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North Hills, NY According to Pizzarotti, LLC, The Ritz-Carlton Residences in Long Island has recently obtained a Temporary Certificate of Occupancy (TCO) for buildings five and six of phase two of the project. The two buildings, located at 3000 Royal Court, accommodate 52 residences in addition to a clubhouse with a library and bar, a fitness center with equipment and a grand main entrance. The TCO was obtained on November 20th, 2018, 16 days before the original completion date which was expected to be December 5th, 2018. 

Mineola, NY John Magnani, a board member of the Commercial Industrial Brokers Society of Long Island (CIBS), told a Nassau County legislative hearing that Long Island’s largest commercial brokers organization supported a plan and a lease amendment that will give the operator of the NYCB Live’s Nassau Coliseum and the project’s master developer exclusive rights to propose building on the 72 acres of vacant blacktop surrounding the arena.

Hicksville, NY Cushman & Wakefield has served as the exclusive advisor to Lincoln Equities Group in procuring $28 million in financing for 344 Duffy Ave. The financing was provided by Heitman Capital Group for the development and construction of a 195,610 s/f class A industrial facility. A Cushman & Wakefield equity, debt & structured finance team of John Alascio, Sridhar Vankayala and Noble Carpenter III represented Lincoln Equities Group.

Ronkonkoma, NY Racanelli Construction Company, Inc. has been named the construction manager for two Long Island projects. The first project is for Excel Holdings 6, LLC (Arlington, VA). Racanelli Construction is working with Excel Holdings 6 to build a new 124 extended stay Homewood Suites in Ronkonkoma. The 102,125 s/f, four-floor structure will be constructing using a wood panelized system, and an exterior insulation and finish system (EIFS). Other materials being applied in the structure include pre-manufactured wood panels and floor truss system. In addition, the project will feature a new product offered by Dryvit; a prefinished EIFS called NewBrickwhich is a faux brick system. 

Hempstead, NY Fred Parola, executive director of the Hempstead Industrial Development Agency has closed on an agreement that will preserve affordable housing for hundreds of village residents. The IDA’s action, consenting to the sale of Park Lake Residences, an affordable housing complex in the village and the assignment of existing economic benefits to the new owner, closed on Nov. 28.

Wantagh, NY Breslin Realty has signed a 1,500 s/f long-term lease to Club Pilates at Willow Wood Shoppes. Club Pilates will be occupying 1,500 s/f of the shopping center, located at the Northeast corner of Jerusalem Ave. & Wantagh Ave. The transaction was arranged and negotiated for the landlord by Robert Delavale of the Breslin Organization.

Commack, NY Levin Management Corp. (LMC) has brokered two leases at Mayfair Shopping Center. Music & Arts, a sister brand of musical instrument retailer Guitar Center, and learning center franchise The Tutoring Center have leased 2,500 and 1,320 s/f, respectively (3,820 s/f total.) LMC serves as exclusive leasing and managing agent for the 222,000 s/f Mayfair Shopping Center, situated on Jericho Tpke., east of the Sunken Meadow Pwy. LMC’s E.J. Moawad, a leasing representative with the North Plainfield, N.J., commercial real estate services firm, arranged both commitments

Medford, NY According to Frederick Braun III, chairman of the Brookhaven Industrial Development Agency (IDA), the agency has closed on an agreement that will provide economic incentives to assist the purchase of the Medford headquarters and warehouse of the appliance cooperative Intercounty Appliance Corp. by a business affiliated with a NYC developer.

Melville, NY Rechler Equity Partners has entered into a long-term lease agreement with Catholic Health Services (CHS). The deal for 26,000 s/f of office/administrative space at 320 South Service Rd. will allow CHS to maximize efficiencies by locating several administrative services under one roof. “The share of companies that fall into the health care and pharmaceutical-related industries within our 6 million s/f portfolio continues to expand and represents the overall strength of this sector in our region,” said Mitchell Rechler, co-managing partner of Rechler.

Ronkonkoma, NY Coldwell Banker Commercial NRT (CBC NRT) has brokered the $1.325 million sale of 2060 Ocean Ave. The buyer was Long Island Power Solutions (LIPS), a growing Islandia-based firm specializing in the solar industry. LIPS provides on-site power solutions for commercial and residential properties.

Q: We will be placing an industrial building on the market shortly.  What is the best way to establish the right selling price? A: Setting an asking price is more art than science, but certainly the first step is to establish the market value of the property. The real estate appraisal process considers three means of establishing value:  the cost approach, the income approach and the market approach.

Bronx, NY According to EPIC Commercial Realty, the firm has completed the sale of 720-722 East 216th St., two contiguous parcels consisting a development site in  the Williamsbridge neighborhood. The property traded for $2.7 million. Emmanuel Ukah, investment sales associate at EPIC Commercial, represented the sellers and the buyer.

Manhattan, NY Fried Frank had their real estate holiday gala at Cipriani 42nd St. on December 4th. Hosted by Fried Frank’s real estate partners, including chairman Jonathan Mechanic, the event attracted more than 1,300 guests. 

Manhattan, NY Over 200 brokers attended RFR Realty’s “Sunset Cocktail Party,” which was held on November 29th in the Penthouse at 17 State St., a 42-story boutique office tower. The catered event featured signature drinks and passed hors d’oeuvres. 

Manhattan, NY On December 11th, 2018, Cushman & Wakefield (C&W) hosted a Women in Law Leadership Event at the Durst Organization’s new event space at 4 Times Sq. Developed by C&W’s Legal Sector Advisory Group (LSAG) and Women’s Integrated Network (WIN), it was an opportunity to bring together a panel of law firm and in-house counsel leaders, both attorneys and executives, to share their life journeys, obstacles, and solutions that got them to where they are today.

Manhattan, NY On November 13th, YMWREA hosted Isaac Zion, co-chief investment officer of SL Green, as their guest speaker. Zion discussed his career path into commercial real estate, how he landed at SL Green, his view on the market and the complexities of putting together deals that lead to the development of One Vanderbilt.

Manhattan, NY Kaunteya Chitnis, vice president, acquisitions & development at MCR, addressed the B’nai B’rith Real Estate monthly luncheon meeting, December 12, at the Cornell Club. His topic was “Up, Up and Away—Developer Previews New Hotel in JFK TWA Terminal.” 

East Meadow, NY Rebecca Brodsky has been named of counsel to the real estate practice group at Certilman Balin Adler & Hyman, LLP. Previously Brodsky was an associate at the firm. Brodsky represents clients in both commercial and residential transactions and has experience with the closings of single family homes, cooperative apartments and condominiums, along with commercial property and construction loans.