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CUR Funding originates $6 million bridge loan
February 19, 2019
Brooklyn, NY CUR Funding LLC, the lending arm of City Urban Realty, through an affiliate entity, has funded a $6 million bridge loan secured by a portfolio of mixed-use buildings in the Fort Greene and Clinton Hill neighborhoods.
Cleghorn and LaSala of BellCornerstone broker $4 million sale – 123,042 s/f
February 19, 2019
Fulton, NY BellCornerstone has completed the sale of 607 Phillips St., containing 123,042 s/f, for $4 million.
Simon and Gordon of Admiral handle Green Way Markets lease at Orchard Square Shopping Center in Cros...
February 19, 2019
Cross River, NY According to Admiral Real Estate, Green Way Markets is coming to Orchard Square Shopping Center, the area’s primary retail center.
Holloman of Lee & Associates NYC closes $11.5 million sale with Bruman Realty
February 19, 2019
Queens, NY Alfonso Holloman, CCIM, senior managing director/principal of Lee & Associates NYC has arranged the sale of the property at 26-24 & 26-26 Fourth St., between 26th and 27th Aves.
Tishman Speyer secures 328,000 s/f in leases
February 19, 2019
Queens, NY According to Tishman Speyer president and CEO Rob Speyer, the company has finalized lease agreements with Macy’s, Inc. and NewYork-Presbyterian at The JACX, its 1.2 million s/f office development under construction in Long Island City.
Pinchasicks of JAM Real Estate sell Murray Hill walk-up to Excel Dev. Group for $11.2 million; Khors...
February 19, 2019
Manhattan, NY According to JAM Real Estate Partners, the firm has closed on the sale of 345 East 33rd St. The building, located between First and Second Avenues of the Murray Hill Neighborhood, sold for $11.2 million.
Amazon cancels plans to build headquarters in Long Island City, Queens
February 14, 2019
New York, NY According to media sources, Amazon has decided to not move forward with its plans to build a headquarters in Long Island City.
Full Amazon Statement:
"After much thought and deliberation, we've decided not to move forward with our plans to…"
A closer look at Nassau County's reassessment: What the county's reassessment really means? - by Joh...
February 7, 2019
As has been widely reported, Nassau County recently completed the first county-wide reassessment in eight years. The results of the reassessment were published earlier this month on the 2020/21 Tentative Assessment Roll. The goal of the reassessment is a laudable one in that it aims to provide a fair assessment for every property owner in Nassau County. Unfortunately, based upon our review of the reassessment, we do not believe the county’s goal will be accomplished.
Caiola joins the investment sales division at Compass
February 5, 2019
New York, NY Adelaide Polsinelli and Ronda Rogovin, both vice chairs of Compass, a technology-driven real estate platform, the investment sales division has expanded with new hire, Michael Caiola. As part of its continued growth and expansion, Caiola joins, George Moss, Karen Dome, Mitchell Goldstick, Trystan Polsinelli, along with Robin Abrams and her team who are expanding the retail leasing division.
2019 – The year of the energy shift? NYC/NYS setting up legislation/regulation for CO2 reduction -...
February 5, 2019
New York is set to adopt radical changes to building energy regulations that will significantly shift the building industry. These changes come against the backdrop of both the 2018 United Nations Intergovernmental Panel on Climate Change report outlining the direst picture of possible climate impacts to date, as well as the U.S.’ decision to pull out of the Paris Climate Agreement. The increasing urgency to reduce CO2 emissions in the near term has fallen on institutions and local governments.
The biggest forces driving the PropTech movement: Real estate is preparing now - by Minta Kay and Sa...
February 5, 2019
Robots at the wheel. It’s not a matter of if autonomous vehicles are coming; it’s when – and real estate companies are preparing now. Will there be the same demand for parking? Will automated lanes be dedicated for pick up, driving and drop off? Will fleets of self-driving cars require fueling stations? Will there be a reduction in traffic congestion that could open new land-use opportunities?
Building managers: Do not get caught in the apartment downturn crossfire - by George Crawford
February 5, 2019
Crain’s New York Business is reporting a market downturn for both co-ops and condos - a downturn that “may get worse.” While building managers cannot be held responsible for market trends, they can get caught in some of the crossfire between buyers and sellers. Every buyer in the market working with a savvy broker will be fully familiar with this market trend and will be looking for any edge to justify a low ball purchase offer.
Tax Cuts and Jobs Act winners and losers: The good, the great and the ugly - by Robert Rahner
February 5, 2019
As the Tax Cuts and Jobs Act brings the most sweeping changes in the tax code in over 30 years, the 2018 tax season is going to be a roller coaster ride for many. Tax professionals are scrambling to learn all of the implications for both individuals and businesses as the season gets into full swing. How this affects you, the commercial real estate investor, and what you should be aware of before making your next real estate purchase, is detailed below. We also rate the tax changes between 2017 and 2018 as Good, Great or Ugly.
Project of the Month: Inspiron Construction completes phase I of interior demolition of 21 Clark Str...
February 5, 2019
Brooklyn, NY Inspiron Construction, under the leadership of principal and CEO Alen Gershkovich, has recently begun closing out phase I, one of the firm’s larger and more complex interior projects. Located in Brooklyn Heights on the corner of Clark St. and Willow St., Inspiron was tasked with the full interior demolition, structural improvements and infrastructure upgrades to the 15-story, 320,000 s/f building. The tower, a Romanesque-style former hotel that opened in 1928, will soon be New York City’s newest luxury senior-living development.
Brown Harris Stevens chosen to market JDS Development’s 613 Baltic
February 5, 2019
Brooklyn, NY According to Brown Harris Stevens Development Marketing, the firm has added JDS Development Group’s 613 Baltic to its roster of developments. The brokerage firm, which just opened its second office in Park Slope, will be assuming sales and marketing for the 11-story, 43-unit condominium building.
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Solow Building launches leasing at 685 First Avenue
February 5, 2019
Manhattan, NY Solow Building Co. has launched leasing at 685 First Ave., a residential tower. Rising 43 stories tall and situated along the East River, the black glass building is introducing a collection of 408 rental apartments featuring breathtaking river views and located in the heart of Midtown East.
BOMA Westchester hosts Annual State of the Market luncheon; Developers offer outlook on office marke...
February 5, 2019
White Plains, NY More than 100 real estate professionals were on hand for the Annual State of the Market luncheon held recently by the Building Owners and Managers Association of Westchester (BOMA). The program, which was held January 10th at the Crowne Plaza, featured a panel of real estate executives including Charles Epstein, VP of development for Lennar Multifamily Communities; Guy Leibler, president of Simone Healthcare Development; and Peter Duncan, president and CEO of George Comfort & Sons. Robert Weisz, president and CEO of RPW Group, was the moderator.
Executive of the Month: Meyers, CEO & president of Pumping Solutions; Runs pump sales/service compan...
February 5, 2019
New York, NY The New York Real Estate Journal recently sat down with John Meyers, CEO and president of Pumping Solutions Inc., for a question and answer session. The pump sales and service company serves real estate companies, commercial establishments, colleges, and hospitals all across the New York Metropolitan area.