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Hunt Corp. Commercial Real Estate Q&A: Hiring a tenant or buyer broker - by David Hunt
November 3, 2020
Q: A real estate broker wants to represent our company exclusively, but we are nervous that we may not see all of the available properties if we limit ourselves to one broker. It seems that we may have a better chance of finding the right space if we “play the field” with several brokers. Is this the right approach? A: You are right to be circumspect about signing an exclusive contract with one broker, but not for the reason you suspect.
67-room Microtel by Wyndham Hotels opens
November 3, 2020
Amsterdam, NY Despite the challenges 2020 has presented to the hospitality industry, the grand opening ceremony of the new, 67-room Microtel by Wyndham Hotels along Rte. 5S is another sign that Montgomery County is a growing destination for people and investment. The grand opening event–delayed several months because of the impact of COVID-19–reflects another major victory for economic development efforts along the 5S Corridor.
CBRE|Syracuse brokers three sales totaling $6.225m, leases 121,444 s/f
November 3, 2020
Johnson City, NY According to Michael Finn, managing partner of CBRE|Syracuse, the firm has completed the following commercial real estate transactions: Rick Searles and Finn exclusively represented Gannett Satellite Information Network, LLC in the $4.5 million sale of 10 Gannett Dr. The property was previously a newspaper printing facility that ceased operations in 2018. Built in 2006, the 97,000 s/f building on 10 acres was purchased by the Binghamton University Foundation, to be utilized as a library annex.
Santore joins Carrow Real Estate as property manager
November 3, 2020
Albany, NY According to Carrow Real Estate Services, Jeff Santore has joined its property management team as a property manager. With over 28 years of on-site management experience, Santore has maintained over two million s/f of professional office, medical, retail and industrial property across Western and Upstate New York.
Sutton Real Estate Co. facilitates six deals
November 3, 2020
Middletown, NY According to Sutton Real Estate Co., the firm has completed the following transactions: Louis Fournier of Sutton and Gina Marchese from All Phases Realty handled three leases at 390 Crystal Run Rd. totaling 5,900 s/f: • Healthy Deli took 1,700 s/f; • Empire Inspections & Apparaisals leased 1,600 s/f; and • Family Foot Care signed for 2,600 s/f.
D’Amore of Cushman & Wakefield|Pyramid brokers $1.875m
November 3, 2020
Schenectady, NY According to Cushman & Wakefield | Pyramid Brokerage Co., the former Sears at Via|Port Rotterdam was purchased by United Auto Supply, a Syracuse-based wholesale distributor of aftermarket automotive parts and accessories. The 103,296 s/f building sold for $1.875 million, and will become United Auto Supply’s regional distribution hub. This $6 million dollar investment is expected to create up to 150 jobs and will service customers in Northeastern New York and New England.
Funiciello and Sessa of JF Real Estate sign Pawsitivitea to CNY Regional Market
November 3, 2020
Syracuse, NY According to JF Real Estate, Central New Yorkers have a spot to grab a coffee and a snack and relax with a few furry feline friends. Pawsitivitea CNY is open inside the CNY Regional Market at 2100 Park St. according to owner Alisha Reynolds, one of two cat cafés planned for the area. The concept for the 1,200 s/f is simple: Coffee and tea, baked goods, and cats. The dining room and cat lounge area will be separate.
November message from the president of NYSCAR - by James Walker
November 3, 2020
NYSCAR held their Annual Meeting virtually in October. It was a good meeting with timely discussions. The 2021 budget was approved. Committee reports and chapter reports were received. The following members were elected as officers and governors: • James Walker, CCIM, president; • Dana Crocker, first VP; • Robert Strell, second VP,
Montgomery County’s redevelopment efforts continue at Exit 29 site
November 3, 2020
Canajoharie, NY Montgomery County’s efforts to redevelop the vacant Exit 29 site, formerly the home of Beech-Nut Nutrition for over 100 years, took a step forward this month with the completion of the asbestos abatement process for the remaining portions of the former manufacturing facility and office building. The site, which the Montgomery County Business Development Center (MCBDC) has been working to clean up and prepare for redevelopment since the county took possession of it in July 2017, is likely to see greater interest from prospective developers now that the costly asbestos removal process is complete.
2020 Hudson Valley apartment market - by Brian Heine
November 3, 2020
As of July, all of New York State has qualified for Phase IV reopening, and as we come out of the pandemic the major concern in the multifamily industry is the effect on rents and occupancy, unemployment is always the biggest threat. Temporary job layoffs and permanent losses among the industries that are large tenant employers, particularly retail and hospitality, have reduced collections mid-year in those cases where stimulus funds are insufficient to cover both rent and tenant living expenses.
The Moderne Condominiums in Saratoga Springs by Bonacio Construction; designed by Design Logic Archi...
November 3, 2020
Saratoga Springs, NY Bonacio Construction, Inc. is introducing a new project in the city, The Moderne Condominiums. The two- and three- bedroom condos and penthouses are located at 128 Henry St. The building features a curated art collection in the
ThermoAI receives $1 million grand prize in 76West Clean Energy Business Competition
November 3, 2020
Albany, NY Governor Andrew Cuomo announced $2.5 million in support to four winners of the 76West Clean Energy Business Competition to advance innovation to lower carbon emissions and spur economic growth in New York State. ThermoAI, a company from Montreal, Canada, received the top $1 million grand prize award for its cutting-edge technology, which reduces carbon emissions and increases energy efficiency, enabling the company to expand its business operations in the Southern Tier.
Largo Group of Cos. originates $12.7m for three office properties
November 3, 2020
Syracuse, NY The Largo Group of Companies secured a total of $12.7 million in financing for three office properties. Ned Perlman, vice president of originations at Largo, negotiated a $9.4 million loan with a federal credit union for a seven-story office building. The 75% leveraged deal featured funds for tenant improvements, 25-year amortization, partial recourse and no prepayment penalty.
Black Bear Capital Partners arranges $32 million bridge financing
November 3, 2020
New Rochelle, NY Black Bear Capital Partners (BBCP), a real estate financial advisory firm and subsidiary of Black Bear Asset Management, has arranged $32 million in bridge financing on behalf of a private investor for the refinance of The Millennia, a new, ground-up
Levin Mgmt. arranges 20,000 s/f for Planet Fitness at Mayfair S.C.
November 3, 2020
Commack, NY Planet Fitness, one of the largest and fastest-growing global franchisors and operators of fitness centers in the U.S., has leased 20,000 s/f at Mayfair Shopping Center. Levin Management Corp. (LMC) is exclusive leasing and managing agent for the 221,000 s/f Long Island shopping center. LMC Leasing Representative E.J. Moawad represented the property in negotiating the long-term transaction; Jack Chera of Crown Retail Services (CRS) represented the tenant.
Mojo Stumer completes design work for LABEL: New showroom, sales and office space in Manhattan
November 3, 2020
Manhattan, NY Mojo Stumer Associates (MSA) completed the design work for LABEL, a custom clothing company, at 6th Ave. The estimated cost for this project is $300,000. MSA’s Mark Stumer, AIA, principal, led the team with designer Joe Yacobellis, AIA, and interior designer Jessica Licalzi. MSA took them from a strictly online presence to a new showroom/sales space and corporate head office.
Marcus & Millichap and Mission Capital enter into definitive agreement
November 3, 2020
New York, NY Marcus & Millichap, Inc. (MMI) has entered into a definitive agreement to acquire Mission Capital in a transaction expected to close in the fourth quarter. Founded in 2002, Mission Capital is a nationally recognized capital markets advisor with teams specializing in the sale of loans and consultative/due diligence services as well as debt and equity placement across all property types. The firm’s loan sale and consulting clients include commercial and investment banks, hedge funds, special servicers, government agencies and private equity firms.
Uniland celebrates opening of 32,000 s/f HANSA Workspace in Buffalo
November 3, 2020
Buffalo, NY Uniland Development Co. has officially opened HANSA, a facility that offers private and shared offices, meeting rooms, a podcast studio and event spaces in the city’s downtown area. The 32,000 s/f, two-story space is for comfort and productivity, creatively decorated in industrial chic, and replete with modern amenities that combine to provide “An Elevated Office Experience.”
JLL handles $110.825 million sale of waterfront development site in Greenpoint, Brooklyn
November 3, 2020
Brooklyn, NY JLL Capital Markets has completed the $110.825 million sale of 1 Java St., a large-scale waterfront development site in the Greenpoint neighborhood. JLL worked on behalf of the sellers, JZ Capital Partners and
MAG Partners secures $173 million financing from Madison Realty Cap.
November 3, 2020
Manhattan, NY MAG Partners has secured a $173 million construction loan from Madison Realty Capital that will allow work to commence next month on a 479-unit rental residential building at 241 W. 28th St. in Chelsea. The project will be developed under the Affordable NY program with 30% of its units reserved for low- and middle-income New Yorkers. Architecture firm COOKFOX designed the building.