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Hempstead IDA approves sale of Lynbrook office building to Welltower
January 8, 2019
Hempstead, NY According to Fred Parola, CEO of the town of Hempstead Industrial Development Agency (IDA), the agency has consented to the sale of a Lynbrook office building and the transfer of existing economic incentives to the new owner, a national real estate investment trust.
Metropolitan Realty Associates and TH Real Estate complete $72 million sale
January 8, 2019
Queens, NY Metropolitan Realty Associates LLC (MRA), along with joint venture partner TH Real Estate, an affiliate of Nuveen, has sold COMMERCE LIC for $72 million to North River Co.
Located at 48-49 35th St., the former Matsil Bros. industrial property in Long Island City was originally constructed in 1949. MRA paid $55 million for the three-story 246,000 s/f building in March 2017.
Bernstein named as member of Rosenberg & Estis to head new tax incentive & affordable housing depart...
January 4, 2019
New York, NY Rosenberg & Estis, P.C., a leading New York City real estate law firm, has named Daniel Bernstein as a member to head the firm’s new tax incentive & affordable housing department. Bernstein, formerly of counsel to Rosenberg & Estis, will focus on the tax incentive programs and affordability requirements that are critical to New York City residential and commercial projects.
Massachusetts Ave. Project unveils new Farmhouse & Community Food Training Center in Buffalo
January 8, 2019
Buffalo, NY According to governor Andrew Cuomo, the Massachusetts Avenue Project (MAP) has unveiled its new Farmhouse & Community Food Training Center. Located at 387 Massachusetts Ave., this new $2.4 million facility will be a hub for community residents to access food and agriculture-based education and resources, create new markets for local growers, increase healthy food access for thousands of residents and provide jobs and leadership training for future community youth leaders.
DiMarco Group appoints Fasoldt as firm’s new chief financial officer
January 8, 2019
Rochester, NY According to the DiMarco Group, a leading full-service development company, they have appointed Jeff Fasoldt as chief financial officer. He brings to the position nearly 30 years of professional experience.
Fasoldt joins DiMarco from Annese, a technology solutions integrator with operations throughout New York State, where he served as CFO since 2015.
Albany IDA supports Loughlin Dawn LLC for 252-unit project
January 8, 2019
Albany, NY An assemblage of property at the intersection of Sandidge Way (formerly Loughlin St.) and Fuller Rd. totaling 6.49 acres will be the site for construction of seven residential apartment buildings containing a total of 252 apartment units.
A message from the president of NYSCAR’s Upstate chaper - by Guy Blake
January 8, 2019
The NYS Commercial Association of Realtors Board of Governors will meet on February 13, 2019 at 10:00 a.m. at the Desmond Hotel and Conference Center in Albany. We look forward to kicking off 2019 with a productive meeting with committee and chapter reports. This meeting is scheduled in conjunction with the New York State Association of Realtors Business Meetings which will be held February 10 – 14, 2019.
Company of the Month: New York State Industrial Coatings, Inc. are the problem solvers for the Upsta...
January 8, 2019
Rochester, NY Mitigating risk is at an all-time high in all genres of business. NY State Industrial Coatings (NICI) understands this and has the ability to ease client’s concerns by mitigating these risks by providing innovative solutions other companies in the industry cannot. The team at NICI takes great pride in embracing the projects that no one else can accomplish. Tight deadlines, complex coating systems, installation under adverse conditions with high degree of risk, are just a few of the challenges that NICI overcomes on a daily basis. This is where NICI has found it’s niche.
Creative Structures Services, People, Inc. and Sinatra & Co. begin $31 million development – Jeffe...
January 8, 2019
Buffalo, NY Construction on a $31 million affordable and supportive housing development on the city’s East Side has begun. Jefferson Ave. Apartments will include 89 affordable apartments in two buildings with 16 units set aside for individuals with intellectual or developmental disabilities.
Redburn Development to invest $78 million for renovation and rehab of seven Albany buildings
January 8, 2019
Albany, NY Redburn Development Partners will invest $78 million to transform seven properties in the downtown area. The transformative project involves the renovation and rehabilitation of seven outdated and neglected properties, representing more than 450,000 s/f.
Byrne Dairy breaks ground on Ultra Dairy plant expansion
January 8, 2019
Dewitt, NY Governor Andrew Cuomo celebrated the groundbreaking of Byrne Dairy’s Ultra Dairy plant $24 million expansion—the first phase of the company’s $125 million plan to expand and create nearly 250 jobs in Onondaga County. The initial phase will create 30 new jobs and includes a 42,000 s/f expansion that will allow the plant to increase its packaging capability as well as add additional processing capacity and storage space.
Construction commences for $20.5 million Canal Plaza
January 8, 2019
Binghamton, NY Construction on the $20.5 million Canal Plaza, an affordable housing development that will deliver 48 apartments and new commercial space to North Side has commenced. The new construction project will transform and revitalize land that is currently a Brownfield…
Lancaster Development and Tully Construction Co. begin Albany Airport connector at Exit 4 of Adirond...
January 8, 2019
Colonie, NY According to governor Andrew Cuomo, the contract for the transformative $50 million Albany Airport Connector at Exit 4 of the Adirondack Northway (Interstate 87) in Albany County, has been awarded. Field and surveying work is currently underway and major construction is expected to begin this winter. The project will be completed by the spring of 2020.
Project of the Month: TAYLOR partners with NH Architecture in 316,000 s/f warehouse/office for C&M F...
January 8, 2019
Chili, NY TAYLOR, a leading regional commercial general contractor, was awarded the contract for new construction of C&M Forwarding. TAYLOR is partnering with NH Architecture on the design and construction of the 316,000 s/f warehouse and office building at 3457 Union St. Construction work is underway, with a project completion date slated for August, 2019.
Koeppel Rosen represents the Rosen family in full-floor lease with Knotel at 443 Park Ave. South
January 3, 2019
Manhattan, NY According to Koeppel Rosen LLC, it has leased the second floor of the Rosen family’s NoMad office building at 443 Park Ave. South to workspace provider, Knotel.
David Koeppel and Max Koeppel of Koeppel Rosen, the leasing and managing agent for the Rosen family's Midtown South portfolio, represented the landlord in the 10-year lease for 7,629 s/f. Elie Reiss of Skylight Leasing represented the tenant.
The loft space features high ceilings, hardwood floors and a light-filled, open layout suited to Knotel’s strategy of creating custom flex-work spaces for up to 50 employees.
Outside the Region: Kalikow Group launches leasing at 182-unit multifamily community in North Charle...
December 18, 2018
North Charleston, SC The Kalikow Group, a fourth-generation, New York development and management firm based in Westbury, NY, along with EYC Companies of Folly Beach, SC, has officially begun leasing on 4830 Wescott Apartments, a newly-constructed, 182-unit multifamily community located at 4830 Wescott Blvd. A ribbon cutting ceremony was recently held to mark the occasion and a website to market the project was launched earlier this year.
Year in Review 2018: Greg Corbin, Besen & Associates
December 18, 2018
What was your most notable project, deal, transaction or professional achievement in 2018?
Although we did a number of larger transactions, the most notable project/achievement was the building we sold at 229 East 60th Street. The $8,800,000 was within 1% of our asking price, and an incredible premium over market. Comps in the area topped out at around $1,100 per foot. The owner was quite pleased that we were able to sell this at close to $1,600 per foot, over 22 times rent and a 2.7% cap rate.