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George Comfort & Sons signs five leases at Kingsbrook office park - including a five-year, 26,212 s/...
February 28, 2023
Rye Brook, NY George Comfort & Sons negotiated five lease agreements totaling over 83,000 s/f at Kingsbrook, the firm’s office complex. In January, George Comfort & Sons signed a 10-year agreement with Regus
New law affecting tax assessment challenges for Payments in Lieu of Taxes (PILOTs) - by John Gordon ...
February 28, 2023
At the end of 2022, New York State passed legislation requiring a 45-day notice prior to filing a tax assessment challenge for any properties which are subject to an agreement to make Payments in Lieu of Taxes (PILOTs).
Rosewood Realty Group closes $2.2 billion in sales in 2022
February 28, 2023
Manhattan, NY Rosewood Realty Group closed $2.2 billion in total multifamily deals for 2022. While pre-pandemic Rosewood’s sales were heavily New York City centric, Rosewood’s founder and CEO Aaron Jungreis led his
The Community Preservation Corp. and Proto Property Services close $100 million refinance of 525 uni...
February 28, 2023
Brooklyn, NY The Community Preservation Corp. (CPC), one of the nation’s largest community development financial institutions (CDFI) dedicated solely to multifamily housing–together with partner Proto Property Services–closed the $100
Any increase to assessed values to commercial properties will hamper the likelihood of securing new ...
February 28, 2023
The New York City Department of Finance published the 2023/24 real estate tax assessment roll on January 17th. Per the city’s press release, the aggregate taxable assessed value of all properties increased by a relatively modest 4.4%. Considering the
The state of the commercial mortgage market - by Michael Zysman
February 28, 2023
The debt capital markets for commercial real estate are healthy, with the caveat that rates are much higher than they were in months prior. As of February 15, 2023 the 10 year treasury is 3.8% vs 2.0% a year ago or a 90% increase, the 5 year treasury is 4.04% vs 1.90% a
New short-term rental registration law does little to protect landlords - by Michael Capozzi
February 28, 2023
Local Law 18, also known as the Short-Term Rental Registration Law, which was adopted by the New York City Legislature in January 2022, went into effect January 9, 2023. The law requires short-term rental hosts to register with the mayor’s Office of Special Enforcement
Setting up your employees and business for true success starts with location - choose Broome County ...
February 28, 2023
Three years ago, the Greater Binghamton Chamber of Commerce and the Broome County Industrial Development Agency & Local Development Corp. (The Agency) formed a strategic partnership to promote the economic success of Broome County while simultaneously confronting the
An experienced architect or interior designer will get your condominium or co-op renovation complete...
February 28, 2023
When most people think about renovating their co-op or condominium apartment, they focus on what it is going to cost and who is going to do the design work. Obviously, those are essential issues, but there is a lot more to the process. A good architect or interior designer
The real estate industry in Queens, NY today: An overview - by William Gati
February 28, 2023
Queens, N.Y. is one of the five boroughs of New York City and is the largest of all the boroughs by area. It is home to over 2.4 million people, making it one of the most populated counties in the United States. The real estate industry in Queens has grown significantly over
New York state energy policy: Cart before the horse? - by John Rynne
February 28, 2023
I’ve always been fascinated with energy sources that were non fossil fuels. I grew up less than 14 miles from the hydro electric power plants in and near Niagara Falls. When I was young boy I thought that there must be a way to harness the sun’s energy. I
The value of single tenant net lease in an inflationary environment - by Michael Packman
February 28, 2023
Despite rising interest rates and an inflationary environment, the U.S. economy continues to defy expectations. Consumer spending is fueling GDP growth, and jobless rates, while still climbing, are by historical standards low and reflective of a labor
So Gold Studios signs 10-year lease for 1,200 s/f in Brooklyn
February 14, 2023
Brooklyn, NY According to Verada, So Gold Studios signed a 10-year lease for 1,200 s/f relocating to 448 Humboldt St., just two blocks from their current home. The Landlord,
MBI Inc. and LBB Specialties to relocate to Clarion Partners’ Merritt 7
February 28, 2023
Norwalk, CT According to Clarion Partners LLC and Marcus Partners, two new tenants will be relocating to Merritt 7. Consumer products marketing company MBI Inc. will be taking 32,648 s/f in the recently upgraded Building 501, while
Meridian’s Doshi and Mehra sell a long-term Bronx residential asset
February 14, 2023
Bronx, NY Meridian’s Amit Doshi and Shallini Mehra closed on their exclusive at 3045 Godwin Terrace, a six-story elevator building. The 68,610 s/f property is currently configured with 74 apartments
Cannava to lead multifamily capital within Wells Fargo CRE group
February 14, 2023
Wells Fargo & Company’s (NYSE: WFC) Corporate & Investment Bank (CIB), has appointed Peter Cannava to lead Multifamily Capital (MFC) within its Commercial Real Estate (CRE) group. Wells Fargo’s MFC group provides financing
CREW Network and Partner Real Estate Associations join together to expand supplier diversity opportu...
February 14, 2023
An industry-wide group of seven real estate trade associations announced an alliance to foster supplier diversity in real estate. The Commercial Real Estate Diverse Supplier (CREDS) Consortium aims to expand
Greater Binghamton Chamber of Commerce's annual economic forecast and building BC awards
February 14, 2023
Binghamton, NY The Greater Binghamton Chamber of Commerce held the annual Economic Forecast and Building BC Awards on Tuesday, February 14, 2023
Wells Fargo provides $288 million for affordable housing project in Manhattan
February 28, 2023
Manhattan, NY Wells Fargo’s Community Lending and Investment has provided $288 million in financing to Joy Construction Corporation and Maddd Equities for the new construction of North Cove, a 100% affordable, mixed-use development located in the Inwood neighborhood.
Axiom Capital funds manufacturing & warehouse property in Carol Stream, IL
February 14, 2023
Carol Stream, IL Axiom Capital Corp. has structured and arranged a $6.75 million permanent loan for the refinance of a single tenant light manufacturing and warehouse property