In cities across America, where we are seeing more and more vacant storefronts, brands are reconsidering what the purpose of a physical store should be. These vacancies should be looked at as an opportunity for new brands as pop-up stores have the ability to offer temporary experiential retail space. The hope is that pop-up rejuvenates a “stale” retail market.
East Meadow, NY Two of Certilman Balin Adler & Hyman, LLP’s attorneys, Heather Gauweiler and Michelle Stieglitz, have been elevated to partners at the firm. Gauweiler, a partner in the banking/commercial lending group, was previously an associate. Her practice concentrates on the representation of institutional and private lenders in all aspects of complex commercial real estate transactions and asset-based lending.
Westbury, NY Tommy Tsiolis, principal of Diversified Realty LI, Inc., has brokered a $4.6 million sale and three leases totaling 26,200 s/f. In the first deal, Tsiolis sold 51 Frost St.,Westbury for $4.6 million. The subject is a 21,000 s/f industrial property. The seller was Spiegel Assoc. and the buyer was 51 Frost St Assoc. Tsiolis worked with Spiegel’s in-house agent, Paul Giossi.
Commack, NY According to Hunt Corporate Services, Inc., broker Andy Dorman arranged the $1.15 million sale of a 9,500 s/f suburban office building located at 350 Veterans Hwy. to Maisey Property Management, an entity controlled by Sean Fredrickson, founder, and CEO of Universal Plumbing in Bay Shore. Dorman was the sole broker for this transaction.
Hicksville, NY ACS System Association has purchased a 30,000 s/f industrial building located at 101 New South Rd. for $5.15 million. Mario Asaro of Industry One Realty Corp. represented the buyer and John LaRuffa of NAI Long Island represented the seller, The Center For Development Disabilities Inc.
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.
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.
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.
Hauppauge, NY The Suffolk County Industrial Development Agency (IDA) has preliminarily approved a transaction to assist Boss Facility Services, Inc. in purchasing and renovating a 31,000 s/f building at 60 Adams Ave. Assistance from the IDA will leverage a $5 million investment, retain 59 existing jobs and create six new ones for Suffolk County residents.
Woodmere, NY Pugatch Realty Corp. has merged with Berkshire Hathaway Homeservices Laffey International Realty. Barry and Susan Pugatch of Pugatch Realty Corp. have joined the Laffey International executive team including Emmett Laffey, Gregory Berkowitz and John Schoonmaker as managing partners. They bring with them 30 seasoned agents and a loyal following of clients. “This is great news for home buyers and sellers in The Five Towns,” Barry Pugatch said.