Hauppauge, NY Holliday Fenoglio Fowler, L.P. (HFF) has completed the $16 million sale of 330 and 350 Motor Pwy., two four-story office buildings with a combined 131,223 s/f. The HFF team marketed the property on behalf of the seller, KABR Group and Capstone Realty Group, and procured the buyer, Long Island-based Valley East Management.
Centereach, NY “Hitting the ground running and not looking back” is both symbolic and literal for Alexander Schuil and his staff. This CEO, as well as four other members of his organization (Briscoe Protective Systems), recently ran the NYC Marathon, with the entire team crossing the finish line with personal best times. They participated in the marathon to raise money for “NYRR Team For Kids.” Setting goals, having vision, and moving forward are Schuil’s formula for success.
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.
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
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.
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.
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.
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.
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.
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.