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Guarino and Smith of Friedman-Roth Realty collaborate in $8.3 million sale
January 8, 2019
Manhattan, NY Friedman-Roth Realty Services completed the sale of 133 Ave. D in the East Village neighborhood. The deal closed at a sale price of $8.3 million (or $450 per s/f) with a GRM of 13.9 and a CAP rate of 4.37%. This property was exclusively listed by Richard Guarino, a partner at Friedman-Roth, on behalf of the seller, Vintage Properties.
The Wizard of OZ – (that’s “Opportunity Zones”) - by Dan Flanigan
January 8, 2019
In Part 1, published in NYREJ on December 18th, I discussed certain important questions with respect to the Opportunity Zone (OZ) program that were answered, and answered quite favorably to taxpayers, by the U.S. Treasury in regulations and a ruling issued on October 19, 2018 (proposed regulations). In this Part 2, I discuss two more areas of initial uncertainty that the Treasury resolved in a favorable way for taxpayers but, even more importantly, in a way that also made it much more likely that the OZ program may actually achieve the policy goals behind it.
Brummer of Goodwin leads legal counsel for Rockwood Capital in $161 million loan
January 8, 2019
Manhattan, NY According to Rockwood Capital, they have entered into a joint venture with Midtown Equities, as borrower in its financing of One Broadway. The $161 million loan will be used for acquisition and repositioning of the landmarked Financial District office building.
NKF orchestrates $282 million sale of 114 West 41st St. to Clarion Partners
January 8, 2019
Manhattan, NY Newmark Knight Frank (NKF) has completed the $282 million sale of 114 West 41st St. (114W41) in Midtown’s Bryant Park submarket to Clarion Partners. On behalf of Blackstone and EQ Office, president James Kuhn, vice chairman Edward Maher, senior managing director David Colen and managing director James Tribble
Multifamily: How New York apartment communities handle package deliveries - by Rick Haughey
January 8, 2019
Year after year, the number of purchases and amount of money spent online continues to soar. In fact, Cyber Monday 2018 surpassed projections and was the biggest online shopping day in U.S. history, according to Adobe Analytics.
So what does this mean for apartment communities?
Hempstead IDA approves sale of Lynbrook office building to Welltower
January 8, 2019
Hempstead, NY According to Fred Parola, CEO of the town of Hempstead Industrial Development Agency (IDA), the agency has consented to the sale of a Lynbrook office building and the transfer of existing economic incentives to the new owner, a national real estate investment trust.
Metropolitan Realty Associates and TH Real Estate complete $72 million sale
January 8, 2019
Queens, NY Metropolitan Realty Associates LLC (MRA), along with joint venture partner TH Real Estate, an affiliate of Nuveen, has sold COMMERCE LIC for $72 million to North River Co.
Located at 48-49 35th St., the former Matsil Bros. industrial property in Long Island City was originally constructed in 1949. MRA paid $55 million for the three-story 246,000 s/f building in March 2017.
Bernstein named as member of Rosenberg & Estis to head new tax incentive & affordable housing depart...
January 4, 2019
New York, NY Rosenberg & Estis, P.C., a leading New York City real estate law firm, has named Daniel Bernstein as a member to head the firm’s new tax incentive & affordable housing department. Bernstein, formerly of counsel to Rosenberg & Estis, will focus on the tax incentive programs and affordability requirements that are critical to New York City residential and commercial projects.
Massachusetts Ave. Project unveils new Farmhouse & Community Food Training Center in Buffalo
January 8, 2019
Buffalo, NY According to governor Andrew Cuomo, the Massachusetts Avenue Project (MAP) has unveiled its new Farmhouse & Community Food Training Center. Located at 387 Massachusetts Ave., this new $2.4 million facility will be a hub for community residents to access food and agriculture-based education and resources, create new markets for local growers, increase healthy food access for thousands of residents and provide jobs and leadership training for future community youth leaders.
DiMarco Group appoints Fasoldt as firm’s new chief financial officer
January 8, 2019
Rochester, NY According to the DiMarco Group, a leading full-service development company, they have appointed Jeff Fasoldt as chief financial officer. He brings to the position nearly 30 years of professional experience.
Fasoldt joins DiMarco from Annese, a technology solutions integrator with operations throughout New York State, where he served as CFO since 2015.
Albany IDA supports Loughlin Dawn LLC for 252-unit project
January 8, 2019
Albany, NY An assemblage of property at the intersection of Sandidge Way (formerly Loughlin St.) and Fuller Rd. totaling 6.49 acres will be the site for construction of seven residential apartment buildings containing a total of 252 apartment units.
A message from the president of NYSCAR’s Upstate chaper - by Guy Blake
January 8, 2019
The NYS Commercial Association of Realtors Board of Governors will meet on February 13, 2019 at 10:00 a.m. at the Desmond Hotel and Conference Center in Albany. We look forward to kicking off 2019 with a productive meeting with committee and chapter reports. This meeting is scheduled in conjunction with the New York State Association of Realtors Business Meetings which will be held February 10 – 14, 2019.
Company of the Month: New York State Industrial Coatings, Inc. are the problem solvers for the Upsta...
January 8, 2019
Rochester, NY Mitigating risk is at an all-time high in all genres of business. NY State Industrial Coatings (NICI) understands this and has the ability to ease client’s concerns by mitigating these risks by providing innovative solutions other companies in the industry cannot. The team at NICI takes great pride in embracing the projects that no one else can accomplish. Tight deadlines, complex coating systems, installation under adverse conditions with high degree of risk, are just a few of the challenges that NICI overcomes on a daily basis. This is where NICI has found it’s niche.