Long Island

Property tax turmoil - The coming of office building valuation apocalypse - by Donald Leistman

Of all types of property, the values of office buildings may be the most adversely affected by the pandemic. Accordingly, owners of office buildings should carefully monitor their real estate tax assessments to make sure the valuations reflect the new post-COVID economic reality. 

CIBS establishes “Elite Designation” for Long Island brokers

Melville, NYThe Commercial and Industrial Brokers Society of Long Island (CIBS) has created a new industry designation of professional achievement for highly qualified real estate practitioners with a strong transactional history in brokerage fee-based services.

Rousso of H2M implements virtual reality for future developments

Melville, NY H2M architects + engineers (H2M) now offers virtual reality (VR) services to their clients. These services include VR modeling of designed spaces that enable clients to “walk” through their buildings long before construction begins.

Newmark secures two lease renewals for BEB Capital totaling 13,952 s/f

Southampton, NY BEB Capital (“BEB”), a leading investor and developer of industrial, office, and multifamily assets throughout the East Coast, has secured two lease renewals at 325 Meeting House Ln. totaling 13,952 s/f.

Commercial Classroom: Back to basics of industrial buildings - by Edward Smith

Industrial properties traditionally consisted of three major groups: warehouses (used for storage, production, and manufacturing), research and development (R&D) and distribution.  Warehouses may hold goods for a long period of time.

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.