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Albany, NY According to Vanguard-Fine, LLC, the firm has joined the Retail Broker’s Network as the broker affiliate for Upstate New York.

Port Chester, NY Houlihan Lawrence’s Commercial Group has completed three commercial sales in Westchester totaling $3.58 million.

Yorktown Heights, NY According to Admiral Real Estate Services Corp., Level Fitness will be opening a new location in the Staples Plaza on Rte. 202.   

Rye, NY The Marketing Directors  has been appointed the exclusive sales and leasing team for three new residential projects in Westchester County: The St. Regis Residences; The Mason in Mamaroneck, and 14 LeCount Place in New Rochelle. 

Syracuse, NY Xavier Optical, a central New York locally-owned eyewear company, is moving into the ground floor corner location in the Syracuse Building.  

There are two different laws applicable to real estate salespersons and associate real estate brokers in New York City, which require sexual harassment prevention trainings. There is the New York State law and the New York City law.  The New York State law, as set forth at Labor Law 201-g, applies to employers with any number of employees and the training must be conducted annually from October 9, 2018.

Manhattan, NY Howard Rosenblum has joined Cresa as senior vice president of the New York office. A 13-year veteran of the industry, Rosenblum specializes in tenant representation and has advised such prominent clients as Biz 2 Credit, Bonobos, JWE Inc., Northwest Group, ODA Architects, Selerity, Reunited Clothing and Vanguard Construction.

Brooklyn, NY According to John Horowitz, VP - regional manager of Marcus & Millichap, the firm has brokered three deals totaling $7.76 million. The deals include the following: • The $2.35 million sale of 275 Prospect Park West, a 4,800 s/f mixed-use property. The asset sold for $2.35 million. Jakub Nowak, Matthew Rosenzweig and Jesse Kay, in Marcus & Millichap, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a private investor, was also secured and represented by the team.  “Despite a softening market for rent stabilized assets, our team just closed 275 Prospect Park West at $2.35 million. The interest we generated around this deal indicates that there is still a strong demand for value add rent stabilized buildings,” said Kay.

Manhattan, NY Howard Epstein, director, HSP Real Estate Group, a member of NAI Global, has arranged a five-year lease at 16 West 36th St. for Plusgrade, L.P. a leading technology provider of upgrade solutions for airlines. The tenant will be moving from a comparably-sized space on the fourth floor of the building to its newly built-out, 5,320 s/f second-floor office in January 2019.

Manhattan, NY According to Cushman & Wakefield, the firm has arranged the sale of 117 East 15th St., a five-story multi-tenanted brownstone in the Gramercy Park neighborhood, off Union Sq. The 6,800 s/f walkup building consists of six residential units, a live-work loft on the parlor floor and a restaurant on the ground floor and basement that was previously home to long-time neighborhood bar & nightclub, Belmont Lounge. The final closing price was $11 million.

New York, NY The New York Real Estate Journal recently sat down with Eli Karp, founder and CEO at Hello Living for a question and answer session. Q: How did you get your start in real estate?  A: I love to create things; it is as simple as that. I knew from a young age that I wanted to be a part of something that shapes communities.

Queens, NY A private real estate investor has acquired an 18,000 s/f full block retail strip for $9.65 million in an all-cash off-market deal.  Nir Mor and Daniel Rahmani, of Capital Property Partners acted for the purchaser, while Michelle Abramov of AssetCRG represented the seller, RJ Capital Holdings.

New York , NY Jaimee Nardiello, a partner at  construction law firm Zetlin & De Chiara LLP, will speak at the 2019 American Bar Association (ABA) Forum on Construction Law’s  midwinter conference on Public Construction Projects: Not Always a Hollywood Ending. The conference will celebrate the town's creativity and vitality as it explores the characteristics of public construction.

Manhattan, NY Adelaide Polsinelli, vice chair of the newly launched investment sales division at Compass, along with and Mitchell Goldstick, have arranged the sale of the entire retail component and parking garage located at 44-58 East Eighth St., the main retail strip in the Greenwich Village neighborhood. 

Manhattan, NY Alan Stenson, senior director of Brax Realty brokered the off-market sale of a 340 West 48th St. The sale price was $4.75 million. The property is between 8th and 9th Aves. and contains 15 apartments.  Stenson represented the seller, 340 West 48th Street LLC and this was the first time in over 44 years the building traded hands. The property was built in 1920 and is comprised of 15 apartments with 25’ frontage. 14 of the 15 apartments are studios and the remaining unit is a one-bedroom. 

Manhattan, NY Helmsley Spear, LLC is collaborating with Hercules SEZC, a blockchain-based supply chain software company, in the initial phase of documenting rent rolls for Helmsley Spear’s commercial leases and providing confidentiality and indisputable historical building documentation for two of its properties in the borough.

New York, NY Arbor Realty Trust, Inc. has funded a loan for a multifamily property portfolio. These properties received $151.3 million in total funding through the Freddie Mac SBL product, making this transaction one of the largest portfolios since the inception of the program. Ari Short of Arbor’s local office originated the loan. 

Amsterdam, NY Jeremy Black of Horvath & Tremblay has completed the sale of a Wendy’s. Horvath & Tremblay represented the seller and procured the buyer in the transaction that closed at a sale price of $1.855 million, at a 5.0% cap rate.

Capital gains invested in opportunity zones are required to remain at risk for 10 years. Traditionally, real estate investors can extract invested capital and even profits tax-free in properly structured financing transactions before the ultimate sale of the property. Will qualified opportunity funds (QOFs) or qualified opportunity zone businesses (QOZBs) be allowed to refinance their portfolio properties before expiration of the 10-year period and distribute the proceeds to investors without jeopardizing opportunity zone benefits?