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Is it good luck or good timing? Does good timing happen in the gaps between bad timing and ok timing? What is luck?  Is it when you reach a desired goal or outcome with a fraction of the effort that you thought it would take? For instance, your intern starts to prospect on the phone and contacts a “ready, willing and able” seller on her third call. After you braced her for hours of dialing. Is that luck? 

Glens Falls, NY Craig Darby of CBRE-Albany acted for the seller in the $945,000 sale of the Colvin Building, 206 Glen St.  This five-story 35,100 s/f commercial building  was sold by The Steven David Tessler Trust. All American Properties represented the buyer, Brian Bronzino, Jr. The property transferred on December 28, 2018.

Hauppauge, NY Damianos Realty Group LLC is the new owner of 100 Motor Pwy., a six-story, 210,000 s/f, class A office building. The seller was BM-12 Holding Company LLC. John Finn represented the buyer and Seth Berkowitz represented the seller. 

Brooklyn, NY According to Kassin Sabbagh Realty, LLC, (KSR) UOVO, a provider of art, fashion and collections storage and services, has closed on the off-market sale of 105 Evergreen Ave. Totaling 150,000 s/f, the building is on a 77,000 s/f parcel in the Bushwick neighborhood.  Steven Pollan and Daniel Myers of KSR brokered the $47 million sale. 

Elmsford, NY Holliday Fenoglio Fowler, L.P. (HFF) has handled the following transactions: HFF completed the $70.250 million sale of Elmsford Distribution Center, a six-property industrial park and truck terminal totaling

New York, NY Honest Buildings, the only capital planning and project management platform purpose-built for real estate owners, announced a first-of-its kind, two-way integration with MRI Software’s Platform X. Now, clients who use MRI’s flagship property management and accounting platform in conjunction with Honest Buildings’ products will experience better workflows that help drive the growth and health of their businesses.

Brooklyn, NY Bond Veterinary leased a 1,805 s/f retail space at 217 Court St.  The urgent care animal hospital realized there was a need for better service for pet owners and their animals. Staffed with some of the best veterinarians in the country and veterinary care providers; Bond Veterinary focuses on providing the best care for pets and their owners. They aim to create a team environment that's welcoming and positive for clients and staff alike. The company began operation in 2018 and this will be Bond Veterinary's flagship location. The startup company is modernizing veterinary practices by updating clients with medical notes about treatments and producers through their app. They've also automated the process of scheduling appointments and accessing medical records online.

White Plains, NY According to Rick Rakow, founder of Rakow Commercial Realty Group (Rakow Group), David Richman, long time senior broker at the firm, has acquired the company and is the new CEO.  Richman will run the day-to-day operations of the firm, with Rakow stepping into his new role as chairman, working side-by-side with Richman to further grow the firm while continuing to serve its clients. Rakow Group is a full-service commercial real estate firm that serves the office, medical, retail, investment, and industrial markets in Westchester and Fairfield counties with over 30 years experience. In addition to its several thousand transactions, they have represented such organizations as IBM, White Plains Hospital, Bleakley Platt & Schmidt, Citrin Cooperman, Feeding Westchester, illy cafe’ North America and PURE Insurance.

Houston, TX GasMob is a mobile app that brings the gas to you. In only a few taps, customers can schedule and pay for on-site vehicle refueling services just as they would for take-out. By partnering directly with commercial/residential property owners and managers, the tenants and residents become clients and benefit from immediate access. There are no program fees, minimums, or delivery costs – and in most cases, the price per gallon is less than the local average.

New York, NY According to Greysteel, a national commercial real estate investment services firm, the firm launched a New York City expansion and opened a Manhattan office with the addition of Miguel Jauregui.  He will specialize in arranging sales of private client, middle market, and institutionally owned multifamily, and mixed-use properties and portfolios throughout New York City and boroughs with a specific focus on the Bronx and Upper Manhattan. In addition to his day-to-day responsibilities of deal execution, Jauregui, along other office co-leads and president & CEO, Ari Firoozabadi, will carve the strategic vision of the team’s continued expansion and growth of the territory.  

New York, NY According to the Greater New York chapter of the Institute of Real Estate Management (IREM), they have selected Matt Duthie, regional director of management services at Newmark Knight Frank, as Real Estate Person of the Year, honoring his accomplishments including his leadership, dedication, commitment and service to the real estate industry throughout the course of his career.

Albany, NY ACEC New York has confirmed policy priorities for the upcoming 2019 legislative session. ACEC New York continues to highlight the efficiencies, flexibility and capacity brought by private engineering design firms which provide greater value for the taxpayer. A 2011 NYU Polytechnic Report documents a 15%+ savings when private engineering firms are utilized. This administration’s focus on nimbly and responsively delivering infrastructure improvements demands strong partnership between public clients and the state’s professional design communities.

New York, NY The Center for Architecture will open “Design and the Just City” on Thursday, January 10 at 6 p.m. The exhibition, curated by the Just City Lab at the Harvard Graduate School of Design and its director Toni Griffin, asks whether design can help correct urban injustice by examining five case studies in NYC.

The past year has been an exciting one for the design and construction industry in New York City. We witnessed remarkable growth in many market sectors especially in residential construction. Meanwhile, new government policies may significantly alter the type of projects being worked on over the next few years. 

New York, NY Professional Women in Construction (PWC) concluded its 2018 events on December 4th, with a holiday party at the Bryant Park Grill, where 20 women under 40 were recognized for their achievements in the construction industry. With over 200 people in attendance, the evening was a successful celebration of this year’s achievements for PWC, its members and supporters. Honorees included the following:

In 2009, mayor Bloomberg’s administration launched the Food Retail Expansion to Support Health (FRESH) program with the ambitious and noble aim of encouraging new grocery stores to open in underserved communities (primarily Jamaica Queens, Central Brooklyn, the South Bronx and Upper Manhattan) and long-time grocers in these neighborhoods to renovate existing stores and include a healthier food selection by providing zoning and financial incentives to eligible grocery store operators and developers.

A recent report from the United Nations’ Intergovernmental Panel on Climate Change found that if greenhouse gas emissions continue at the current rate, the atmosphere will warm up by as much as 2.7 degrees above preindustrial levels by 2040. Fortunately, many companies that generate huge amounts of electricity, including data centers, have pledged to switch to renewable energy. This is great news, since it is estimated that by 2030, data center demand will increase up to 10 times its current levels, equaling 13% of global electricity consumption. More good news: Solar power electricity generation pricing is the cheapest electricity you can get every single day at noon in many places across the U.S. Much of that price drop is driven by more efficient solar modules, cheaper and smarter inverters, as well increased levels of productivity. 

The Benchmarking season is about to start. However, a heads up is needed because of additional requirements for this year – which follow: • First, the Benchmarking Platform has expanded. It now includes smaller buildings.

As I wrote and predicted in my article, “Four More Years, Four More Years,” published in Real Estate Weekly in August 2014, the $10 million and above condominium and housing market in New York City and other major cities have declined sharply and will continue to do so due to the substantial oversupply that will continue to come on line in 2019 and 2020.  As I pointed out at the New York City Real Estate Expo in April 2018 and later in, “A Time For Pause & Urgency,” published in REFI Magazine in September 2018, if you are in construction— hurry, finish, and cut prices early before the next guy. If you have dirt, sit on it, and think about redesigning your project for the realities of the next cycle.