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New York, NY The New York Real Estate Journal recently sat down with Eli Karp, founder and CEO at Hello Living for a question and answer session. Q: How did you get your start in real estate?  A: I love to create things; it is as simple as that. I knew from a young age that I wanted to be a part of something that shapes communities.

Queens, NY A private real estate investor has acquired an 18,000 s/f full block retail strip for $9.65 million in an all-cash off-market deal.  Nir Mor and Daniel Rahmani, of Capital Property Partners acted for the purchaser, while Michelle Abramov of AssetCRG represented the seller, RJ Capital Holdings.

New York , NY Jaimee Nardiello, a partner at  construction law firm Zetlin & De Chiara LLP, will speak at the 2019 American Bar Association (ABA) Forum on Construction Law’s  midwinter conference on Public Construction Projects: Not Always a Hollywood Ending. The conference will celebrate the town's creativity and vitality as it explores the characteristics of public construction.

Manhattan, NY Adelaide Polsinelli, vice chair of the newly launched investment sales division at Compass, along with and Mitchell Goldstick, have arranged the sale of the entire retail component and parking garage located at 44-58 East Eighth St., the main retail strip in the Greenwich Village neighborhood. 

Manhattan, NY Alan Stenson, senior director of Brax Realty brokered the off-market sale of a 340 West 48th St. The sale price was $4.75 million. The property is between 8th and 9th Aves. and contains 15 apartments.  Stenson represented the seller, 340 West 48th Street LLC and this was the first time in over 44 years the building traded hands. The property was built in 1920 and is comprised of 15 apartments with 25’ frontage. 14 of the 15 apartments are studios and the remaining unit is a one-bedroom. 

Manhattan, NY Helmsley Spear, LLC is collaborating with Hercules SEZC, a blockchain-based supply chain software company, in the initial phase of documenting rent rolls for Helmsley Spear’s commercial leases and providing confidentiality and indisputable historical building documentation for two of its properties in the borough.

New York, NY Arbor Realty Trust, Inc. has funded a loan for a multifamily property portfolio. These properties received $151.3 million in total funding through the Freddie Mac SBL product, making this transaction one of the largest portfolios since the inception of the program. Ari Short of Arbor’s local office originated the loan. 

Amsterdam, NY Jeremy Black of Horvath & Tremblay has completed the sale of a Wendy’s. Horvath & Tremblay represented the seller and procured the buyer in the transaction that closed at a sale price of $1.855 million, at a 5.0% cap rate.

Capital gains invested in opportunity zones are required to remain at risk for 10 years. Traditionally, real estate investors can extract invested capital and even profits tax-free in properly structured financing transactions before the ultimate sale of the property. Will qualified opportunity funds (QOFs) or qualified opportunity zone businesses (QOZBs) be allowed to refinance their portfolio properties before expiration of the 10-year period and distribute the proceeds to investors without jeopardizing opportunity zone benefits? 

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.