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Blockchain: The future of the real estate industry - by Stephen King
April 2, 2019
Blockchain is most basically defined as “a distributed, decentralized, public ledger,” and is easiest to think of as a series of unique data points – or blocks – that are forever built upon, forming an unbreakable chain. Do you remember the handwritten cards in the back of a library book?
Executive of the Month: Fava, president of PK Metals and eGreen Recycling: Pioneer in eWaste soluti...
April 2, 2019
Holtsville, NY The New York Real Estate Journal recently sat down with Philip Fava, president of PK Metals and eGreen Recycling Management, LLC (eGreen), to talk about one of today’s most important and complicated issues, that of eWaste handling, disposal and compliance.
Klosed Properties acquires two buildings in the Belmont neighborhood of the Bronx
April 2, 2019
Bronx, NY According to Klosed Properties, the firm has acquired two properties in the Belmont neighborhood.
2333 Beaumont Ave. is a mixed-use 2,000 s/f building, with plans to build 12 apartments, 11,000 s/f ground up.
Brookfield Properties and Convene to create 73,000 s/f event venue
April 2, 2019
Manhattan, NY Brookfield Properties and Convene have partnered to create a 73,000 s/f, multi-use, flagship venue at Brookfield Place. The full-service events space will be managed by Convene’s staff of hospitality professionals, further enhancing Brookfield Place as a destination
JLL Capital Markets arranges $215 million loan to refinance Tower 28
April 2, 2019
Queens, NY JLL Capital Markets has arranged a $215 million loan to refinance Tower 28, a multifamily tower in the Queensboro Plaza neighborhood of Long Island City. The group worked on behalf of Heatherwood Luxury Rentals to place the loan with Morgan Stanley.
Tishman Speyer and Common launch Kin in Long Island City
April 2, 2019
New York, NY Tishman Speyer and Common have launched Kin, one of the country’s first residential brands made for families living in and near cities. Kin buildings will feature custom-designed shared spaces with family programming and events, on-demand childcare and more.
Eastone Equities launches Harrison Yards - a $340 million project; A Transited-oriented class A mixe...
April 2, 2019
Harrison, NJ Eastone Equities, a New York City-based real estate private equity firm, has launched Harrison Yards, a $340 million transit-oriented class A mixed-use development that promises to deliver a new urban lifestyle. Harrison Yards sits on two adjacent sites along Frank E. Rodgers Blvd
Yonkers IDA approves incentives for four projects
April 2, 2019
Yonkers, NY The board of directors of the Yonkers Industrial Development Agency (IDA) have approved resolutions of intent to provide financial incentives for four residential projects. The developments, which represent a total private investment of $108.3 million
Falcon Pacific Builders tops out Saab Family’s Astoria development; Architect is Markowitz
April 2, 2019
Queens, NY According to Carl Schwartz, CEO of Falcon Pacific Builders, LLC, the company has topped out the construction of a 50-unit rental and retail building located at 28-16 21st St. in the Astoria neighborhood. “We are thrilled to have...
U.S. Immigration Fund tops out 125 Greenwich; Developed by Bizzi & Partners and Vector Group and des...
April 2, 2019
Manhattan, NY In the Financial district, 125 Greenwich, a new skyline addition is swiftly rising, according to U.S. Immigration Fund. Another milestone has been reached, as 125 Greenwich topped out at 88 stories and 912 ft. The topping off ceremony was hosted by Bizzi & Partners and Douglas Elliman.
The Agency issues REI for redevelopment of former BAE site in Union
April 2, 2019
Union, NY The Agency has issued a call to the development community to partner on the redevelopment of the former BAE site at 600 Main St.
1031 exchange replacement property alternatives for investors - by Pamela Michaels
April 2, 2019
Investors in the Northeast are confronted with a number of obstacles when attempting to close on replacement property in an IRC Section 1031 exchange. Foremost amongst them may be the shortage of attractive inventory and the high price of available replacement properties.
Innovative Solutions relocates to Riverwood Tech Campus–19,000 s/f
April 2, 2019
Henrietta, NY According to Governor Andrew Cuomo, Innovative Solutions has officially marked the company’s move to its new location. The software development company has relocated to a 19,000 s/f facility on East River Rd.
Construction Law: An attorney discusses dealing with leaks - by C. Jaye Berger
April 2, 2019
Dealing with leaks and how to determine responsibility for it can be a major headache. The best thing anyone can do is to be certain they have insurance coverage in place. Anyone renting out their condominium unit or co-op apartment should have their own insurance, as well as…
Island Associates negotiates six leases on Long Island totaling over 11,343 s/f
April 2, 2019
Brentwood, NY Island Associates (IA) completed six leases including:
Terence McMahon of IA handled a 2,320 s/f lease at 1825 Brentwood Rd. The lease is for a base term of 10 years with aggregate rent of over $730,000.
Cronheim Mortgage arranges $5 million for 52,000 s/f office building in Manhattan
April 2, 2019
Manhattan, NY Cronheim Mortgage secured $5 million in financing for 32 East 31st St. The 20-year loan amortizes over a 30-year schedule for the borrower, 32 East 31st Street Corp. Cronheim acted as corresponding agent and servicer for CMFG Life Insurance Co.
CBRE|Syracuse completes two sales, leases 61,077 s/f
April 2, 2019
Syracuse, NY CBRE|Syracuse completed the following: Ed Kiesa, CCIM, partnered with Ten-X to sell Clay Commons, 8075 Oswego Rd., Liverpool, via live bid. Ten-X received multiple offers on the 60,000 s/f retail plaza and was sold for $4.2 million cash with no contingencies to investors Joseph & Rita Armideo, of Homer.
Metropolitan Realty Associates and Gordon & Co., secure $23 million from Amherst Capital for redevel...
April 2, 2020
Nanuet, NY Metropolitan Realty Associates LLC (MRA) and equity partner Angelo Gordon & Co. LP have secured a $23 million acquisition and construction loan for the repositioning of a former Macy’s department store located at the Shops at Nanuet, a Simon Property Group-operated outdoor shopping center in Hudson Valley.
SIGNA Group and RFR Holding JV to acquire Chrysler Building from Abu Dhabi Inv. Council and Tishman ...
April 2, 2019
Manhattan, NY SIGNA Group, one of Europe’s leading privately-owned investment companies, and real estate developer RFR Holding have agreed to acquire the Chrysler Building. SIGNA and RFR entered into a joint venture to acquire the asset…
New York Building Congress releases 10-Point Funding Plan to fix nation’s infrastructure
April 2, 2019
New York, NY The New York Building Congress today released a 10-point funding plan to fix our nation’s crumbling infrastructure. The plan incorporates 10 bold ideas to significantly invest in our nation’s roads, transit, bridges, tunnels, railways, airports, waterways, and energy infrastructure.