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Victory Capital facilitates four loans: $9.5 million total
January 5, 2021
New York, NY Victory Capital closed the following: • A $2.4 million loan with a 3.75% interest rate: Victory Capital delivered on a refinance for two collateralized properties located between Maclay Ave. and Castle Hill Ave.
Exec. of the Month: Hershberg of Topaz Capital launches new 1031 platform and investment management ...
January 5, 2021
New York, NY The New York Real Estate Journal (NYREJ) sat down with Marc Hershberg, managing partner & CEO of Topaz Capital about their new investment management software (TOPAZ IR) and the recent growth of their TOPAZ TEN31 Xchange Program
A tale of Two Bridges: How did 4 towers get approved without the Uniform Land Use Review Procedure? ...
January 5, 2021
A zoning saga is unfolding at the Two Bridges Development site located on five blocks abutting the East River between the Manhattan and Williamsburg Bridges. At question is how zoning applications filed by developers to expand the permitted heights of four buildings
Question of the Month: Is C-PACE a feasible financing strategy for building healthy buildings? - by ...
January 5, 2021
The Commercial Property Accessed Clean Energy, or C-PACE, is a unique public-private financing program designed to help commercial, industrial, non-profit, multifamily, and agricultural property owners and real estate developers fund large scale energy
New York City development tools: Inclusionary air rights part 2 - by Patrick O’Sullivan and Michae...
January 5, 2021
Part 1 of this four-part series appeared in the December 1st edition. The generation of inclusionary air rights provides owners with an opportunity to improve a development project’s economics. This second part of our series
Bestreich, Reynolds, Reynolds and Davila of BRG facilitate $4.25 million development site sale
January 5, 2021
Brooklyn, NY Bestreich Realty Group (BRG) closed the sale of 176 Central Ave., located in the Bushwick neighborhood, for $4.25 million. This development site’s lot dimensions of 73.5 ft. x 150.33 ft.
Bortz and Sweetwood of Kislak broker $2.1m sale
January 5, 2021
Poughkeepsie, NY The Kislak Co., Inc. completed the sale of a fully-approved multifamily development site on over seven acres at 31-35 Violet Ave., in Dutchess County. The property traded for $2.1 million.
Cleaning house in co-ops and condominiums with legal counsel - by C. Jaye Berger
January 5, 2021
The COVID Pandemic has created some extra time for people to handle projects they might not otherwise have time for. A good example of this is reviewing your building’s co-op and condominium formation documents, such as house rules, proprietary
Bloorian and Herskowitz of Greyhill Group negotiate $1.2m acquisition
January 5, 2021
Troy, NY Greyhill Group has acquired a mixed-use property at 150 4th St. for $1.2 million. The property has 15 residential units, primarily rented by local Rensselaer Polytechnic Institute students
Perlman of Largo secures $2.4m permanent loan for Rochester portfolio
January 5, 2021
Rochester, NY Ned Perlman of Largo Capital’s Buffalo office arranged a $2.4 million permanent loan for a portfolio of multifamily properties. Perlman negotiated 80% acquisition financing
Alpha Realty brokers $5.15 million off-market sale of 33-unit building in the Bronx
January 5, 2021
Bronx, NY Alpha Realty brokered the off-market sale of 4206 Carpenter Ave. in the Wakefield neighborhood. The property sold for $5.15 million. The six-story property consists of 33 apartments
Oak & Avery Group sells Yonkers multifamily
January 5, 2021
Yonkers, NY The Oak & Avery Group completed the sale of an 11-unit multifamily building at 19 Lawrence St. Anthony Watkins, president, and David Algarin, vice president
Rockport Mortgage closes $74.5m FHA Section 223(f) refinancing loan
January 5, 2021
Queens, NY Rockport Mortgage Corp. closed a $74.5 million FHA Section 223(f) refinancing loan for Israel Senior Citizen Housing I and II, a 512-unit HUD-subsidized property for the elderly located in the Far Rockaway neighborhood.
January message from the president of NYSCAR
January 5, 2021
National Association of Realtors COVID-19 Relief Package Includes Help for Business and Property Owners December 21, 2020 Congressional leaders struck a deal on a nearly $900 billion coronavirus relief bill that will bring a new round of support to millions
Matthews named controller at Ciminelli
January 5, 2021
Buffalo, NY Ciminelli Real Estate Corp. appointed Mark Matthews as controller. Matthews is responsible for oversight of both property and corporate accounting activities for Ciminelli.
HUNT Insurance appoints new leadership positions
January 5, 2021
Buffalo, NY HUNT Insurance Agency, a core business of HUNT Real Estate Corp., has announced the appointment of multiple leadership positions within the organization. James Farah has been named the president and chief insurance officer
Vanguard-Fine, LLC brokers four sales $4.177 million
January 5, 2021
strong>Albany, NY Vanguard-Fine, LLC completed the following: Sale transactions: • Kenneth Brownell and Barry Feinman of Vanguard-Fine, LLC brokered the sale of 418 South Pearl St. between purchaser Agree Realty and seller FFB#1wood, LLC. The sale price was $1.767 million
Saleski of Sutton obtains associate broker license
January 5, 2021
Syracuse, NY According to Sutton Real Estate Co., Stephen Saleski has obtained his real estate associate broker license. Saleski joined the Sutton Real Estate team
Struzzi and D’Amore of Cushman & Wakefield | Pyramid Brokerage Co. lease 22,754 s/f
January 5, 2021
Malta, NY The New York Unified Court System, Fourth Judicial District has recently leased 22,754 s/f at the former 101 State Farm Pl., recently rebranded as Malta Grove.
Ciminelli and Newmark enter alliance agreement
January 5, 2021
Buffalo, NY According to Newmark Group, Inc., it has entered into an alliance agreement with Ciminelli Real Estate Corp., which has been one of Western New York’s leading real estate service providers for nearly four decades.