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Dyer Brown unveils resources for reopening offices safely
October 20, 2020
New York, NY As employers across the country continue to reopen their offices for in-person work, the question of how to keep team members and visiting clients safe weighs heavily. Dyer Brown has unveiled two unique offerings: An illustrated “re-entry playbook” published online, and a line of customizable, off-the-shelf environmental graphics.
Executive of the Month: Yale Stogel helping connect clients with engineering, inspection, and testin...
October 20, 2020
New York, NY Yale Stogel, SVP of business development at Alan Margolin & Associates (AMAA), has focused his career on pursuing strategic opportunities and establishing client relationships with the goal of growing and expanding the organization.
The real estate industry and sustainable design in the new normal - by Jing Xue
October 20, 2020
For a number of years now, sustainability has been at the forefront of real estate. However, cost, supply chain, and logistics have always posed challenges for the industry’s attempts to be more environmentally-conscious. Yet with the advent of the COVID-19 pandemic, people are reassessing their values and lifestyle choices, and are calling for more green real estate.
Zuul launches virtual food hall: Zuul Market
October 20, 2020
New York, NY Zuul has launched Zuul Market, a virtual food hall delivery experience fueling New Yorkers’ return to work. Zuul Market provides scheduled food deliveries to specific drop points, enabling tenants, employees and residents to order from multiple restaurants in the same delivery. Zuul has partnered with some of NYC’s largest property developers including Silverstein Properties and Broad Street Development to launch partnerships that include a white-label online ordering portal and custom website for a bespoke experience.
Chef Mattos to open new Neopolitan restaurant, Caffè Lodi, at Rockefeller Center
October 20, 2020
Manhattan, NY According to Rockefeller Center and chef Ignacio Mattos, owner and head chef of the Michelin-starred restaurant estela, Altro Paradiso, and Flora Bar, announced the planned opening of chef Mattos’ newest creation, Caffè Lodi. The all-day Italian caffé, bara bakery, and alimentari at 1 Rockefeller Plaza will serve breakfast, lunch, aperitivo, and dinner to-go. Caffè Lodi is expected to open in early 2021.
Beard and Pennington of RIPCO handle 1,950 s/f lease
October 20, 2020
Brooklyn, NY Two Trees Management today announced that Evil Twin Brewing, a cult craft brewery and taproom, will open a new location on the ground floor of 45 Main St. in the DUMBO neighborhood. The 1,950 s/f space will be Evil Twin Brewing’s second location in the city, expected to open early 2021. Alex Beard and Jason Pennington of RIPCO Real Estate represented both Two Trees and the tenant in the transaction.
Firestein of TSCG acts for Starbucks in 1,192 s/f lease at One Bryant Park
October 20, 2020
Manhattan, NY According to The Durst Organization, Starbucks Corporation has signed a 10-year and three-month lease for 1,192 s/f on the ground floor of the Bank of America Tower at One Bryant Park. Starbucks signed their first lease at the LEED Platinum office tower in 2011, shortly after the building’s completion. Starbucks was represented by David Firestein, partner, at TSCG.
Chiodo of Arbor originates three Freddie Mac Small Balance loans
October 20, 2020
Brooklyn, NY Arbor Realty Trust, Inc. funded three Freddie Mac Small Balance loans. The multifamily properties received a total of $14.2 million in refinancing, with a 10-year fixed rate through the program. Vincent Chiodo of Arbor’s New York City office originated the loans. “These transactions exemplify Arbor’s commitment to meeting all of our clients’ needs no matter the environment or unique circumstances,” Chiodo said.
Carswell of Largo secures $2.58 million
October 20, 2020
North Bergen, NJ Dave Carswell, managing director for Largo Capital, provided financing for a 7,800 s/f mixed-use property. Carswell was able to secure a $1 million bridge loan for 18 months interest only and close the transaction within three weeks. Additionally, Carswell secured two loans totaling $1.58 million for an investor of residential condo units in Manhattan and the Hudson Valley.
Jonathan Rose Cos. closes $525 million housing fund
October 20, 2020
New York, NY Jonathan Rose Companies, LLC has closed on a $525 million impact acquisition fund. This represents the firm’s fifth institutional fund focused on acquiring and preserving affordable multifamily housing, implementing practical green strategies to reduce environmental impacts and operating costs, and connecting residents with social, educational and other services. The fund’s aggregate capital commitments of $525 million exceeded its top end target of $500 million, and in the end, was oversubscribed.
Adler of Stroock reps MMC in debt refinancing
October 20, 2020
Manhattan, NY Blue Sky collaborated with Marymount Manhattan College (MMC) to raise capital and refinance the debt on the college’s residence hall. Located on East 55th St., the 500-bed facility is the only dormitory owned by the college. The transaction was structured using a lease/leaseback arrangement, and allowed the college to raise capital, maintain its real estate tax exemption, retain fee ownership, and secure its desired financial statement presentation.
Areas of strength in the NYC commercial real estate market during the COVID-19 health crisis - by M...
October 20, 2020
There are many sectors of the New York City commercial real estate market that are performing well. Industrial real estate has been strong, along with class A and B multifamily, retail in lower and middle income neighborhoods, small floor plate office buildings in residential areas, and self-storage. According to the New York Times, roughly 420,000 or 5% of New Yorkers left the city from March 1st, 2020 to May 1st, 2020, and most of the residents that left are residents of the city’s highest income areas.
Where is the relief for the landlords of New York City’s five boroughs? - by Peter Blond
October 20, 2020
Countless frantic property owners continue to call and email me, sounding the alarm months after the grand “re-open,” as they have no idea how they will pay the second half real estate taxes due in January. Numerous property owners receiving no rental income since March are asking me how they are supposed to pay their taxes, let alone timely. Some only managed to pay the first half taxes by borrowing, as opposed to exposing themselves to the city’s 18% interest rate.
Avison Young arranges $13.75m loan with Emerald Creek Capital
October 20, 2020
Manhattan, NY Avison Young’s Debt, Joint Venture, Structure Capital and Loan Sale Group has arranged a $13.75 million construction loan with Emerald Creek Capital for a proposed 10-story, ground-up residential condominium on a vacant lot at 14 Second Ave. in the East Village. An Avison Young team comprised of Justin Piasecki, principal, and Brandon Polakoff, senior director, represented the borrower, Daniel Vislocky of Station Cos. Emerald Creek Capital was represented by managing director Jeff Seidler.
The Garage signs 14,682 s/f lease at Industry City for headquarters
October 20, 2020
Brooklyn, NY According to Industry City, The Garage, an imaginative tabletop production company specializing in commercials for household names such as Coca Cola, Hershey’s, Cadillac, and Olay, will be relocating and expanding its headquarters to the 35-acre campus in the Sunset Park neighborhood. The production company will hire an additional eight employees for the space, bringing its team to 12 people.
Rosenberg & Estis, P.C. represents Excelsior 57th Corp.
October 20, 2020
New York, NY Rosenberg & Estis, P.C. has secured a victory for a cooperative on East 57th St. in New York State Supreme Court in New York County, securing possession of a parking garage within the building whose leaseholder had defaulted on rent payments. Rosenberg & Estis members Bradley Silverbush, Howard Kingsley and Norman Flitt, and associate Richard Corde, represented Excelsior 57th Corp. against Select Parking LLC and Citizens Icon Holdings before Supreme Court Justice David Benjamin Cohen.
Hudson Gateway Association of Realtors merges with Bronx-Manhattan North Association of Realtors
October 20, 2020
Bronx, NY The Hudson Gateway Association of Realtors (HGAR) has merged with the Bronx-Manhattan North Association of Realtors (BMNAR). The merger was approved by both the BMNAR and HGAR board of directors, as well as the National Association of Realtors.
Bestreich, Sproviero, Flaherty, Lecky, and Haynes of Bestreich Realty Group handle $2.375 million sa...
October 20, 2020
Brooklyn, NY Bestreich Realty Group (BRG) handled the closing of 236 Kingsland Ave. in the Greenpoint neighborhood. The property traded for $2.375 million. This six-unit multifamily is located between Nassau and Driggs Aves. It is 4,875 s/f offering a lot dimension of 25 ft. x 100 ft. and zoned R6B. This property was delivered vacant.
Newmark Knight Frank arranges $483 million loan for Sotheby’s
October 20, 2020
Manhattan, NY On behalf of Sotheby’s, Newmark Knight Frank has arranged a $483 million floating rate senior loan for the refinancing of 1334 York Ave., located on the Upper East Side neighborhood. The team was led by
Suffolk IDA preliminarily approves Koala Optics relocation and expansion
October 20, 2020
Hauppauge, NY The Suffolk County Industrial Development Agency (SCIDA) has preliminarily approved a transaction for Koala Optics, LLC and Yoleez Snacks for the acquisition of a 33,540 s/f manufacturing facility located at 10 Commerce Dr. With the Suffolk IDA’s assistance, the principals of Koala Optics, LLC and Yoleez Snacks will be merging the two businesses under one roof in a move that represents a nearly $8 million investment to improve capacity and efficiencies while creating 23 jobs within the first two years.