Search
Story results for:
March 2023 message from the president of NYSCAR - by Dana Crocker
March 14, 2023
The NYSCAR board of governors met on February 7th, at the Crowne Plaza/Desmond Hotel in Albany. The board is looking forward to another productive year and the offering of so many great courses free to the NYSCAR membership. Also, the annual conference will be held June 14-16, 2023 at the Turning Stone Resort and Casino in Verona. Save
Kelly of Hanna honored by NYSCAR
March 14, 2023
Albany, NY The Upstate New York CCIM Chapter has named James Kelly, CCIM, as this year’s recipient of the Commercial Realtor of the Year. Shown are Dana Crocker NYSCAR president of Hunt Commercial Real Estate and James Kelly of Hanna Commercial Real Estate.
Muroff Hospitality sells 31 room inn for $1.94 million; rebranded Phoenix Inn Resort
March 14, 2023
North Creek, NY Muroff Hospitality Group sold The Phoenix Inn Resort (formerly known as the Copperfield Inn), at 307 Main St., for $1.94 million. Mitch Muroff represented the seller, Diana Espalza, and secured the buyer, Buhai and Zihan Ren, in this exclusive offering.
2023 upstate New York apartment market - by Brian Heine
March 14, 2023
In the largest upset of the multifamily industry since the financial crisis of 2008 the Federal Reserve has raised the fed funds rate over 400 basis points in 10 months to 4.5%, the highest level in 15 years. According to chairman Powell the goal is to create enough unemployment to reduce inflation down from 6% to 8% annually back to the 2% range and at the same time
Feinman and Farrell of Vanguard-Fine, LLC broker two retail leases
March 14, 2023
Oneonta, NY Benjamin Feinman of Vanguard-Fine, LLC brokered the 900 s/f lease between Polish Nails Salon and Oneontawood, LLC at 762 Rte. 28. Christopher Farrell and Feinman of Vanguard-Fine, brokered the lease between Aldi, Inc.
Rochester Area Chapter of NYSCAR names 2023 new board members
March 14, 2023
Rochester, NY The Rochester Area Chapter (RAC) of the New York State Commercial Association of Realtors (NYSCAR) named three new board members for 2023: Thomas Latta, Buckingham Properties, has joined as vice president. Dexter Craig, North Star Real Estate, and Justin Merriam, Flaum Management Company, Inc., have joined as directors. They join new president, Christopher
TAYLOR building 30,000 s/f production plant/warehouse/office for J.D. & Sons Seafood
March 14, 2023
Chili, NY TAYLOR was awarded the construction contract for the new J.D. & Sons Seafood facility. TAYLOR is teaming with Costich Engineering and Greater Living Architecture for new construction of the 30,000 s/f production plant, warehouse and office located at 100 International Blvd. Lot 104, within the Rochester International Commerce Center
Total Quality Assurance International increases leased space at Uniland’s 8 Dona St. to 108,000 s/...
March 14, 2023
Lackawanna, NY Total Quality Assurance International (TQAI), who said last fall that they would lease 81,000 s/f at Uniland Development Company’s 8 Dona St., has increased its total leased space to 108,000 s/f. TQAI, which recently took occupancy at 8 Dona St., now occupies more than two-thirds
Vanguard-Fine leases 55,062 s/f sells $1.05 million
March 14, 2023
Canton, NY Vanguard-Fine, LLC brokered three transactions. Kenneth Brownell of Vanguard-Fine brokered the 10-year 16,107 s/f lease in Seaway Plaza between Harbor Freight Tools and Seaway Plaza Realty,
Coscia of The Largo Group of Cos. arranges $9.75 million sale of 53-units
March 14, 2023
Rochester, NY Kevin Coscia, managing director at The Largo Group of Companies, arranged the sale of a for rent townhome property for $9.75 million. The property consists of 53 two-bedroom, two-bathroom units and is currently 100% occupied. Largo also facilitated the assumption of the existing
Visit Binghamton invites everyone to “Be Part of Our Story”
March 14, 2023
Binghamton, NY Visit Binghamton launched a new website dedicated to an inclusive tourism experience called Accessible Bing. Project manager McKenna Brown said, “Visit Binghamton recognized the need for a comprehensive accessibility guide to the area and worked with our attractions, restaurants,
Vachon and de la Garza of KeyBank CDLI secure $10.6 million for Cornerstone’s acquisition of 52-un...
March 14, 2023
Perry, NY KeyBank Community Development Lending and Investment (CDLI) provided $10.6 million to Rochester’s Cornerstone Group, Ltd. (Cornerstone) for the acquisition and rehabilitation of Silver Lake Meadows, a 52-unit, fully subsidized family project at 165 Lake St.
Neuman Commercial Group named 2022 Top Sales Firm Power Broker
February 28, 2023
strong>Bethesda, MD Neuman Commercial Group LLC, a Mid-Atlantic retail center and commercial investment sales firm, has been named a Top Sales Firm 2022 Power Broker winner by CoStar Group (NASDAQ: CSGP), the leading provider of commercial real estate information and analytics
Kossoff of Avison Young arranges 21,273 s/f lease for The Mayfair Hotel
March 14, 2023
New York, NY Avison Young has arranged a 49-year lease for The Mayfair Hotel Group LLC, a boutique hotel owner and operator, at 242 West 49th St. The 78-key, 21,273 s/f building in New York’s Times Sq./Theatre District area was brokered off-market and began in January 2023. The transaction is valued at more than $30 million.
Urban Standard Capital launches ‘White Knight’ gap financing with $100 million
March 14, 2023
New York, NY Real estate private equity firm Urban Standard Capital (USC) has released a new strategy to deploy $100 million in gap financing, or rescue capital, including senior stretch financing, mezzanine and preferred equity for borrowers facing a financing gap. USC, which has over $600 million of real estate equity and debt investments, is known as the “certainty bid” in the middle market, one of few firms with committed, discretionary balance sheet capital.
Cantor Fitzgerald and Silverstein Properties close $165 million loan for 44-01 Northern Boulevard mu...
March 14, 2023
Queens, NY Affiliates of Cantor Fitzgerald, L.P. and Silverstein Properties have completed the latest closing of construction financing for 44-01 Northern Blvd., a project that Cantor Silverstein Opportunity Zone Trust, Inc. is invested in. Cantor Fitzgerald and Silverstein arranged a $165 million construction loan from Banco Inbursa for the development of a 354-unit multifamily property located on a 63,000 s/f lot in the Astoria neighborhood.
Okada & Company hires Fleischman, Mareddy, and Reavill
March 14, 2023
New York, NY Okada & Company (Okada & Co.) has hired three new team members: Alex Fleischman as director of business development, Kanuka Mareddy as assistant construction manager, and Avery Reavill as associate director. Fleischman is responsible for setting goals and developing strategic plans for both new business opportunities and revenue growth for the company.
Reduced taxes are necessary for office properties to endure - by Brad and Sean Cronin
March 14, 2023
The office market is a sector that continues to adapt to a post-pandemic environment. “Work from home” has become commonplace and landlords have been forced to adjust. However, the exact impact on the office market is much more complex than looking at a rent per s/f figure. A true analysis requires a more in depth look at all aspects of a lease and how the different clauses
Cushman & Wakefield arranges $12.1 million sale of The Whitestone Assemblage
March 14, 2023
Whitestone, NY Cushman & Wakefield has arranged the sale of The Whitestone Assemblage for $12.1 million. Whitestone Assemblage is located at 151-11 6th Rd., the site is an industrial outdoor storage (IOS) asset with a total lot footprint of 4.6 acres, including 1.5 acres of riparian water rights.
Environmental assessments: Are phase 2 reports, the new phase one? - by Chuck Merritt
March 14, 2023
Over the decades since environmental “Due Diligence” hit the stage in commercial real estate, the phase one Environmental Site Assessment (ESA) has been the standard for which buyers and lenders rely upon. Designed to point out potential environmental risks at a particular property, most times, a phase one was enough to make all parties comfortable.