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Brown and Phelps of SWBR earn Code Enforcement Certification
February 5, 2019
Rochester, NY According to SWBR, architects Michael Brown, AIA, and David Phelps, AIA, are now certified code enforcement officers.
A message from the president of NYSCAR’s Upstate chapter - by Guy Blake
February 5, 2019
I am writing this as we prepare for the Board of Governors meeting on February 13th, 2019 at the Desmond Hotel and Conference Center in Albany. This meeting is scheduled in conjunction with…
Buffalo investors: Commercial real estate tech is key to dealmaking in Opportunity Zones - by Richar...
February 5, 2019
Talk of Opportunity Zones (OZs) is omnipresent throughout the commercial real estate community, especially in Upstate New York. The federal program, which was officially launched in 2017, encourages economic development in…
Upstate NY Appraisal Institute to offer seven seminars for CE credit
February 5, 2019
Rochester, NY The Upstate New York Chapter of the Appraisal Institute will have an active education calendar for real estate appraisers again in 2019 for continuing education(CE) with seven seminars.
Empire Commercial completes build-out for Pediatric Urgent Care
February 5, 2019
Perinton, NY Empire Commercial Construction, a retail-specific division of regional general contractor Taylor-The Builders, recently completed construction of Pediatric Urgent Care of Rochester.
Cushman & Wakefield | Pyramid leases 11,849 s/f total and brokers seven sales
February 5, 2019
Cazenovia, NY According to Cushman & Wakefield | Pyramid Brokerage Co., (C&W|Pyramid) the firm has completed the following transactions, including the $1.65 million sale of 222 Teall Ave.
CBRE|Syracuse leases 107,603 s/f and brokers two sales totaling $1.5 million
February 5, 2019
Syracuse, NY According to Michael Finn, managing partner of CBRE|Syracuse, the firm has completed the following transactions:
Schechtman, Kassin and Lieberman of Meridian broker $6.5 million retail condo sale
February 1, 2019
Manhattan, NY Meridian Investment Sales, the commercial property sales division of Meridian Capital Group, sold a retail condominium in the Lower East Side for $6.5 million. Senior executive managing director, David Schechtman, and managing directors, Abie Kassin and Lipa Lieberman, represented the seller and procured the buyer.
A glass half empty or half full? 2019 to be a year of transformation on many fronts - by Richard DiG...
February 5, 2019
In preparing this article, I reference two previous New York Real Estate Journal articles dating back to December 2010 and March 2012, which in certain instances reflect where market conditions are heading in 2019. Question, “is the glass half empty or half full?” The start of 2019 and end of 2018 highlighted volatility in the socio-political arena, economic, financial and equity markets, trade war deficits, fluctuating oil prices, Fed rate hikes, Sovereign stability “deal or no deal” – EUC and Brexit, along with an aging population all point to lower forecasts in most sectors for 2019.
The time is right to take advantage of tax-friendly Opportunity Zone funds - by Lou Fuoco
February 5, 2019
Real estate investors and developers have been flocking to opportunity zone funds to take advantage of the best kept secret within the Tax Cuts and Jobs Act: the Investing in Opportunity Act. By re-investing capital gains into a certified “Opportunity Zone,” to revitalize distressed communities and create jobs, investors have the ability to defer tax, or exclude part or all of the tax on the capital gain invested, as well as the gain earned on their investment. The investment can be passive or active.
Year-end update - anyone’s guess? If politicians work together, I expect/hope for a positive 2019 ...
February 5, 2019
As you close the books on 2018, consider what an interesting year it has been. Our President never ceased to amaze us. There were ongoing confrontations with both houses of Congress. Further, the raising of tariffs placed companies, which depend on importing goods from China, in extremely challenging positions on their heels while they tried to determine their next move. Mr. Trump’s persistent negotiating skills, however, do seem to be working and I believe these tariffs will become a thing of the past.
The importance of termination provisions in a construction contract - by Andrew Richards
February 5, 2019
It is extremely important for an owner to incorporate specific termination provisions in order to protect it from non-performing or under-performing contractors. Without these provisions, an owner may find itself on the defensive and at greater risk when the contractor claims that the termination was wrongful. And, if the owner cannot prove that the termination was proper, it may find itself having to pay the contractor lost profits in addition to sums claimed to be owed for work performed.
Torkan of Parallel Realty leases 6,000 s/f to Maria Blachére in Great Neck
February 5, 2019
Great Neck, NY With 500 locations throughout France, Marie Blachère, a French bakery, is making its way to the U.S. with its first location at 550 Middle Neck Rd. The two-floor bakery is 6,000 s/f and will accommodate 40 seats on the first level. The location will also feature rooftop dining beginning next spring that will offer an additional 40 seats.
Zere of Zere Real Estate brokers $650,000 industrial sale
February 5, 2019
Ronkonkoma, NY Michael Zere, executive VP of Zere Real Estate Services was the exclusive broker for the seller, 1031 Properties 117 LLC, for the $650,000 sale of a 5,000 s/f industrial condo unit on 0.11 of an acre. Built in 1981, the property is located at 700-9 Union Pwy., off of the Veterans Hwy. McArthur Airport Business Corridor.
Milvado signs 30 leases in Long Island portfolio totaling 474,578 s/f; Includes 39,867 s/f to Evers,...
February 5, 2019
Syosset, NY Milvado Property Group finished up 2018 by signing 30 lease deals during the last two quarters totaling 474,578 s/f. “Leasing velocity since mid-July has exceeded our expectations,” said David Hercman, regional director of Milvado, who explained that the increased demand for industrial space is partially due to e-commerce.
Hunt Corp. Q&A: Due diligence for the seller
February 5, 2019
Q: I have hired a commercial real estate broker to sell my industrial building. The building has two tenants. He is asking for all sorts of information that I feel is part of the due diligence that the eventual buyer, not me, should be doing. Why go hunting for problems?
A: It is my experience that problems or issues that need to be resolved late in the due diligence process almost always delay a closing, and sometimes completely sabotage a deal. And they usually result in a financial concession on the part of the seller.
Jacobson Properties and Cushman & Wakefield/Pyramid Brokerage collaborate for $18.9 million sale
February 5, 2019
Syracuse, NY Lisa Menin of Jacobson Properties and Leo Jones of Cushman & Wakefield/Pyramid Brokerage Co. (C&W/Pyramid), Binghamton, have completed the sale of Hill Medical Center. The sale price was $18.9 million.
Uniland Dev. and MDC select Gensler for Eastern Hills Mall redevelopment
February 5, 2019
Clarence, NY Uniland Development Co. and Mountain Development Corp. (MDC) have selected Gensler, a real estate planning and design firm, to provide master planning services for the redevelopment of the Eastern Hills Mall property on Transit Rd.
TM Montante Development begins construction of 616 Niagara project
February 5, 2019
Niagara Falls, NY According to TM Montante Development, construction has started on its $5 million mixed-use development project – 616 Niagara – at the corner of 7th and Niagara Sts.
Thru the Lens: Hudson Gateway Realtor Foundation presents $3,000 to Drug Crisis in Our Backyard
February 5, 2019
White Plains, NY The Hudson Gateway Realtor Foundation, the charitable arm of the Hudson Gateway Association of Realtors, presented a check for $3,000 to Drug Crisis in Our Backyard, based in Carmel but serving the Hudson Valley.