Long Island

Epstein of RC Commercial Ptrs. sells 5018 Express Dr. for $1.6 million

Ronkonkoma, NY RC Commercial Partners, the commercial division of Realty Connect USA, brokered the sale of an office property at 5018 Express Dr. South. The transaction amount was $1.6 million. The Ronkonkoma Business Center is a 100% leased 13,000 s/f office property

The Commercial Industrial Brokers Society of Long Island panel examines “Future of the Office Workplace”

Melville, NY The Commercial Industrial Brokers Society of Long Island (CIBS), one of the region’s largest real estate advocacy organizations, hosted a panel discussion last week that examined the “Future of the Office Workplace.”

American Investment Properties sells 10,000 s/f mixed-use for $1.75 million

East Northport, NY American Investment Properties (AIP) was exclusively retained to sell 2 Larkfield Rd. The mixed-use building totals almost 10,000 s/f and is located next to the Northport train station. There were 60% of tenants with leases expiring within a year’s time.

Cushman & Wakefield arranges $27.2 million
acquisition financing - loan provided by Greystone

Lynbrook, NY Cushman & Wakefield served as the exclusive advisor to The Birch Group in the procurement of $27.215 million in acquisition financing for Cornerstone Yorkshire, a newly-built multifamily property located at 5 Freer St. The loan was provided by Greystone.

Suffolk IDA preliminarily approves project for Sunrise of Northpoint

East northport, NY The Suffolk County Industrial Development Agency (IDA) has preliminarily approved a transaction to assist Sunrise of Northport LLC for the construction of a 77,500 s/f assisted living and memory care facility, with 90 units at 1381-1387 Pulaski Rd. The more than $54.6 million project will transform the 6.1 acres of vacant land into a two-story assisted living facility that features specialized Alzheimer and memory care units.

Eastman Cooke finishes first phase of restoration project for ACDS

Plainview, NY Eastman Cooke & Associates has completed the first phase of a restoration project at the main campus of ACDS (formerly known as the Association of Children with Down Syndrome) at 4 Fern Place.

Hunt Corp. Commercial Real Estate Q&A: Contingencies in a contract of sale

Q: We are negotiating the sale of our industrial building, and the buyer is insisting on a long list of contingencies in the contract. What is normal? A: There is no “normal” set of contingencies to a contract of sale, in the same way there is no “normal” real estate deal.

Gurwin hosts grand opening for Fountaingate Gardens

Commack, NY Gurwin Healthcare System held a celebration to commemorate the newly completed  Fountaingate Gardens Independent Living complex. The $115 million,129-luxury apartment Life Plan Community is one of the newest such communities on Long Island, and the final piece in Gurwin’s full continuum of care for seniors.

Liability and insurance considerations for an owner of vacant land - by John Comiskey

Throughout New York, there is an abundance of vacant land owned by individuals and/or corporate entities. Depending upon the precise location within New York, a substantial amount of vacant land is utilized by the public for recreational activities such as hunting, fishing, hiking, bicycle riding, cross-country skiing, sledding, horseback riding, snowmobile operation, operation of all-terrain vehicles, and other activities.

Commercial classroom: Commercial brokerage opportunities by Edward Smith, Jr.

This column is offered to help educate agents new to commercial and investment brokerage and serve as a review of basics for existing practitioners. This month marks my 240th monthly article for the New York Real Estate Journal. It seems appropriate to reprint the first article I wrote for them twenty years ago. Some things about commercial real estate never seem to change.