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Ariel Property Advisors facilitates the sale of four development sites: $11.075 million total
March 5, 2019
New York, NY Ariel Property Advisors has facilitated the sale of four development sites:
4477 Third Ave., Bronx: The favorably-zoned property in the Belmont neighborhood sold for $3.9 million, equating to $100 per buildable s/f as-of-right. The 72.5’ x 100’ asset is in an Inclusionary Housing Zone that permits
Ariel Property Advisors shares “Multifamily Year in Review 2018” report - by Shimon Shkury
March 5, 2019
New York, NY The New York Real Estate Journal (NYREJ) recently sat down with Shimon Shkury, founder and president of Ariel Property Advisors, a New York City investment real estate services and advisory company, who shared some of the highlights from Ariel Property Advisors’ “Multifamily Year in Review 2018.”
A look at the Rudder Property Group’s office condo report - by Michael Rudder
March 5, 2019
After a robust first half of 2018, there was an expected slide in the velocity of office condominium sales in the second half of the year. The total s/f sold in the second half of 2018 was 54% less than the first half of the year, and the total dollar value of sales was 56% less…
The Wizard of OZ (that’s “Opportunity Zones”): Be My Valentine? - by Dan Flanigan
March 5, 2019
The Treasury hearing on the OZ Regulations, originally scheduled for January 10 but postponed due to the government shutdown, re-convened on Valentine’s Day, attended by an overflow crowd, and proceeded for five hours (with a lunch break) of presentations with occasionally interesting questions and commentary by the six presiding IRS and Treasury officials.
Karen Cohen Realty & Assocs. leases 12,323 s/f to Jetson Electric Bikes
March 5, 2019
Brooklyn, NY Karen Cohen Realty & Associates completed the signing of a lease with Jetson Electric Bikes LLC for 12,323 s/f of office space in Industry City. Located at 220 36th St., Industry City is located…
Bestreich Realty Group completes four sales totaling $6 million
March 5, 2019
Brooklyn, NY Bestreich Realty Group has completed the following:
351 Grove St.: A three-story multifamily building located in the Bushwick section sold for $1.5 million. This 6-unit property is built 25 ft. x 65 ft. with a 5 ft. x 12 ft. extension, offering 4,905 s/f.
Traub and Benyacov of Westbridge Realty broker $23.8 million sale
March 5, 2019
Bronx, NY According to Westbridge Realty Group, The Lightstone Group, a privately-held real estate investment company, has purchased a six-story elevator mixed-use building in the Concourse neighborhood for $23.8 million.
Who is the “tax owner” and why it matters in a 1031 exchange - by Pamela Michaels
March 5, 2019
In a 1031 tax deferred exchange, the same tax owner that sells the relinquished property should acquire the replacement property. This issue arises frequently in the Northeast as many times the taxpayer does not wish to have the same person or entity on the deed to the replacement property or is not sure who that person or entity should be…
Community supports Blondell Commons in the Bronx
February 19, 2019
Bronx, NY Strong community support was voiced by neighborhood residents, small business owners and union members at a packed City Planning Commission hearing on rezoning to enable development of new affordable housing on Blondell Ave.
Investment Sales: Making a case for why we need the MCI Program - by Michael Weiser
March 5, 2019
One of the hot-button political issues affecting New York City real estate is the proposal to eliminate landlords’ ability to raise rents on rent-regulated units in buildings that have received major capital improvements (MCIs). The MCI program incentivizes landlords to improve major building components that enhance quality of life for tenants and recoup…
Secret Broker Society team of JAACRES and Mason Alexander Group broker 1,000 s/f for Charleston Shoe...
March 5, 2019
Southampton, NY According to the Secret Broker Society team of Joseph Aquino of JAACRES and Lynn San Andres of The Mason Alexander Group, they have leased 1,000 s/f to the Charleston Shoe Co. for their second store location in the state. The company’s new site is at 12 Jobs Ln. on Long Island.
Akiva, Bagdadi, and Okamura of TriState Commercial broker 6,000 s/f for Restaurant Viva Toro
March 5, 2019
Brooklyn, NY According to TriState Commercial, Avi Akiva and Sholomi Bagdadi, with Tamako Okamura have collaborated to close a 6,000 s/f lease. Asking rent was reported to be $26 per s/f.
Akiva and Bagdadi acted on behalf of the landlord, 354 Grand Property LLC, while Okamura represented the tenant in the
Fletcher of Greystone Bassuk leads teams to originate $316.965 million in financing
March 5, 2019
Manhattan, NY Greystone Bassuk, a real estate finance advisory firm, has closed a total of $316.965 million in financing.
Two loans totaling $184 million were made to affiliates of the Gotham Organization, Inc. in two separate transactions. The first loan was a $59 million…
Dabiri joins POLSINELLI's direct lending and alternative finance practices
February 28, 2019
New York, NY According to POLSINELLI, an Am Law 100 firm, Gabriel Dabiri has joined the firm in New York as a shareholder, practice co-leader for the firm’s direct lending and alternative finance practice and practice co-leader for the firm’s cross-border finance practice.
Bands of Marcus & Millichap passes away at age 75
February 20, 2019
New York, NY Sharon Perkins Bands, age 75, of Palm Beach, Florida and Quogue, NY, passed away peacefully on Tuesday, February 19 at her Florida home after a valiant battle with cancer. She was surrounded by family and loved ones.
Reynolds, Bestreich and Sproviero of Bestreich Realty Group broker $3 million sale
February 19, 2019
Brooklyn, NY Bestreich Realty Group (BRG) has brokered the sale of 344-348 Utica Ave. for $3 million in Crown Heights. This mixed-use property is 8,400 s/f featuring five apartments and four retail spaces.
Klosed Properties enters into 1031 exchange for $3.15 million
February 15, 2019
Bronx, NY Klosed Properties has entered a 1031 exchange for $3.15 million. They have sold 2809 3rd Ave., a 7,250 s/f mixed-use building, consisting of retail (leased to Popeye's) and six apartments, in the Mott Haven neighborhood. The firm is looking to acquire well-located value-add mixed-use, multifamily and retail in Manhattan, Brooklyn, the Bronx, and Queens with a minimum five units. The firm has until February 28th, 2019 to identify one or more properties.