Search
Story results for:
Doshi, Schechtman and Mehra of Meridian sell 72 units for $9.825m
October 20, 2020
Bronx, NY Meridian’s Amit Doshi, David Schechtman, and Shallini Mehra team up again to sell their exclusive assignment, 1738 University Ave. in the Morris Heights neighborhood. The six-story elevator building sold for $9.825 million, yielding a capitalization rate of 6%, $147 per s/f, $136,400 per unit, and a gross rent multiplier of 8.1 times. The property features 150 ft. of frontage and contains 72 apartments within 67,000 s/f.
Bestreich Realty Group facilitates $1.7 million sale
October 20, 2020
Brooklyn, NY Bestreich Realty Group (BRG) closed the sale of 660 Fulton St. in the Fort Greene neighborhood. The property sold for $1.7 million. This property is located between Fort Greene Pl. and South Elliott Pl. and is built 19 ft. x 70 ft., offering 2,660 existing s/f. The irregular lot is 19 ft. x 91.60 ft. offering 1,605 s/f. This property was delivered vacant.
Stavsky of VCPRE arranges 24,000 s/f storage lease
October 20, 2020
Brooklyn, NY Jacob Stavsky of Venture Capital Properties negotiated a 24,000 s/f lease on a vacant parcel of land located at 5200 1st Ave. The tenant Park Pro Systems plan on utilizing this property to store its vehicles. The site is currently in the midst of a rezoning as developers believe the rezoning will bring new jobs, while local residents are nervous those new opportunities will attract wealthier households and ultimately price out current tenants from their community.
EW Howell tops out Far Rockaway Library in Queens
October 20, 2020
Queens, NY EW Howell Construction Group celebrated the topping out milestone for the Far Rockaway Branch of the Queens Public Library. The firm was contracted by the New York City Department of Design and Construction to build the two-story, 17,500 s/f project, which broke ground in Fall 2018. Designed by Snøhetta, the new library will replace the existing 8,000 s/f building at 1637 Central Ave. and double the area of library.
CB-Emmanuel Rlty. and its partners begin construction of 70-unit development
October 20, 2020
Brooklyn, NY CB-Emmanuel Realty, LLC joined development partners Services for the UnderServed (S:US) and Richman Housing Resources LLC to celebrate the construction closing of Alabama Ave. Apartments, a 100% affordable residential development that will bring 70 units of housing to the East New York neighborhood. In partnership with The New York City Department of Housing Preservation and Development (HPD), the development team of CB-Emmanuel, S:US, and Richman Housing have begun construction on the $28.9 million project
Herrick, Feinstein LLP acted as counsel to the Wainland family in $26.7 million transaction
October 20, 2020
Manhattan, NY Law firm Herrick, Feinstein LLP, representing the Wainland family as sellers, has acted as counsel in a $26.7 million real estate transaction that closed on September 21st, 2020. As part of this transaction, the Wainland family has sold the fee title for 116 10th Ave., as well as the unused development rights for 453 W 17th St., to GDS Development and Klövern AB.
Longfellow Real Estate Partners and New York Blood Center reveal new Center East renderings
October 20, 2020
New York, NY New York Blood Center (NYBC), one of the nation’s largest independent blood centers and a non-profit institution which supports life science startups through groundbreaking research, unveiled plans for Center East. The applied life sciences hub will replace
Global One RE Fund II acquires Queens multifamily
October 20, 2020
Queens, NY Global One Real Estate Fund II, through its management arm, Nelson Management Group completed its second acquisition of the year, a six-story residential building at 25-98 36th St. in the Astoria neighborhood for $15.6 million. Built in 1931, the 50,910 s/f elevator building features 59 residential units, with a blend of both market rate as well as rent regulated apartments. Nelson Management Group plans to upgrade the building’s amenities for its tenants, with the addition of laundry and storage rooms, which the building currently does not have.
Post-pandemic future of the U.S. hotel industry - by Vikash Jha
October 20, 2020
Over the last six months, since COVID-19 induced a gigantic shock to the overall economy, particularly to the hotel industry, expert assessments and speculations on recovery have ranged from a catastrophic short-selling of distressed assets to a gradual multi-year recovery to a sharp V-shaped recovery. The true projection however, may somewhat be segment-specific and driven by multiple extraneous economic and behavioral factors.
Westchester Town of the Month: Cortlandt, where life works, the economy is evolving, and the future ...
March 23, 2021
Cortlandt, NY There is a hidden gem nestled against the eastern banks of the Hudson River, less than an hour train ride from Midtown Manhattan. It is the Town of Cortlandt, where life works at home, work and play, and it is prime for investment. Commercial space is often available with twice the space at half the cost. A willing, educated and diverse workforce is there to staff and operate a business.
Size matters: The smaller the better? - by Ori Goldring
October 20, 2020
In the early months of the pandemic transaction velocity of investment sales in NYC nearly ground to a halt. One market segment that has remained relatively resilient has been that of multifamily assets priced $5 million and under, particularly in Brooklyn. With $5 million and under sales making up nearly 50% of all real estate transactions across all asset classes throughout NYC, coupled with Brooklyn controlling nearly 34.5% of all transactions in the COVID-19 world thus far, it becomes the question in our current climate: Is smaller better?
Rockwell Group designs 100,000 s/f amenity center, Waterline Club, for GID Development Group
October 20, 2020
Manhattan, NY GID Development Group is celebrating the opening of the Waterline Club, the amenity center inside Waterline Square, the three-building luxury residential development located along the Hudson River on the Upper West Side. Designed by architecture and design firm Rockwell Group, the 100,000 s/f Waterline Club is one of the largest and most comprehensive amenity collections ever created in the city.
Crystal Window & Door Systems completes fenestration for Univ. of Michigan student housing
October 20, 2020
Queens, NY Crystal Window & Door Systems has added another new university property to its portfolio of higher education window projects. The newly constructed Vic Village North high-rise building in Ann Arbor, MI, offers apartments for students close to University of Michigan’s Central Campus. Crystal supplied 536 energy efficient Series 5100 Aluminum Fixed Picture Windows for Vic Village North. This heavy-commercial window features a 3-¼” jamb depth and narrow sightlines.
Refreshing the existing multifamily experience - by Neeraj Chander and Steve Lang
October 20, 2020
Living in a high-rise, condominium or co-op certainly has its perks. You get the convenient location, the dramatic views, attentive concierge services and a range of amenities. Fast forward a few years and what was once the new kid on the block is now part of a streetscape that is within walking distance of up-and-coming competition. The ability to attract new tenants, retain the existing, and maximize the long-term value of the asset will ensure longevity in an ever-competitive market.
Landlords in New York City should be on alert when it comes to lead-based paint - by Ken Apen
October 20, 2020
A federal probe has led mayor Bill De Blasio to sign five bills in February that deal with New York City’s persistent lead-based paint problem, with four of them targeting landlords. While many NYC landlords are complying with the cities lead paint laws according to a recent NYC Department of Health and Mental Hygiene (DOHMH) audit, many are not, placing too many children at risk.
CetraRuddy wins preservation award for Fotografiska NY project
October 20, 2020
Manhattan, NY CetraRuddy is winning praise for its work on cultural and educational works globally, even as the firm maintains its stature for multifamily residential buildings and hospitality projects. CetraRuddy’s project, the museum Fotografiska New York, has won a 30th annual Lucy Moses Preservation Award, which was announced last week by the New York Landmarks Conservancy.
BrainBox AI launches AI app with autonomous real-time cloud connection to Niagara Framework
October 20, 2020
Montreal, CA BrainBox AI, a leader and pioneer in autonomous building technology, has launched its driver for the Niagara Framework, one of the first artificial intelligence (AI) applications to utilize an autonomous real-time cloud connection to the platform. The Niagara Framework is the leading open platform for the building automation market, with over 920,000 installations across the globe. BrainBox AI’s driver supports both the AX and N4 versions of the Niagara Framework.
Gov. Cuomo unveils Energy Efficiency Training Program
October 20, 2020
Albany, NY Governor Andrew Cuomo unveiled the Career Pathway Training Partnerships program in high-efficiency heating, ventilation and air conditioning (HVAC), and electric heat pump technologies to prepare New Yorkers for the growing number of job opportunities in the clean energy industry. The partnerships will target training over 1,000 workers and prioritize the state’s most underserved populations, including low-income New Yorkers and those residing in environmental justice communities, helping support the state’s economic recovery.
Product of the Month: Shark Byte Systems launches GarageNet: AI & machine learning transform NYC pa...
October 20, 2020
NEW YORK, NY Shark Byte Systems, Inc., a Manhattan-based software developer, has been leading a wave of technological innovation in the parking industry for over 20 years with its proven cloud-based GarageNet revenue-control solutions that simplify parking facility management, boost productivity, and provide the highest levels of customer service. The company serves real estate developers, owners, and operators, as well as commercial parking operators, hotels, hospitals, and event parking venues.
Construction continues on The West, condominium development designed by Concrete
October 20, 2020
Manhattan, NY CBSK Ironstate, a partnership between CB Developers, SK Development and Ironstate Development, is developing The West, a new construction condominium development rising in the Hell’s Kitchen neighborhood. The West is located at 547 West 47th St. on 11th Ave., between 47th and 48th Sts., near from Hudson Yards with access to the Hudson River waterfront. A block-long development, it rises 12 stories and features 219 residences, which will include studios to three-bedrooms.