covering New York’s local and state politics and policy providing in-depth,
Lanni and Holland of Kislak sell Woodland Apartments, a 58-unit complex at 1833 West Water St. for $...
April 11, 2023
Elmira, NY The Kislak Company, Inc. negotiated the sale of Woodland Apartments, a 58-unit complex at 1833 West Water St. for $2.83 million. Kislak marketed the property on behalf of the seller, Resko-Phil Partnership Elmira, with senior vice president Daniel Lanni handling the assignment.
Rosenblum Dev.’s 1818 Fifth Ave. wins $1m NYSERDA Round Three of the Buildings of Excellence Compe...
April 11, 2023
Troy, NY Rosenblum Development Corp. has been selected as a winner of a $1 million award in Round Three of the Buildings of Excellence Competition, administered by the New York State Energy Research and Development Authority (NYSERDA), for the development of a net-zero emitting
CBRE completes $137 million sale of 16-property national hotel portfolio
April 11, 2023
Fishkill, NY CBRE brokerd the sale of a 16-property, 2,155-key hotel portfolio located across nine states. A joint venture between Dallas-based NewcrestImage and Phoenix-based Hospitality Capital Partners (HCP) acquired the portfolio for $137.3 million.
Phillips of The Largo Group secures $28 million refinance for 350,000 s/f office complex
April 11, 2023
Amherst, NY Jack Phillips, principal at The Largo Group of Companies, secured $28 million to refinance the existing debt and closing costs on a 350,000 s/f office property across eight buildings. The property has maintained consistent historical performance
Uniland holds ribbon cutting for 150,000 s/f distribution/manufacturing facility at former Bethlehem...
April 11, 2023
Lackawanna, NY Local community leaders gathered at 8 Dona St. for a ceremonial ribbon cutting for Uniland’s new distribution and advanced manufacturing facility. Built on “spec”, Uniland has fully leased the 150,000 s/f building and has begun construction on a second
City of Yonkers and Iona University to be honored at BOMA Westchester’s Annual Hall of Honor Dinne...
March 28, 2023
Tarrytown, NY The Building Owners and Managers Association of Westchester (BOMA) announced that the City of Yonkers and Iona University will be the honorees at BOMA’s 31st Annual Hall of Honor Awards Dinner to be held