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Slate Property Group and RiseBoro Community Partnership break ground on $146 million development
June 13, 2023
Brooklyn, NY Slate Property Group and non-profit RiseBoro Community Partnership broke ground on one of the most sustainable affordable housing developments ever constructed in New York City. The mixed-use project at 326 Rockaway Ave. has been designed as
Cheikin joins Fisher Brothers as head of real estate
June 13, 2023
Manhattan, NY Fisher Brothers, a fourth-generation real estate company that owns, manages and operates unique spaces across the country, has hired David Cheikin as head of real estate. In this role, Cheikin will oversee the commercial and residential portfolio, and
Hudson Square Properties closes on 555 Greenwich - 270,000 s/f
June 13, 2023
New York, NY Hudson Square Properties (HSP), a joint venture of Trinity Church Wall Street, Norges Bank Investment Management and Hines, has closed on the forward purchase of 555 Greenwich, a new 270,000 s/f, 16-story office tower in Hudson Sq. which combines
Douglaston Development acquires site and secures financing for $66 million mixed-use development
June 13, 2023
Brooklyn, NY Douglaston Development has acquired a 46,000 s/f development site for $66 million located at 1057 Atlantic Ave., and closed financing for a 474,000 s/f, 17-story, 456-unit mixed-income multifamily rental development, which will be one of the last new
Free-falling office values: A catalyst for property tax challenges - by Margo Tiffen
June 13, 2023
Certain segments of the U.S. commercial real estate market are facing significant difficulties in recovering from the pandemic, especially office buildings. The news is awash with reports of large office landlords defaulting on loans. Many highly leveraged owners expect significant
Even in a stagnant market one thing increases - property taxes - by Brad and Sean Cronin
June 13, 2023
The value of your property has flattened, and rents are not increasing, yet your real estate taxes continue to escalate. The reason for this is because property taxes on Long Island are not solely tied to a property’s current market value. We’ve seen less activity in the
Should you accept a previous Phase One Environmental Site Assessment? - by Chuck Merritt
June 13, 2023
Many times, during a commercial real estate transaction that was not finalized, there is a Phase One Environmental Site Assessment (ESA) available. This may be the result of a buyer arranging one in which the seller was provided a copy. In some instances, a seller may tell the
Commercial classroom: Back to basics - retail properties - by Edward Smith Jr.
June 13, 2023
Stores may be free standing, found in strip centers, shopping centers or malls. Retailers differ in their preference but have a common concern about finding the right location for their business. A strip center is a single building that has been divided typically into five to 10 stores. The structure allows for reconfiguration of the individual store sizes.
STRATCO Property Solutions awarded PSEG Long Island’s “Multi Family Top Performer”
June 13, 2023
Uniondale, NY STRATCO Property Solutions has been awarded PSEG Long Island’s “Multi Family Top Performer” for saving energy on large building projects. The New York City-based contractor works with multifamily building
Manhattan Skyline Management and Isaacs and Co. broker lease for Diptyque
June 13, 2023
East Hampton, NY According to Manhattan Skyline Management Corp., French perfume house Diptyque is opening a boutique in the village at 11 Newtown Ln. this summer. Started by Christiane Montadre-Gautrot, Yves Coueslant and Desmond Knox-Leet
Bayport Funding provides $3.6 million acquisition and construction loan for 6,000 s/f
June 13, 2023
East Hampton, NY Bayport Funding provided a $3.6 million loan for the acquisition and ground-up construction of 8 Barnes Ave. The Northwest Harbor property lot encompasses more than one acre and will allow for the creation of a 6,000 s/f home with pool and pool
Island Associates negotiates three leases totaling 6,855 s/f
June 13, 2023
Islip, NY Island Associates negotiated three lease agreements for retail and office space at two properties. Pat’s Carpet has entered a long-term lease for 2,855 s/f of retail/showroom space at 181 Freeman Ave. Pat’s Carpet is relocating its showroom to Freeman Ave. and the landlord is building-out a new showroom and warehouse area for the flooring business.
Hunt Corp. Commercial Real Estate Q&A: Usable and rentable square feet - by David Hunt
June 13, 2023
Q: Brokers seem to quote space as both useable and rentable square footage. What is the difference between rentable and useable square feet (s/f), and how are they both calculated? A: The space that a tenant can actually use is called “useable,” or sometimes “carpet-able,” square footage.
Certilman Balin partners with Habitat for Humanity to build home in Riverhead
June 13, 2023
Riverhead, NY On May 24, Certilman Balin participated in its first-ever Build Day for Habitat for Humanity. Habitat for Humanity of Long Island builds because they believe that everyone, everywhere should have a healthy, affordable place to call
Bristol Group nearing completion of 178,134 s/f speculative warehouse within the Long Island Innovat...
June 13, 2023
Commack, NY Bristol Group, Inc. said that the construction of its 178,134 s/f speculative warehouse development located at 49 Mall Dr. is nearing completion. The 10.75-acre property is located within the Long Island Innovation Park at Hauppauge and is less than one mile from Long Island Expwy.
Hempstead Industrial Development Agency reauthorizes incentives package for developer of $212 milli...
June 13, 2023
Hempstead, NY Frederick Parola, CEO of the town of Hempstead Industrial Development Agency (IDA), said that the agency has reauthorized an economic incentives package for a developer planning to construct a transit-oriented apartment/retail complex on a well-known,
NYSERDA makes $10 million available for carbon neutral community economic development projects
June 13, 2023
Albany, NY The New York State Energy Research and Development Authority (NYSERDA) has made $10 million available under the fifth round of the Carbon Neutral Community Economic Development Program as part of Round XIII of governor Kathy Hochul’s Regional
Cushman & Wakefield arranges 41,854 s/f sublease at 195 Bdwy.
June 13, 2023
Manhattan, NY Cushman & Wakefield has arranged a 41,854 s/f sublease for a new digital media company at 195 Brdwy. in the Financial District. The digital news startup company will occupy space on the 26th floor.
Denham Wolf leases 7,815 s/f to National Academy of Design
June 13, 2023
Manhattan, NY The National Academy of Design (National Academy) signed its new 7,815 s/f office and gallery space at 519 W 26th St. in Chelsea. Founded in 1825, National Academy is the oldest artist-run organization in the U.S. and a leading honorary
McCabe joins Forchelli Deegan Terrana as partner in construction group practice
June 13, 2023
Uniondale, NY Forchelli Deegan Terrana LLP (FDT) welcomes Bret McCabe to the firm’s construction practice group as a partner. Prior to joining FDT, McCabe served as general counsel of Fleet Financial Group, Inc. He
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