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Delavale of Breslin Realty leases 1,100 s/f to Jersey Mike’s
March 14, 2023
West Hempstead, NY Breslin Realty negotiated the signing of a long-term lease with Jersey Mike’s Subs. Jersey Mike’s will occupy 1,100 s/f of the Nassau Plaza shopping center, at the southwest corner of Hempstead Tpke. (NY 24) and Nassau Blvd
The Doe Fund tops out The Plains - 82,465 s/f multifamily residence
March 14, 2023
Bronx, NY The Doe Fund, a homeless services nonprofit with a portfolio of transitional, affordable, and supportive housing throughout NYC, celebrated the topping out of its latest real estate development at 4519 White Plains Rd. The nine-story, $48.5 million joint venture — known as The Plains and designed by OCV Architects — is the second The Doe Fund has undertaken with Robert Sanborn Development.
Metro Realty Services handles five sales totaling $9.91 million
March 14, 2023
Ronkonkoma, NY Metro Realty Services, LLC negotiated five sales totaling $9.91 million. Jeremy Hackett of Metro Realty sold 5,000 s/f at 119 Gary Way, Ronkonkoma to 119 Gary Way LLC for $1.375 million. Hackett represented the buyer and Kathleen Bardekoff of KPB Realty Inc. represented the seller, Sportsman Holding LLC.
Progress Capital arranges construction financing for Hunter Lofts redevelopment project
February 28, 2023
Roselle Park, NJ Kathy Anderson and Caillin Boles of Progress Capital secured a $14.95 million construction loan for The Kontos Group (owner/developer) of Hunter Lofts, a redevelopment project lead
Verada leases 1,200 s/f to So Gold Studios
March 14, 2023
Brooklyn, NY Verada Real Estate has signed So Gold Studios to a 10-year lease for 1,200 s/f relocating to 448 Humboldt St., two blocks from their current home. The landlord, Investmates, a privately-held real estate investment and development company headquartered in Williamsburg, and a local boutique development company put their desire for exceptional design to fruition by bringing this exciting new addition to the neighborhood.
Commercial and Industrial Brokers Society of Long Island hosts State of the Industry program
March 14, 2023
Melville, NY Last month, before a crowd of more than 160 attendees, Commercial and Industrial Brokers Society of Long Island (CIBS), held its 2023 State of the Industry. The event featured an expert panel who discussed trends and predictions for their specialty asset classes: industrial, office, retail, and multi-family. The conversation
G.S. Wilcox & Co. secures $19.97 million construction loan for East Brunswick warehouse
February 28, 2023
East Brunswick, NJ G.S. Wilcox & Co. has completed $19.97 million in construction financing for a warehouse building to be built on spec. The non-recourse financing was secured by Bridget Wilcox, partner, and Al Raymond, principal, from a regional bank on a 3-year term with extension options
Lewis of ERG sells two buildings for $4.55m
March 14, 2023
Yonkers, NY ERG Commercial Real Estate has sold two adjacent multifamily buildings for $4.55 million. The four-story buildings, at 502 and 508 Van Cortlandt Park Ave. in the McLean Heights neighborhood, feature 46 units, totaling 38,948 s/f. The buildings were built in 1927 and 1922.
Commercial classroom: Back to basics investment properties - by Edward Smith
March 14, 2023
One method by which investment properties are evaluated is known as the Income Approach to valuation. Banks typically use this method when they appraise investment properties. This direct return method of valuation focuses on the cash flow produced. The annual cash flow results from subtracting the owner’s operating expenses from the gross operating income and is referred to as the Net Operating Income
Breslin Realty negotiates two retail leases at Willow Wood
March 14, 2023
Wantagh, NY Breslin Realty negotiated two leases totalling 5,250 s/f at Willow Wood shopping center. Breslin brokered the signing of a long-term lease with Lacrosse Unlimited at 1151 Wantagh Ave.
Hunt Corp. commercial real estate Q&A: Net lease, gross lease, and full-service lease - by David Hu...
March 14, 2023
Q: Looking on the internet, I see that rental prices have different labels. What are the differences between a net lease, a gross lease, and a full-service lease?A: These are all terms used to describe the manner in which services and expenses are paid in a landlord-tenant relationship.
Featured Columnist: CHATGPT: Your New Best Friend - by Kimberly Zar Bloorian
March 14, 2023
In today’s highly competitive commercial real estate industry, companies are constantly seeking ways to stand out in the crowded marketplace. With the growing importance of an online presence and digital marketing, many businesses are turning to innovative technologies to gain an edge over the competition.
Green joins Olshan Law as real estate partner
March 14, 2023
New York, NY Olshan Frome Wolosky LLP has hired Siobhan Green as a partner in the firm’s real estate practice. Green brings over two decades of experience in commercial real estate leasing transactions, representing clients in all aspects of the leasing process, from providing advice to clients at the term sheet stage to effectively negotiating leases to conclusion.
Nassau Industrial Development Agency preliminarily approves transaction with EGB Hospitality to reno...
March 14, 2023
East Meadow, NY The Nassau County Industrial Development Agency (NCIDA) has preliminarily approved a transaction that aims to bring PGA Tour events to Eisenhower Park. The transaction, awarded to EGB Hospitality, will see the renovation of a building in Eisenhower Park, which will be used as a restaurant and event venue. The project represents a $5.3 million
Gottlieb of Schuckman Realty sells two gas station properties
March 14, 2023
Farmingdale, NY Schuckman Realty brokered the sale of two gas station properties. The property located at 566 Fulton St., sold for $2.3 million. The property consists of an 1,800 s/f building on 8,000 s/f lot, currently operating as a Mobil gas station and convenience store.
Innovo Property Group tops out The Borden Complex
March 14, 2023
Long Island City, NY Innovo Property Group (IPG) celebrated the topping out of its newest mixed-use project, The Borden Complex. Located at 23-30 Borden Ave., the development broke ground during Summer 2022 and is expected to finish construction in Spring 2024.
Groothuis & Co. arranges $4.5 million financing for 23-unit 249 E Park Ave. apartment building
March 14, 2023
Long Beach, NY Michael Groothuis, president of Groothuis & Co., arranged $4.5 million in permanent financing on a 23-unit, four-story elevator building at 249 E Park Ave. The loan was closed with a bank at a 5.44% rate, fixed for 10 years.
Daly and Keating of Rudin lease 59,550 s/f to Vibrant at 80 Pine St.
March 14, 2023
New York, NY Rudin, a full-service real estate organization, will be relocating nonprofit mental health provider Vibrant Emotional Health (Vibrant) to 80 Pine St., its 1.2 million s/f financial district office tower, with a 15-year lease totaling 59,550 s/f. Vibrant Emotional Health’s footprint will span the entire 18th and 19th floors of the 38-story building.
Houlihan of Houlihan-Parnes Properties arranges $350,000 in financing for 379 Sommerville Place
March 14, 2023
Yonkers, NY Jeremiah Houlihan of Houlihan-Parnes Properties has arranged for first mortgage financing in the amount of $350,000 for the refinancing of a 3-story wood frame five family house built in circa 1930 with a small extension on the 1st floor, backyard and six outdoor parking spaces, located at 379 Sommerville Pl.
Merchants Capital sets office record with $1.3 billion financed in 2022
March 14, 2023
New York, NY Merchants Capital has set a record-breaking year with its debt production, totaling approximately $1.3 billion during 2022. The total production numbers served to finance and preserve a variety of properties across the nation, including affordable, multifamily and senior housing.
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