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Rights of first refusal - by Bryan Anderson and Thomas Kearns
July 16, 2019
Rights of first refusal (ROFRs) in real estate transactions are common, as is the litigation surrounding them. One of the reasons for the frequency of litigation is that, if not thoughtfully and carefully drafted, ROFRs can be broader reaching than intended and can obstruct future deals.
Executive of the Month: Robin of Levien & Co. brings best practices to clients, with a focus on deli...
July 16, 2019
New York, NY The New York Real Estate Journal (NYREJ) sat down with Allison Robin, a principal at Levien & Co., for a question and answer session.
NYREJ: Can you share a little about your firm and how it has evolved?
Robin: Levien & Co. was founded 27 years ago as a response to Ken Levien’s
HFFS advises on $1.25 billion medical office portfolio
July 16, 2019
New York, NY HFF Securities, L.P. (HFFS) and Holliday Fenoglio Fowler, L.P. (HFF) advised CNL Healthcare Properties, Inc. on its $1.25 billion sale to Welltower Inc. of a 55-building Class A medical office portfolio. HFFS was engaged in 2018 to act
Beer and Solomonov of Greiner-Maltz sell two buildings to Alpha Equity
July 16, 2019
Brooklyn, NY According to Greiner-Maltz, William Segal of Alpha Equity Group has purchased 4401 2nd Ave. and 222 44th St. in the Sunset Park section of the borough from Mesorah Publications. The buildings will be developed primarily for industrial use, with a component of commercial office.
Avison Young arranges Norris McLaughlin lease at 7 Times Square Tower; Levin, Kahn, Turchin and Merc...
July 16, 2019
New York City, NYMitti Liebersohn, president and managing director for Avison Young, said the firm has arranged a new 10-year, 27,488 s/f lease for Norris McLaughlin across the entire 21st floor at 7 Times Sq. Tower, the 47-story, 1.2 million s/f Class A office building located in the heart of Midtown Manhattan.
11th Annual NYC Real Estate Expo set for October 24
July 16, 2019
New York, NY A residential panel discussion featuring several of the region’s industry experts will be a highlight of the 11th Annual New York City Real Estate Expo, set for October 24, at the New York Hilton Midtown Hotel.
Arbor funds $4 million Freddie Mac SBL deal
July 16, 2019
Brooklyn, NY Arbor Realty Trust, Inc. funded a Freddie Mac SBL deal. 2402 Gerritsen Ave., a mixed-use property, received $4 million in refinance funding through the program. The loan includes a 10-year hybrid term on a 30-year amortization schedule.
Ariel Property Advisors sells two-building package for $8M; Kelly and Khukhashvili rep seller, Itzha...
July 16, 2019
New York, NY Ariel Property Advisors has facilitated the sale of 99 & 103 Atlantic Ave., two mixed-use buildings in Brooklyn Heights’ Historic District. The pair of four-story buildings sold for $8 million, or $736 per s/f, with a 5.25% cap rate.
Private investment remakes Mount Vernon
July 16, 2019
Mount Vernon, NY The city of Mount Vernon, in Westchester County is getting smarter. The community, which is just 22 minutes away from mid-town Manhattan via the Metro North Railroad, inked a contract with Hollywall Development Company
Hunt sells 17,000 s/f; Schacker Realty reps buyer, SBG Distribution
July 16, 2019
Mineola, NY Hunt Corporate Services, Inc. said that SBG Distribution has purchased the 17,000 s/f industrial building at 257 East Second St. David Hunt represented the seller, Great Neck Saw Manufacturers, Inc., while the buyer was represented by Joicey Varughese
Savills completes 252,452 s/f HQ renewal/expansion at One SoHo Square; To Flatiron Health; Newmark K...
July 16, 2019
New York, NY Savills has completed a 10-year, 252,452 s/f lease renewal and expansion for Flatiron Health at Stellar Management and Imperium Capital’s One SoHo Sq., a newly-renovated class A office complex on the border of SoHo and Hudson Sq.
Too much, too far, too fast - by Ed Kalikow
July 16, 2019
The decision to modify New York City’s rent laws had good intentions. They say that’s what the road to hell is paved with. There’s no denying the system needed an overhaul. Bad landlords had figured out ways to abuse the system and take advantage of tenants, engaging...
Belmont Park Redevelopment to benefit Long Island Rail Road; First full-time LIRR station in 50 year...
July 16, 2019
Belmont, NY Governor Andrew Cuomo said the $1.26 billion Belmont Park Redevelopment Project will benefit from a full-time Long Island Rail Road train station, the first full-time LIRR station in nearly 50 years, helping mitigate traffic...
State of land use in New York City - Four key findings - by Ron Cohen
July 16, 2019
Land use is arguably one of the most critical issues for the effective planning and development of our fair city. There are various rezoning initiatives that have recently passed to foster growth in neighborhoods such as Inwood, East Harlem, Jerome Avenue (Bronx), and East New York.
CPC holds ribbon-cutting for $15 million adaptive reuse
July 16, 2019
Utica, NY The Community Preservation Corp. (CPC) joined state comptroller Thomas DiNapoli, senior advisor to governor Cuomo for Upstate Economic Development John Maggiore, mayor Robert Palmieri, the development partners of Doyle Hardware Building LLC, Empire State Development Corp. (EDC), and other stakeholders
Hodges Ward Elliott arranges $61 million sale of Rocket Lofts; Parker, Gillen, Tambor, Van Buitenen ...
July 16, 2019
Brooklyn, NY The New York office for Hodges Ward Elliott (HWE) has arranged the $61 million sale of Rocket Lofts at 100 South 4th St., a 100% free-market rental building located on the south side of Williamsburg, between Berry St. and Bedford Ave.
Bortz of The Kislak Co. sells 192-units for $19 million; Financing provided by Columbia Bank
July 16, 2019
New Windsor, NY The Kislak Company, Inc. negotiated the $19 million sale of Southgate Village Apartments, a 192-unit multifamily property located at 2300 Vails Gate Heights Dr. Kislak marketed the property on an exclusive with senior vice president Janet Bortz...
Varjan, Jambu, Steffani and Braun of Lee NYC sell two buildings - $36.5 million
July 16, 2019
Brooklyn, NY Chris Varjan, senior managing director of investment sales, Vickram Jambu, senior managing director of investment sales, George Steffani, director, and Jonathan Braun, director of Lee & Associates NYC, have arranged the sale of the properties at 145 Henry St., between Pierrepont and Clark Sts., and 15-19 Wyckoff St.,
Gene Kaufman-designed dual brand Marriott hotel in Chelsea tops out
July 16, 2019
Manhattan, NY The 531-room, 46-story dual brand Marriott hotel on 140 W. 28th St. has topped out. Designed by Gene Kaufman Architect (GKA), the Springhill Suites and Towne Place Suites make up one of the tallest hotels in the city. The 419-ft. tall structure, which replaces....
Savanna tops out The Six, a 26-story, 90,000 s/f office building; Architect is Perkins Eastman; to b...
July 16, 2019
Manhattan, NY Savanna has celebrated the topping out of The Six, a 26-story, 90,000 s/f office building that Savanna is developing at 106 West 56th St. in partnership with Atom Assets, a Hong Kong-based real estate investment platform. Located on 56th St.