Long Island

Gottlieb of Schuckman Realty sells two gas station properties

Farmingdale, NY Schuckman Realty brokered the sale of two gas station properties. The property located at 566 Fulton St., sold for $2.3 million. The property consists of an 1,800 s/f building on 8,000 s/f lot, currently operating as a Mobil gas station and convenience store.

Reduced taxes are necessary for office properties to endure - by Brad and Sean Cronin

The office market is a sector that continues to adapt to a post-pandemic environment. “Work from home” has become commonplace and landlords have been forced to adjust. However, the exact impact on the office market is much more complex than looking at a rent per s/f figure. A true analysis requires a more in depth look at all aspects of a lease and how the different clauses

Environmental assessments: Are phase 2 reports, the new phase one? - by Chuck Merritt

Over the decades since environmental “Due Diligence” hit the stage in commercial real estate, the phase one Environmental Site Assessment (ESA) has been the standard for which buyers and lenders rely upon. Designed to point out potential environmental risks at a particular property, most times, a phase one was enough to make all parties comfortable.

Delavale of Breslin Realty leases 1,100 s/f to Jersey Mike’s

West Hempstead, NY Breslin Realty negotiated the signing of a long-term lease with Jersey Mike’s Subs. Jersey Mike’s will occupy 1,100 s/f of the Nassau Plaza shopping center, at the southwest corner of Hempstead Tpke. (NY 24) and Nassau Blvd

Metro Realty Services handles five sales totaling $9.91 million

Ronkonkoma, NY Metro Realty Services, LLC negotiated five sales totaling $9.91 million. Jeremy Hackett of Metro Realty sold 5,000 s/f at 119 Gary Way, Ronkonkoma to 119 Gary Way LLC for $1.375 million. Hackett represented the buyer and Kathleen Bardekoff of KPB Realty Inc. represented the seller, Sportsman Holding LLC.

Commercial and Industrial Brokers Society of Long Island hosts State of the Industry program

Melville, NY Last month, before a crowd of more than 160 attendees, Commercial and Industrial Brokers Society of Long Island (CIBS), held its 2023 State of the Industry. The event featured an expert panel who discussed trends and predictions for their specialty asset classes: industrial, office, retail, and multi-family. The conversation

Commercial classroom: Back to basics investment properties - by Edward Smith

One method by which investment properties are evaluated is known as the Income Approach to valuation. Banks typically use this method when they appraise investment properties. This direct return method of valuation focuses on the cash flow produced. The annual cash flow results from subtracting the owner’s operating expenses from the gross operating income and is referred to as the Net Operating Income

Breslin Realty negotiates two retail leases at Willow Wood

Wantagh, NY Breslin Realty negotiated two leases totalling 5,250 s/f at Willow Wood shopping center. Breslin brokered the signing of a long-term lease with Lacrosse Unlimited at 1151 Wantagh Ave.

Hunt Corp. commercial real estate Q&A: Net lease, gross lease, and full-service lease - by David Hunt

Q: Looking on the internet, I see that rental prices have different labels. What are the differences between a net lease, a gross lease, and a full-service lease?A: These are all terms used to describe the manner in which services and expenses are paid in a landlord-tenant relationship.

Nassau Industrial Development Agency preliminarily approves transaction with EGB Hospitality to renovate restaurant

East Meadow, NY The Nassau County Industrial Development Agency (NCIDA) has preliminarily approved a transaction that aims to bring PGA Tour events to Eisenhower Park. The transaction, awarded to EGB Hospitality, will see the renovation of a building in Eisenhower Park, which will be used as a restaurant and event venue. The project represents a $5.3 million