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Company of the Month: Retail developer Heidenberg Properties continues to add value during the pande...
December 1, 2020
New York, NY The COVID-19 (Coronavirus) Pandemic, which began in March and is now experiencing new all-time highs of daily infection rates as we head into the final quarter of 2020, has hit the commercial real estate industry particularly hard. Whether it is the near-abandonment of office workers
Community Preservation Corp. expands to serve small multifamily buildings
December 1, 2020
New York, NY The Community Preservation Corp. (CPC), has launched the new Flex Small Loan program. Earlier this year, CPC stepped up to partner with New York State to provide relief to small building owners experiencing financial hardship due to COVID-19.
JLL Capital Markets handles $12.5m sale for Abra Construction
December 1, 2020
Brooklyn, NY JLL Capital Markets has completed the sale of 219 Jay St., a 37,549 buildable s/f opportunity zone development site in Downtown Brooklyn on behalf of Abra Construction. The building was purchased by Tankhouse, a locally-based developer and architecture firm, for $12.5 million.
US Glass recognizes Crystal Window & Door Systems
December 1, 2020
Queens, NY National manufacturer Crystal Window & Door Systems was one of a select few fenestration and façade companies to be featured by leading national trade publication US Glass as one of the media platform’s 2020 Best Companies to Work For.
Westbridge Realty Group closes $6.5m industrial site
December 1, 2020
Brooklyn, NY Westbridge Realty Group, a New York based investment sales firm, completed the sale of an industrial site in the Gowanus neighborhood for $6.5 million. The site, at 88 9th St., is a self-storage facility on an acre of land with 300 self-storage units.
BRG brokers $2.55 million sale of Brooklyn multifamily
December 1, 2020
Brooklyn, NY Bestreich Realty Group (BRG) closed the sale of 363 Washington Ave. for $2.55 million. This four-unit multifamily totals 5,145 s/f, priced at $496 per s/f and $637,500 per unit. The seller of this property was 353 Washington Ave LLC and the buyers are 363 Wash Ave Corp.
New York City is a long-term play - by Michael Weiser
December 1, 2020
Are you unsure about New York City? Shutdowns, potential second wave, empty office buildings, flight of wealthy New Yorkers to anywhere but here, no Broadway, Times Square empty, record low CRE transactions and on and on and on…Logic would dictate that COVID-19 is the straw that broke NYC’s back.
Ciullo joins Certilman Balin Adler & Hyman, LLP
December 1, 2020
East Meadow, NY Joseph Ciullo has joined the Banking/Commercial Lending Group of Certilman Balin Adler & Hyman, LLP as an associate. Prior, he was an associate at the Law Offices of Asaf German where he advised and represented clients with transactions related to residential real estate, cooperative and condominium purchases and sales.
Brown Altman & DiLeo, LLP unveils new name
December 1, 2020
Melville, NY Brown & Altman, LLP is proud to announce as of October 29th, 2020, they are now known as Brown Altman & DiLeo, LLP. The firm’s new name recognizes partner Michael DiLeo’s, invaluable contributions and commitment.
Theodore Roosevelt American Inn of Court recognizes Berger, Tisman, Ciaffa of FDT
December 1, 2020
Uniondale, NY Forchelli Deegan Terrana LLP congratulates Michael Berger, an attorney in the firm’s Employment & Labor practice group, on being virtually installed as treasurer of The Theodore Roosevelt American Inn of Court. Litigation attorneys Russell Tisman and Michael Ciaffa will continue to serve as directors on the Executive Committee.
Smaller, lighter, more flexible fiber optic cable meets today’s increasing demands - by Barry Skol...
December 1, 2020
The demand for fiber optic cable had already been growing at a steady pace as more advanced technologies such as 5G, Artificial Intelligence (AI) and the Internet of Things (IoT)require higher bandwidths. According to Reportlinker’s “Fiber Optic Cable Market – Growth, Trends and Forecasts” (2020-2025), the
Commercial real estate in the midst of the COVID-19 pandemic - by Brian Sahn & Jane Chen
December 1, 2020
In early 2020, the economy was on a steady climb and real estate was humming along. Then came COVID-19. As society adapts to the new norm, so too must the real estate and commercial lending markets. While we all await a vaccine rescue, innovators in the real estate market are developing new ways to mitigate risks and financial exposure
Massive jumps in expenses result in decreased NOI’s and increased tax rates - by Brad Cronin & Se...
December 1, 2020
Decreased revenues as a result of COVID-19 has been well reported amongst all property types, but significant increases in expenses are frequently overlooked. Sophisticated owners understand that it’s not how much money you earn, it’s how much you keep.
Environmental due diligence during the pandemic - by Chuck Merritt
December 1, 2020
Back in March of 2020 as the world came to an economic halt with many industries that those in the professional service business rely on such as financial institutions and construction, due diligence firms were impacted. The initial freeze that was only supposed to last for a few weeks, quickly turned into a much longer time frame.
34 attorneys from FDT named to 2020 NY Super Lawyers and Rising Stars lists
December 1, 2020
Uniondale, NY According to Forchelli Deegan Terrana LLP, (FDT) the firm has a combined total of 34 attorneys selected to the 2020 New York Metro Super Lawyers and New York Metro Rising Stars lists. FDT congratulates the following 19 attorneys for being selected to the 2020 New York Metro Super Lawyers list: Joseph Asselta (Construction Litigation);
Commercial Classroom: 2021 here we come - by Edward Smith
December 1, 2020
This column is offered to help educate agents new to commercial and investment brokerage and serve as a review of basics for existing practitioners. Muhammad Ali famously said: “Don’t count the days, make the days count.”
Hunt Corp. Commercial Real Estate Q&A: Making your property stand out - by David Hunt
December 1, 2020
Q: We are placing our industrial building on the market shortly. What are some of the ways we can make our building stand out and get top dollar? A: Not many owners of available commercial real estate take the time to evaluate their competition, but that is precisely the way to create a marketing plan that will help your property stand out in the marketplace.
Mayor, Densen of Island Assocs. broker 4,554 s/f lease
December 1, 2020
West Islip, NY Christopher Mayor and Lawrence Densen of Island Associates brokered a 15-year lease agreement with Brownstones Coffee, for a 4,554 s/f stand-alone restaurant as part of a new center being built at 425 Union Blvd. Brownstones will be joining 7-Eleven to anchor the new 19,757 s/f center.
Weiss of T. Weiss Realty is sole broker for 878 s/f
December 1, 2020
Melville, NY According to T. Weiss Realty Corp., a family owned developer, landlord and manager of commercial real estate, One18Media Inc., a digital marketing agency has leased 878 s/f at 532 Broadhollow Rd. known as the Broadhollow Corporate Center.
Hackett of Metro Realty Services brokers $600,000
December 1, 2020
Bay Shore, NY Jeremy Hackett of Metro Realty Services, LLC sold 0.46 acres of industrial land at 3 Orgill Ave. The buyer, Lun Brothers LLC, was represented by Hackett and purchased the land for $600,000.