Search

New York, NY Yariv Ben-Ari has rejoined Herrick, Feinstein LLP as a partner in the firm’s real estate department, and co-chair of the Israel practice group. Yariv rejoined the firm from Akerman LLP, where he was a partner in the firm’s real estate group.

Hempstead, NY According to Frederick Parola, CEO of the town of Hempstead Local Development Corp. (LDC), the agency has given preliminary approval to the sale of tax-exempt bonds that will preserve the Evergreen Charter School, which serves 500 students.

Wallingford, CT According to Berkshire Hathaway HomeServices New England, New York and Westchester Properties, CEO and president Candace Adams has been named to the board of directors and ethics committee for the Real Estate Board of New York’s (REBNY) Residential Brokerage Division.

Melville, NY Paul Schneider, senior director, and Carmine Inserra, principal, of NAI Long Island, represented the tenant, Routesmart Technologies, Inc., in the lease of 2,079 s/f office space at 35 Pinelawn Rd. The space was leased from landlord Fairfield Properties, which was self-represented.

Bellport, NY Tommy Tsiolis of Diversified Realty LI, Inc. has brokered two leases in Long Island totaling 20,000 s/f. In the first lease, Tsiolis represented the tenant, Equipco LLC, in a 15,000 s/f lease at 4 Pinehurst Dr. Jeremy Hackett of of Metro Realty Services represented the landlord. Equipco is a steel fabrication company.

New York, NY On Tuesday, February 5, 2019, CREW (Commercial Real Estate Women) New York held its first luncheon of 2019 with its event, “How Do We Get to OZ? Opportunity Zones Take Off in 2019,” with panelists who discussed the basics of the new federal Opportunity Zone Program, how the city is responding and the anticipated reaction of the commercial real estate markets.

On Wednesday, December 19th, 2018, the Federal Reserve, under Chairman Jerome Powell, raised interest rates for the fourth and final time for 2018. The Fed increased the target range for its benchmark interest rate by 25 basis points to a range of 2.25%-2.5%. This rate controls the cost of mortgages, credit cards, and other borrowing. This is the interest rates’ highest level since early March 2008 where it was in the 3-3.25% range. This move marked the fourth increase of 2018 and the ninth since the Fed began normalizing rates in December 2015.

Albany, NY The New York State Association of Realtors honored Dawn Carpenter of Staten Island with its 2018 Lawrence Caldwell RPAC Service Award, the highest honor presented by the Realtors Political Action Committee of NY. She received the award during the association’s Mid-Winter Business Meetings.

Nassau County’s property tax appeal deadline has been extended to April 30th this year. Republican legislators pushed for the extension citing numerous errors associated with this year’s countywide revaluation of all properties. The current county executive and her administration, which happens to be Democratic, says they have extended the deadline in order to allow every property owner the opportunity to have their assessment reviewed. Regardless of which side was the true impetus or enactor of the change, the bottom line is that property owners now have an additional sixty days before a grievance must be filed to protest their taxes.

Since the environmental consulting industry is now in its third decade (as far as lending institutions requiring them), many properties have had at least one Environmental Site Assessment (ESA) conducted. As many of the commercial loans available last less than 10 years, some of these properties have been evaluated multiple times. With a prior report (in which the loan closed) comes the question, “the last bank was fine with the environmental report.” Generically referred to as the phase one report, that question is usually asked when a new phase one report presents an Area of Concern (AOC) or Recognized Environmental Condition (REC) not previously identified. 

The New York State Association of Realtors (NYSAR) held its annual Mid-Winters Meetings at the Desmond Hotel in Albany from February 10th to the 14th. The five days of meetings, as usual, were extremely productive. After one of the sessions, I sat down with a well-respected Realtor and friend to discuss the need for co-op transparency. 

Mt Sinai, NY According to Frederick Braun III, chairman of the town of Brookhaven Industrial Development Agency (IDA), the agency has closed on a package of economic incentives for two senior living projects that will soon be constructed. The incentive agreement will assist The Engel Burman Group to develop a 120-unit Bristal Assisted Living facility and a 225-unit rental complex, including a clubhouse, for people age 55 and over on 24 acres. 

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…

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.

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.

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.

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.

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.

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.