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Executive of the Month: Cadman, VP at Shawmut Design and Construction, delivers elevated client expe...
March 5, 2019
New York, NY The New York Real Estate Journal recently sat down with Sharon Cadman, vice president at Shawmut Design and Construction, for a question and answer session.
NYREJ: How did you get started in the construction industry? Cadman: After many years in Europe as a VP at an…
Rechler Equity signs two leases totaling 147,978 s/f
March 5, 2019
Yaphank, NY Rechler Equity Partners has signed two long-term lease agreements with Amneal Pharmaceuticals. The lease agreements, both at 19 Nicholas Dr., total 147,978 s/f that will be used to expand Amneal’s office, warehouse and distribution operations. The move was the result of both a need to relocate Amneal’s warehouse facility in Commack and to move warehousing operations out of its existing facility to increase manufacturing floor space. Richard Cohen of Ashlind Properties represented Amneal.
Greiner of Greiner-Maltz Co. of L.I. reps buyer in $1.55 million sale; Hackett of Metro Realty Servi...
March 5, 2019
Islip, NY Freeport Paper Industries, a leading manufacturer of pizza and bakery boxes, has been operating for 20 years with the acquisition of their main Central Islip facility in 1999. In the first quarter of 2016, they sought out Dean Greiner of Greiner-Maltz Company of Long Island LLC to assist in the expansion of their operations.
The Crest Group acquires 400,000 s/f Crossroads office portfolio
March 5, 2019
Hauppauge, NY The Crest Group, headed by CEO Enrico Scarda, has closed on the Crossroads office portfolio consisting of 400,000 s/f which includes four buildings in Hauppauge and nine buildings in Islandia at exit 57 off Long Island Expressway. A sales prices was not disclosed. The transaction was direct with the buyer and seller.
Weiss of T. Weiss Realty brokers 2,594 s/f lease
March 5, 2019
Melville NY According to T. Weiss Realty Corp., a family-owned developer, landlord and manager of commercial real estate, Hardesty & Hanover, LLP, a 130-year-old civil engineering firm, has leased 2,594 s/f of office space.
Asario, Mullins and Gonzalez of Industry One complete $2.6 million sale; Alfa Piping Corp. buys 20,0...
March 5, 2019
Farmingdale, NY Alfa Piping Corp. has purchased a 20,000 s/f office and warehouse space at 71-75 Verdi St. for $2.6 million. Mario Asario, Desmond Mullins and Andrew Gonzalez of Industry One Realty Corp. represented the tenant, Alfa Piping Corp., as well as the seller, Verdi Realty LLC.
Hunt Corp. Q & A: Save big with Section 1031 Exchange
March 5, 2019
Q: I own the building that houses my construction business. We are considering purchasing a larger building and moving. My broker suggested a 1031 exchange. How does that work and is it worth the effort?
A: It is absolutely worth considering in your situation. Briefly, it allows you to “kick the can down the road” and defer federal income taxes and capital gains taxes on any gain that you may have on the sale of your present property.
Ariel Property Advisors facilitates the sale of four development sites: $11.075 million total
March 5, 2019
New York, NY Ariel Property Advisors has facilitated the sale of four development sites:
4477 Third Ave., Bronx: The favorably-zoned property in the Belmont neighborhood sold for $3.9 million, equating to $100 per buildable s/f as-of-right. The 72.5’ x 100’ asset is in an Inclusionary Housing Zone that permits
Ariel Property Advisors shares “Multifamily Year in Review 2018” report - by Shimon Shkury
March 5, 2019
New York, NY The New York Real Estate Journal (NYREJ) recently sat down with Shimon Shkury, founder and president of Ariel Property Advisors, a New York City investment real estate services and advisory company, who shared some of the highlights from Ariel Property Advisors’ “Multifamily Year in Review 2018.”
A look at the Rudder Property Group’s office condo report - by Michael Rudder
March 5, 2019
After a robust first half of 2018, there was an expected slide in the velocity of office condominium sales in the second half of the year. The total s/f sold in the second half of 2018 was 54% less than the first half of the year, and the total dollar value of sales was 56% less…
The Wizard of OZ (that’s “Opportunity Zones”): Be My Valentine? - by Dan Flanigan
March 5, 2019
The Treasury hearing on the OZ Regulations, originally scheduled for January 10 but postponed due to the government shutdown, re-convened on Valentine’s Day, attended by an overflow crowd, and proceeded for five hours (with a lunch break) of presentations with occasionally interesting questions and commentary by the six presiding IRS and Treasury officials.
Karen Cohen Realty & Assocs. leases 12,323 s/f to Jetson Electric Bikes
March 5, 2019
Brooklyn, NY Karen Cohen Realty & Associates completed the signing of a lease with Jetson Electric Bikes LLC for 12,323 s/f of office space in Industry City. Located at 220 36th St., Industry City is located…
Bestreich Realty Group completes four sales totaling $6 million
March 5, 2019
Brooklyn, NY Bestreich Realty Group has completed the following:
351 Grove St.: A three-story multifamily building located in the Bushwick section sold for $1.5 million. This 6-unit property is built 25 ft. x 65 ft. with a 5 ft. x 12 ft. extension, offering 4,905 s/f.
Traub and Benyacov of Westbridge Realty broker $23.8 million sale
March 5, 2019
Bronx, NY According to Westbridge Realty Group, The Lightstone Group, a privately-held real estate investment company, has purchased a six-story elevator mixed-use building in the Concourse neighborhood for $23.8 million.
Who is the “tax owner” and why it matters in a 1031 exchange - by Pamela Michaels
March 5, 2019
In a 1031 tax deferred exchange, the same tax owner that sells the relinquished property should acquire the replacement property. This issue arises frequently in the Northeast as many times the taxpayer does not wish to have the same person or entity on the deed to the replacement property or is not sure who that person or entity should be…
Community supports Blondell Commons in the Bronx
February 19, 2019
Bronx, NY Strong community support was voiced by neighborhood residents, small business owners and union members at a packed City Planning Commission hearing on rezoning to enable development of new affordable housing on Blondell Ave.
Investment Sales: Making a case for why we need the MCI Program - by Michael Weiser
March 5, 2019
One of the hot-button political issues affecting New York City real estate is the proposal to eliminate landlords’ ability to raise rents on rent-regulated units in buildings that have received major capital improvements (MCIs). The MCI program incentivizes landlords to improve major building components that enhance quality of life for tenants and recoup…
Secret Broker Society team of JAACRES and Mason Alexander Group broker 1,000 s/f for Charleston Shoe...
March 5, 2019
Southampton, NY According to the Secret Broker Society team of Joseph Aquino of JAACRES and Lynn San Andres of The Mason Alexander Group, they have leased 1,000 s/f to the Charleston Shoe Co. for their second store location in the state. The company’s new site is at 12 Jobs Ln. on Long Island.